The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-02-11
THE CITY TREASURY DEFICIT
Mr.. Pattison's Bondsmen Offer to Paw
$68,000 On Certain Conditions.
The Committee Decides, After Much Talk, to
Submit the Proposition to the Common
Council Without Any Recommendations.

Inc nnance . committee of Council and the
Board of Aldermen net last evening to hear
again from the bondsmen in regard to the Patti
son deficit No time was wasted in preimi-
naries. as attorney Harris Immediately upon the
meeting being called to order, submitted short
paper, which, in its general purpose, seemed to
agree with the views of the comm4etee. Howev-
or considerable talk followed as to one
or two essentials that had been omitted
from the form. 1t was to be understood from
the Harris paper that the bondsmen wished to
renew the original proposition, without amend
ments. which was, in effect, that on condition
the city would give a rebate of the $40, 900 or
$40, 600 lost in the banks and turn over to the
bondsmen the Pattison property held in trust
Tor the city, they would pay $685. 900 of the deficit
Mr.. Harris assured the committee that the
Dondsinen could do no more than this, and the
proposition as it stood was agreed to only after
repeated consultations. The details of settle
ment were to come hereafter, but it must be
understood that no one of the creditors can pay
at once a large sum. There must necessarily
be, If the proposition is accepted further consul
tation among the bondsmen as to what amount
of the whole each is to assume. Some could pay
more than others.
It was suggested that the committee would
like to have information of more definite
character on this point before report is made
to the Council Monday right Mr. Harris
thought it possible it could be given, and would
try to have the sureties come to some agreement
Saturday or Monday. Then he could say what
the cash payment would be, as the bondsmen
understood a cash sum would be required. He
hn m a n
the city. Mayor Denny remarked that the mat
ter would have to be settled way or the
otheer by that time as it was the disposition of
Council to bring the question to an agreement
at once, or if not, to institute suit
Following this stray suggestion raised the
query as to what would become of the surplus
if any should be realized from the Pattison
property by the bonasmen. Councilman Pear
son thought there should be some understanding
about this feature of settlement The discus
sion took a turn in which no two agreed.
It was the unanimous wish of the committee
however, that any surplus from this
source should go to the city in settlement of the
balance of the deficit. The bondsmen at least
Mr. Cooper and Mr.. Hasselman of their num-
Der, for only these two were personally present
thought so, were willing to account to the city
and pay over any surplus up to the remaining
$4,000. This nullifed the rebate feature in
the original proposition, and the difference of
opinion that followed related only as to the
phraseology of this part of the agreement. After
several trials, in which Mr. Harris, Judge Clay
pool Mayor Denny and Councilman Thalnan
presented forms, the proposition as whole was
as follows.
ITO the Finance Committee of Council and the Board
of Aldermen
"Gentlemen-The sureties upon the official
bond of Isaac N. Pattson, late city
treasurer, have had several consultations
with reference to the proposition of Councilman
Swain, referred to your committee at the
last smeeting of the Council and after careful
consideration of the matter. are compelled TO say
to your committee that it is an imnossibility for
them to accept the Swain proposition, because it
is beyond the ability of the suretes to pay or Sc
cure that sum. They wish to say, however
are able to do # they can
thereby compromise the difference and save liti-
cation and trouble and to that end they now
again submit to your honorable bodies, through
your finance committee. the following propo-
sition: We will pay and secure to the city the
sum of $1,000. deferred payments to draw
8 per cent interest per annum from
date, and if the tile works and
to the Portsmouth Savings Bank at the public
sale to be made thereof by the United States
Court and the Superior Court, shall sell for such
sums SO as to yield to the bondsmen, together
with the other property of said Pattison con-
veyed and transferred to them, a sum in the ag-
gregate over SOS, 900 net, then all such excess up
to the sum of $4,000, shall be paid by them
to the city. If this proposition shall be &C.
copied and carried out by the payment and Sc
curing of the $685. 000 it shall be in full satisfac
ton of all claims against said Pattison and the
sureties on his bond
''CLAYPooL & KETcHAM,
HARRIS & CALKINs,
WILLIAM BossoN,
Attorneys for the bondsmen."
The committee decided to report this to Coun-
Gil without recommendation. and the meeting
adjourned.