The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-23
THE CITY TREASURY DEFICIENCY.
Mr.. PattiSon Will Transfer All His Property
to Trustee for the City's Benefit.

In chance conversation with isaac Thalman,
OF the Council finance committee, yesterday he
stated to reporter that when the present ques-
ton relating to an extension Of time to Mr.. Pat
tison and his bondsmen is fully understood the
extension seems to be the safest course for all
concerned. 1--WE have working for us number
OF intelligent Germans" said he. They
FIRST thought an extension was solely
to enable the bondsmen to put away
their property and to perfect other means by
which they could escape responsibility. But
when twas explained to them that immediate
legal process against Mr.. Pattison his sureties
would not only endanger the city's claim as to
the ultimate result but would produce an en-
barrassment of business as to several parties
concerned, the effect of which would probably be
felt by every one, they look upon moderation as
the best plan. Mr.. Pattison's plans will. be-
heve, If they are not interfsred with BY hasty
action. produce such results that the city will
obtain every dollar Of the Indebtedness,
besides leaving handsome surplus. In
my own business experience have had debtors
against whom / had to take severe methods at
the outset. But there were others who came to
us frankly and explained their condition, asking
for time in which to realize on their assets If
given this time they were satisfied their proper
ty would enable them to pay out. When salts
ned tnat such were honest propositions we have
lost nothing by them. Some years ago debtor
IN town not far away became embarrassed.
We, with all other creditors, agreed to
accept sixty cents on the dollar and
gave him time to realize on
his assets. He paid the sixty cents according to
agreement, but three years afterwards we were
surprised one day by receiving from him check
for the difference, with interest"
The joint finance committee of aldermen and
councimen met, last night, to hear from the
Pattson sureties as to the proposition they
would make to secure the city during the extern
sion of time. If granted. During the first of the
week a proposal had been formulated, but it
required the assent of all the bonds
men. Mr.. Harrison is in Battle Creek,
Michigan, and the paper was sent to him there.
1t was received in return yesterday, with his
signature, but as others had not signed it the
bondsmen were not ready to submit it to the
committee. None of the bondsmen were at the
meeting. but their proposition is the agreement
to which the Journal made reference some days
ago.. They will not, during the sixty days ex-
tension. cucumber or transfer their property,
and besides. they waive any right of question as
to the validity of the bond that might arise by
reason of the extended time.
Mr.. Hawkins the attorney on behalf of Mr..
Pattison, said that gentleman. since the last
meeting OF the committee, had paid over to the
treasurer 81, 600 additional A deed conveying
all his real and personal property, good, bad and
indifferent. exclusive OF the fireworks interest,
to trustee, for the benefit Of the city, is to be
drawn up to day. This property is valued at
$4,000, and the proceeds of all collections
are to be paid over to the city by
the trustee. This arrangement would have
been perfected yesterday, but other business re-
quired all of Mr.. Hawkins's time. Who the
trustee is to be has not been fully determined
1t is the desire of Mr. Pattison to have the trust
conducted with as little cost as possible.
The committee, after instructing the city attor-
ney to notify all the bondsmen to be present
individually or through committee of their
number. but not by attorneys, adjourned to meet
next w ednesday evening.