Los Angeles daily herald., 1890-03-07

torney pronounced It correct. This Of course,
does not preclude a personal investigation by
yourselves as to the solvency OF sureyles' pus
this investigation was made careIuiiy anu
minutely by the finance committee spove
named; 1t was reported satisfactory and that
report was adopted, Now the honorable gentle-
man who opposed the adoption oftnat repor.o
poses the acceptance of the bond. on the grounu
of the asses. ments OF its sureties. That the
assessment rolls are not only no true evioence,
but that they are no evidence at all OF nnanclal
largely of corporate stocks and securities, hardly
needs to be argued to any business man.
That such evidence as to solyeney OF sureeles
has never before been given such lmpoisancse, r.
especially by the gentleman in question, IN |
passing on bond, is shown by TINS. Inc |
| special law governing the bond OF your Clty |
shell be a resident of the city or county OF Los
| Angeles and the owner of real estate ttereln
valued, over and above all membranes upon
the last city or county assessment roll at not
| less than the aggregate amount for which he
becomes responsible upon such ofnclaI pono
| (see city charter. page so The nrst II fme on
your Treasurers bond is that OF ID: u wilmer,
president of the California Bank. He signs
for $25, 900, and on the assessment rolls OF this
| county his real estate is assessed at $1O, ,490
being nearly $15. 900 less than the amount for
| which he signs. T. ], Weldon, cashier of the
same bank signs for 5 10 000. and his real estate
is assessed at SO 400 Five other sureties on
| this bond signing for sums aggregatfng $3OOOO
are not shown by the real estate assessment roll
| as as sessed for any amount whatever as re-
quired. Out of twenty.seven sureties on this
bond ten are either not assessed for real estate
| at all or are on for more than they are assessed
| for; the total assessment both real and personal
of one of them who signs for SIS, 900 being only
81 ,1O5 And this is a bond governed by the
| special law above quoted.
| To show yet more clearly the utter failure of
| the assessment roll as trustworthy evidence in
the matter of personal worth, yogr honorable
body will we trust, permit another illustration
which ray appear somewhat personal, but
should be all the stronger for that. In the
course of the last discussion concerning our
bond, one of our number, by way of illustrat-
ing his idea of good security, stated that If the
name of your honorable president Mr.. Frank
enfield, was on it as surety for an additional
100000 he would Willingly vote for its ac-
ceptance: We fully agree with him in his esti-
mate of the value of the security, but not from
the evidence of solvency required by the sug
gested surety himself; since the total individual
assessment both real and personal. of the gen
one-ffth of the amount for W hich the gentleman
speaking offered to take him as surety Judg
ing our bond by the standard thus established
| by himself. the assessments OF our sureties
1 show them to be worth over eleven hundred
4 thousand dollars, and yet any man who is &C.
quainted with the financial standing of each
| low the real amount that they are good for.
In the foregoing we think we have shown the
is being so strenuously urged against our bank.
We believe that careful Investigation bv your
| selves will trace each strong Oppo ing influence
| directly to the desire to possess and use the
| to which the city is, under the law entitled
Believing this, we deem it our duty to lay be-
| fore you the reason for such opinion, and so
put your honorable body on its guard against
| opposition. We trust, too, that we have fully
| shown that we have done everything which
justice to ourselves and good faith toward you
have required of us. We have honestly and
e. rnestly endeavored to satisfy you OF this; but
you will permit Us to say that we have not tried
nor shall we try, 20 satisfy what we believe to
be the selfish opposition OF outside parties, in
everything, save In the courts, where we have
already met them, and shall probably do So
again, as we are informed they are prepared,
Immediately your honorable body concludes
this matter favorably to us, to bring suit seek
ing to enjoin your Treasurer from paying over
the city moneys to us.
| In returning this bond to you VI e again call
your attention to the fact that it is the same
boud which has been carefully Investigated by
your finance committee, consisting OF one-third
of your number, and reported suffi cient; that
such report has been adopted by your body;
that only one member thereof has indicated
any possible objection to any single surety
| thereon; that it is far more than the sum orig
ina)ly requested by you. and no further sure
you To have voluntarily profereo additional
| sureties after our bond had been so'approved
by you, ovec the opposition of the one honora-
| Bile mem ber who criticised it, would have been
| an Injustice to and ref ection from us, upon the
| honorable men who have signed our bond
who have solemuly sworn to the truth of their
| acts, as required by law, and whOihave been
directly pronounced good and sufficient by all
those honorable gentlemen of your honorable
the truth of their statements as to their finan
cial standing.
The only question now remaining, it seems
to us, is: Shall the city's money remain In
banks, being used by them without one cent OF
interest to the city, and the city protected from
loss by a bond of only $1500OO or shall those
| moneys go into the possession of banks who
will paw the city much needed revenue of
from 81 5 600 to $25 900 per annum for their
use, and at the same time protect II from loss
by bond in the sum of $500, 900, which has
been declared amply sufficient by every one of
| our number who has carefully Investigated it.
We stand before you, having honestly and
fairly complied with every demand of your
honorable body upon us From you we ask in
turn The justice and fairness that we have tried
effort to secure to our city legal interest for its
| moneys that they may retain them without in
terest we have nothing to ask. and we know
that it would be more than idle to try to satisfy
| them by any action OF ours
President FraDkenfeld when Mr.. Chill
dress had finished, said: "Gentlemsn OF
the Council, as this is largely a personal
question, directed against me, 4 think it
proper that the com mmunication, to-.
gether with the bond, be referred to
me as committee of one, that l may
frame proper reply"
Mr.. Shsfer said that the reference
made to statement made by him was
a falsenood. He had not said any
such thing.
Mr.. Wirsching thought that the rep
resentatives from the Fourth and Fifth
should lay aside all prejudice and act
on the bond. He did not think the
matter should be referred to COM
mittee of one, and he moved that the
communication should be received and
that the bond be approved.
President Frankenield said he did
not think this was treating him fairly.
He should be given time in which to
make a reply, which he was not ready
to do at once.
Major Bonsall said that Mr.. Franken-
field should have chance to make a
reply, but the communication should be
received. He did not think it quite
proper to refer the communication to
him. as committee of one, to make a
reply.
Mr.. Wirsching said he agreed that Mr.
Frankenfeld had been attacked and
should have a chance to reply. This
should not interfere, however, with the
lending of the city money.
/ MIR. Van Dusen moved that the COM
munication be received and referred to a
committee of one, consisting of the presi-
dent.
President Frankenfeld said that he