Daily Republican., 1889-03-06
i4HE CITY'S MONEY.
ALL THE BANKS WANT A
SHARE OF 1T.
The Matter Discussed Before tho City
Councii-But Council Decides
TO Hold on to the
Old Way.

OIu way
Last night was designated for an ad-
journed meeting of Council to give the
representatives Of other than the Union
National Bank chance to show good
cause why the keeping Of the city's
| money should not be shared by all the
hanks. The meeting was called In defer
ence to reque.t by l.. q. Vandegrlft,
Esq, and Charles B. Lore, Esq. who re-
presented the banks desiring the change.
All but three of the members of the City
Council were In their eests, and amongst
others present were the following bauk
officials:
John Peoples, cashier of the Central
National Bank; Otho Nowland, CT the
Wilmington and Brandywine Bank; John
| Dandy, wi liam DUPONT and Preston
Lea, Of the Union Bank.
Willard Salisbury. Esq, was present
to represent the claims of the Union Ma
tional Bank. e. @. Bradford, Esq, was
also present to assist the petitioners In
representing their claims.
| After statement Of the object of the
meeting by President Farra, Mr.. Vande-
grift addressed Couecil on behalf OF the
petitioners.
He said that all the banks wanted that
he reoresented was an equitable diBtri-
button of the deposits He maintained
that the deposits would not only be more
secure, but justice to all the citizens OF
Wilmington demanded such distribution.
He showed that the weekly balances In
the Union Bank for the last IA years
averaged ST., 900. The profit to the bank
at 5 per cent. would be 81, 500 per annum,
and at per cent. $1,000. The plea that
the Union Bank had coma to the aid OF
the city when the latter was In tight
place was no argument, as the city should
never be in that condition. The total
amount of loss by the Union Bank
through loans to the city was less than
81, 600, and the profits have been 200
year or $40, 600 for Ia yeare.
The figures did not include an average
OF about ESQ, 900 for six months Of Street
and Sewer Department money, S15,O0O OF
park money for the same time, and
S72, 900 posted annually by the Board
of Education.
Z. g. Bradford, Esq, followed on the
same side, and paid high and deserved
euloglum to the officials and the honest
management Of the Union National
Bank, but he was there nevertheless TO
ask In the name Of this growing city the
question: 'Ts 1t right that eli Its money
( should be dep .sited in any one banking
, ipstitutiop?D Mr.. Bradford though. that
the deposits should be SO arranged by
, the proper committees of Council in con-
! junction with the officers of the banks as
to be fair and equitable to all.
Willard salisbury, Jr., ESQ, spoke for
the Union National Bank. II the Union
Bank had monopoly OF keeping the city
q funds, 1t also had monopoly OF helping
the city when 1t needed help, which none
- Al hn- r.. kaa r0raA about aharinp
!, Referring to the park fund, Mr.. Sauls-
!, bury said the Union Bank took 500, ,00C
worth Of the bonds at 10l and now holds
4, $40, 600 worth of them. The loan was Sc
I. cured, but the bank cannot now dispose
Z If the loan at par. This effort Is not tor
the benefit OF the city, but for divide oi
the profits which the Union Bank makes
out OF the money.
Instead of the city borrowing money at
per cent as stated, the bank loaned
: money at 21< per cent. The Union Bank q
! rate OF interest was per cent, but 1t
/, , always proposed to help Its friends out
! when In trouble. Mr.. salisbury held
! that the principle claimed by the other
banks wae wrong one. As well might
The State and the county be required to
distribute their deposits. Endless confu-
!, sion would be the result.
Mr.. salisbury showed by the sworn
statements OF the bank officers that on
the 1st of March, 1886, the aggregate dis.
counts of the -four banks interested in this
petition was 81, IA COO; the deposits, ST.
459 600. This was previous to the collec-
ton of taxes. August 81, 1885, the Off
GERS statement show discounts amount
ing to 81, ,0i9, ,0G0, and discounts OF ST.
sos, 600, thus showing that they had more
money and did larger business than
previous to the collection OF taxes and
their deposits in the Union Bank The
same thing holds good in 1887 and in
1898, giving figures to prove his case. He
accounted for this condition of things by
saying the taxpayers OF this city do not
draw their money from banks. 1t is
hoarded in their houses and brought out
when needed.
Mr.. Salisbury thought that tbe city
authorities OF the city were the proper
custodlans OF their own money. and could
place 1t for safe keeping where they
pleased.
Charles B. Lore, ESQ.,, spoke briefly in
favor OF distribution of the clty's money
J to all the banks of the city. He cited
Newark and Elizabeth, in New Jersey, as
instances OF the folly of putting ali the
money of the city into one bank.
A resolution instructinR the Finance
and Law Committees Of Council to confer
, with the bank officers was read and its
/ acceptance defeated by vote Of 20 ayes
to 2 nays.
Mr.. Quinn sent TO the desk draft of a
bill to be p esented to the Legislature
J entitled, "An act for the better protec-
ton of female children" which on his
motion was referred to the Law Commit
tee. The act makes 1t a misdemeanor
subject to heavy fines and penalties to
n harbor or retain female children, under
the age of 10 years, in houses of Ill fame
and prostitution. The Law Committee
was Instructed to eDdeavor to have the
bill enacted into law by the Legisla-
ture.
Stop that coughing; II you do not II
may kill you. A bottle Of DR.. Bulls Cough
Syrup only costs YOU 25 cents. and ia