Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1889-03-06
DIVIDE The CITY FUNDS.
City Council Hears Argument by PromIn-
ent LAWYERS on the Proposition Council
win Not Confer with the Banks.

win Not Confer With the Banks.
City Council met last evening in ad
1ourned session to hear the case of all tn,
Wilmington banks VS.. the Union Bank
on the formers petition to have the city
funds divided between them all. Messrs
+. q. Bradford and L. c. Vande
grift Esq, representing the banks
excepting the Union Bank and
Willard Salisbury, Jr, Esq, repre-
senting the Union Bank, occupied seats
N front OF the president desk Among
the bank officials present were Preston
t4ea. president of the Union Bank. John
NJ. Dandy. cashier Of the same, and Will
liam Dupont, director; John Peoples,
cashier of the Central Bank, and j. u.
Sisler and A. A. Capelle. directors;
George s Capelle, president and Otho
Rowland, cashier of the Bank of VIII
mington and Brandywine Judge Ball
and Postmaster Taylor were also inter
ested listeners to the proceedings.
After roll call, on motion Of Mr. Quinn,
the regular order of business was dis
pensed with. Mr. Quinn then presented
an act Of Legislature entitled, an act for
the better protection Of female children.
1t virtually places the age Of consent of
girls in this city at Is years, and pro
vides fine Of $1,000 and seven years
Imprisonment for violations of the law.
The second section Of the act states, that
all houses used for the purposes Of pros
titution, come under the provisions Of
the act. The act was referred to the
Law Committee With instructions to urge
its passage,
Mr. Quinn gave notice that on Thurs
day evening he would introduce an ordi
hNfny lta ,f ~.
clerk Of the Surveying Department
On motion Of Mr.. Chambers the gentle.
men representing the banks were then
heard
L. G. Yandegrift, ESQ. addressed
Council for the several banks who are
working for the division Of the city de
posits Mr.. Vandegrift stated that on
previous occasions when before Council.
It was as private citizen, urging the
adoption OF measures for the public good
Tonight, said he, II was as attorney for
the banks Of Wilmington. other than
she Union; TO give their reasons
for the distribution Of the city funds
among all the banks Of the city There
is hardly another city. said he where the
deposits are all kept in a single bank,
He had letters from banks In all the
cities of the Atlantic seaboard saving
that the cities funds were dis
tributed. The public funds came from
the entire population. not the stockhold.
ers of the Union Bank, and they should
be distributed so that all could have the
benefit. The average balance of the city
for fourteen years past show that
the Union bank has had the benefit of |
over So, 600 average balance for that
time. That amount at six per cent. has
brought the Union bank over $S. 600 |
year, at four per cent. over 50, 600 and at |
five per cent. nearly $1,000 BY multi |
plying this 1t can be seen how much |
benefit the stockholders of the Union
have had from this money
In regard to the Union Bank accommo. |
dating the city when it was in tight |
place, Mr.. Nandegrift said the city had /
no business 70 be in tight place, no |
right TO borrow money without special |
act of the Legislature There has been
but three loans by the Union Bank TO the |
city. but what the full rate of interest has
been paid. Several loans had been made for
short periods at q per cent. or less The
total amount Of interest lost by the city |
on these loans cannot have been more |
than 80, 700 The Union bank has prof. /
tied at least at the rate Of So, 600 year,
IN fourteen years an amount Of SIC, 900. /
Take from this the loss Of interest on the
loans mentioned and il leaves
$63, 600 More than one-quarter of
the capital stock Besides these
deposits there are others The
Street and Sewer Department with
an average balance of over $50, 900; the
park commission has kept an average
balance since 1886 Of over &15. OOo The
Board Of Education is not included in this
either, but its balance pays. There Is an
average balance of over $40, 600 in the
Union Bank belonging to the city.
There is a justice in this matter, and
every man should have a right TO say
where the citys money should be dis
tributed. The Union Bank is as safe as
any in the country. but 1t is always safer
to have the money distributed. The re
sponsibilitY of the Union Bank is
$576, $50 That Of all the others Is
% 900, 600 and if the money were dis
tributed it would be against responsi
bility OF $4,000 900, while now IL is
against $576. $50
In July and August 500 900 are
drawn from all the other banks and de.
poisited IN the Union bank, Gripping
tnem SO that their customers cannot get
As Mr.. Vanderbilt concluded Mr.
Sharkey asked
IL not Mr. Nandegrift a director in
the First National Bankg'
Il am, replied Mr. Vandegrift. s'but
as said before am here as attorney for
the several banks. I
Z. G. Bradford, Esq. in addressing the
Council thanked the members for the :
courtesy in holding a special meeting to
hear the matter discussed. He had the
most cordial feeling for the Union Bank.
but represented the people Of the grow
ing and prosperous city Of Wilmington.
The people are in one sense IL
terested in all the banks Of the city.
and i was not right or fair to keep the
benefit Of the public moneys. coming from
the people at large, in one bank. II was
not right fol any one bank to have mo-
nopoly Of the public money.
All that be had to ask was that the
proper committee, in conjunction with all
the banks Of the city, decide on some fair
and just plan Of distribution, to be sub
mltted to Council to receive its approval
scheme to give justice to all the tax
payers OF the city so far as the distribu-
ton Of the public funds are concerned
Mr. Sharkey-"What bank does Mr. |
Bradford representa-
Mr. Bradford-''All but the Union. If
you desire to know, keep my account in
the First National.
Mr.. Salisbury then addressed the
Council for the Union Bank He was
representing bank TO which were on.
posed hve others. The relation Of the