The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1889-03-14

Mayor Grassman is placed in a
peculiar position through the action OF
the Council on the question of the
Irish parade to be held in Hoboken on
Sunday. Very heavy pressure has
been brought to bear on Mr.. Grassman
by the church people to prohibit the
parade, or to have it adjourned until
Monday.
In order to satisfy both parties as
nearly as possible, the Mayor Will
allow the parade to take place, but has
prohibited music. The members of the
Ancient Order of Hibernians are much
disappointed by his action, and
promise to remember at election time
the way he is treating them. He is
placed in an awkward position and
cannot get out of it without offending
either the one side or the other.
1t is said by persons who claim to
know that it is a scheme put up by the
Council to work against the Mayor in
the spring election, as he has crossed
them several times lately.
Funny Finance in Hoboken.
The Hoboken Council made a blum
der which might have made trouble in
the resolution of March 5, authorizing
the treasurer to issue a promissory
note to the Second National Bank for
the loan of $45, 900. The money is re-
quired to pay the damages assessed
for the opening of River street.
City Treasurer James Smith was
afraid to do as he was ordered, be-
cause he knew of no law allowing him
to. He would have to obtain the loan
on his own signature as City
Treasurer. and did not like to
: do this. Corporation Attorney
Minturn gave an opinion that
the Council had power to govern the
city finances in any way they pleased
through the City Treasurer as an in
termediary. He considered a promis-
sorry not a negotiable bond which
might get into the hands of some
party than the Second National Bank,
and that the Treasurer would be
liable.
The opinion quoted is the case of
Thomas against the city of Rich
mond, which was decided by the
Supreme Court of the United States.
In that case the city issued negoti-
able notes, which were circulated as
currency. The owners of some of the
notes wished to realize on them. The
Court decided that they were void and
contrary to public policy.
Upon the strength of the opinion
Mr.. Smith had a resolution drawn up
and passed at the last meeting of the.
Council, in which the word mote
was changed to warrants" which
We're to be signed by the Mayor and
the Committee on Finance.
I saw Mr.. Smith at his office yester-
day and he told me that he did not
want to make himself personally liable
for the amount to be borrowed, and
for that reason would not have
followed the first resolution, even
if the Commissioners objected to
rectify its mistake. He also said that
he wished to consult the committee as
to whether the issuance of a bond was
necessary. The city has a balance of
$63, 900 in the Second National Bank
independent of other deposits. The
/ $45. 900 could be drawn from the bank
/ and still leave a balance.
~ From the bank they receive interest
at the rate of three per cent, while
on the loan they will have to pay five.
BY that means the city would save two
per cent. interest on the transaction.
ut is against the banking law" said
Mr.. Smith, for a bank to lend more
than one-tenth of its capital. The
capital of the Second National Bank
is only about 1920, 900, SO that they
promissory note had the matter not
been stopped and rectifed by the
Council"
st. J%oseph's Lyceum.
The newly organized literary and
debating society connected with st.
Joseph's Roman Catholic Church held
a meeting last night. The first bust
ness transacted was the election of a
corresponding secretary, which posi-
tion was not filled at the last meeting.
The general selection was John
Powers. A set of bylaws to govern
the club was next adopted, and a com
mittee was appointed to look after
suitable quarters. 1t is intended to
hire as large a place as possible, in
order that the different branches of the
society may be kept separate.
One room will be used as a reading
and smoking room, and a large hall
will be arranged for a well equipped
gymnasium. The division will be ar
ranged SO that the whole place san be
thrown open for large gatherings, such
as public debates and dances.
Twenty new members were admitted
last night, which brings the member
ship roll up to sixty. In future the
name Of the organization will be the
st. Joseph's Lyceum."
Mr.. Burke Talks Temperance.
The Rev. Robert Emmett Burke, of
Phillipsburg, vice president of the
$780, IN 4 800 = Il . N ~ +. 81