The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-30
would not sustain the appointment Of the re-
ceiyer, as that had been expected by all lawyers
who had given the case any careful thought
STILL NO AGREEMENT.

OnaDle 10 agree Oh .
The finance committee Of Council and the
Board of Aldermen returned to the considera-
ton OF the pattison deficit last night There
were present all OF the committeeman, except
Alderman Laut. Judge Claypool. A. c. Harris,
and Ross Hawkins. attorneys, and j. j. Cooper,
N. S. Byram, Otto Hasselmar, and John L.
Mothershead. sureties. with Mr. Pattison, were
there A written proposition containing the
matter Judge Claypool stated verbally at the
previous meeting. on the part of the bondsmen,
was submitted. The bondsmen agreed, as is
known, to pay the remainder of the
deficit if the city would remit the
$42, 900 lost through the bank failures. and
on condition the city would give to them
the benefit of Mr.. Pattson's trust property. If
this proposition was accepted, the bondsmen
would waive all contention as to the validity Of
the bond.
Mr.. Thalman moved, at once. that the PROPOSE
ton be not accepted. which the committee agreed
to without discussion and with no dissenting
voice.
Councilman Thalman-Now that this proposal
OF settlement has been settled, / think the city
ought to take some responsibility and bear part
of the loss. desire to make the settlement as
easy as possible on the bondsmen, therefore
submit the following
Moved, If Mr.. Pattison and his securities will pay
10000 In cash and give approved notes for $40
200 payable in year at per cent. interest that
the finance committee will recommend to Council and
the Board of Aldermen to accept the same In full
payment for the $l11,O00.
think the tax payers will be satisfied with
this arrangement. I have talked with great
many of them, and every one said the debt
ought to be paid in full. but if that can't be done
willingness was expressed to accept plan of
settlement like the above. l have talked with
no one who favored the proposition of the bonds
men.
Alderman Brown-If consulted my own feel
ings would oppose this motion. l have been
away, and having had but little communication
with the city, and none through its newspapers.
do not know fully what has been said and donein
regard to this matter during my absence. 1t is
true have heard great deal since came back.
The tile works interests of Mr.. Pattison have
been discussed and 1 learn that under the
Supreme Court decision to day his claims against
the works have by that decision been materially
Increased in value.
Judge Claypool-Iust the reverse, Mr.. Brown.
Mr.. Harris-Had the tile-works receivership
been held void. Mr.. Pattison's claims would have
been worth 500, O00 Now they are worth about
Is per cent of their face value
Alderman Schmidt am opposed to this ar
rangement for a single reason. We have
right to give single cent of the taxpayers
money. If we can't get any, then the RESPONSE
bility rests with others, not with us.
Councilman Pearson do not consider this
giving away the taxpayers money or the money
of anyone else Litigation would cost more
than the $l5, 900 rebate by this proposition. 1t
would be long and tedious. On both sides
would appear expensive legal talent, and 10 the
end the city would possibly be the loser
Councilman Thalman-Perhaps the sureties
would like to think over this proposition It
would be well then to give them time and be
ready to receive their report Saturday or Mon
day.
Judge Claypool-I think their minds are made
up Their proposition was made in a spirit of
compromise. Only three or four will be able to
pay. If either one of us had to pay $llO, 900 we
would doubtless want little more concession
than II per cent. considering the circumstances
of the debt. The compromise was offered in
order to avoid suit
Councilman Thalman-All my feelings are for
a compromise We have offered the best plan of
settlement We think possible. If there must be
suit, and the city gets only one-half Of it's
claim, the responsibility is away from the COM
mittee. We simply represent the taxpayers
and am satisfied they will not be satisfied with
anything else. 1t will be no hardship for these
suretes to raise $50 000 nor will that amount be
lost to the bondsmen. I have faith in Mr.. Pat
tison's plans, and believe that within year he
will have paid his bondsmen every dollar, be-
sides being on the road to prosperity.
Mr.. Harris l have suggestion to make. /
think, if committee is appointed to consult
with the sureties, plan like this may be
arranged If the city will take Pattisons prop
erty. and give the bondsmen reasonable time in
which to pay $45 900, and relieve them of further
burden, l think compromise can be reached.
Mr.. Cooper-In regard to the first proposition
made, that of the sureties, 1 have only word
to say. l have talked with some of our repre-
sentative and wealthiest gentlemen such as Allen
M. Fletcher, Francis NJ. Churchman. Franklin
and Jackson Landers, Edward Claypool, VIM. H.
English, August Kiefer and John S. Spann.
Each one heartily approved the proposition made
by the bondsmen.
Councilman Thalmsn-If is harder for the
small tax-payer-he who has to pay S. or $S-to
bear this loss 1t is the interest of the thou-
sands Of this class which we must consider 1t
is no hardship for Mr. English and other CAPT
talsts to bear the burden of loss like this
They can pay their taxes and. let the loss go.
Mr.. Cooper-Many small taxpayers with
whom have talked approved the sureties' prop
ostion.
Mr.. Harris then spoke of the difficulty the few
bondsmen who to bear the burden would
have in raising $50, 900 at once~It was an amount
no man in the city, unless he was rich banker
capitalist, could raise without detriment to his
business. He again suggested the possibility of
having decision reached through a committee
of two three to consult with the bondsmen
IF" said he, attention is to be paid to street
talk politics. that is one thing IF the city's in.
terest is to be considered without reference to
what is said on the street or through the press,
that is another. The press has not been harsh,
but if the citys interest is alone looked after the
matter may be adjusted. And would it not be
better to do it on that line?"
Mr.. Pearson offered substitute for the Thai
man motion, but it received no second. 1t pro-
posed to have Mr.. Pattison and the bondsmen
give their secured notes for 800 600, payable in
three, six, nine. twelve, fifteen, eighteen,
twenty-one and twenty-four months at 5 per
cent. interest A vote was then taken on the
Thalman motion the ayes being Thalmau,
Smith. Brown and Pearson; nays, Reinecke,
Schmidt Howes The bondsmen and attorneys
after few moments consultation, returned
to the room, and declined to accept the offer
The committee then went into executive session
with Mr.. Pattison present. That gentleman re-
newed the original request for time and his
willingness to secure the city as far as he could
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