The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-09-05
RING RULE
1t Has Utterly Ruined for
the Present the Credit
of Hudson County.
NO TAKERS RPARK BONDS.
Bankers and Capitalists Shy of a
Community That Is Gov
erned by Rascality.
Sample Extravagance---That Mnci-
dental" Account.

NEWS has published broadcast to the
world how the rascalities of the Board of
! Freeholders were injuring the credit of
the county. 1t has shown to all the ex-
trayagance of the Board; it's enormous
list of unnecessary employees; the reckless
creation of new offices and the unwar-
ranted increase of already very large sal
aries. 1t has cried Halt gentlemen;
halt, before it be too late," and the warn
ing cry came home to the members yes
terday with force they had never
dreamed of, but with significance that
could not be misunderstood.
NO ONE WOULD BUY THE COUNTY
BONDSl
Six hundred Thousand dollars of bonds
that had been advertised for sale several
weeks could not be-sold Not single
bid for solitary bond was received. Not
an individual indicated the slightest de-
sire to invest Not single offer from
professional brokers and banks was made
and the startled Freeholders at the meet
ing could but gaze at each other in
silence. 1t was then that they realized
what they had brought the county to.
They remembered how S400, 900 of six per
cent. bonds had four or five years ago
been eagerly fought for by brokers and
bankers and contrasted that time with
the present. They saw only ruin. Their
effort to float $780, 900 of four per cent.
bonds had proved failure. They could
find no one who had that much faith in
the county and the Freeholders who now
misgovern it.
The money they must have to purchase
parks. The law compels the Freeholder s
to raise it,
But no one will trust them and the
problem of how to raise the tunds-how
to sell the bonds-stares them now in the
face. This absolute loss of faith in the
credit of the county was exposed yester-
holders. 1t was the first meeting held
for month and it resulted in opening
the eyes of the FreehoIders to the fact
that the easy going taxpayer is at last
tired OF going easy.
Yesterdays MEETING.
1t was four O'Clock when Director at
Large Bruggemann called the Board of
Freeholders to order yesterday. The
Director told Clerk Boyd TO read the min
utes, but before he could do so Freeh older
Pfngsten, in a speech well oiled and
filed with "taffy,o welcomed the Director
back to his seat as the presiding officer.
Ex-Director ad interim German looked
sad when he heard these expressions of
joy, and his applause was very feeble. In
a few well selected words the Director
thanked Mr.. Pfngsten for his "taffy" and
the members for their welcome, and bust
ness began.
It began with call for bids for four
Hnlf 0OnnfU hnn6a fVharQ yUa nnf n
Freeholder present who had not believed
that every one of the 100000 of bonds
would be sought for so anxiously that a
good premium would be realized. When
not voice responded to the CALL when it
became apparent that the Hudson county
banks, that reputable brokers like Coz
nelius Zabriskie, who SO many times has
come to the relief of Jersey City, would
not take the county's bonds hopeless
expression was plainly discernable on the
faces of all, and ex-director ad interim
German, the chairman of the Finance
Committee, turned pale.
CATCHING AT STRAWS.
John A. McGrath, counsel to the Board,
broke the painful stiffness by saying
with an effort that he believed the bonds
were not sold because they had not been
properly advertised. (The Freeholders
mad refused to advertise them in THE
JERSEY CITY NEWS for spite) He said
that inasmuch as our own banks would
not take the county bonds the only thing
to be done was to advertise in New York
papers. He said that some time ago he
felt convinced of this and he had sent to
brokers and bankers notices that the
bonds were for sale, but the notices had
not apparently brought purchasers.
Glad to catch at any straw Freeholder
Pfngsten at once moved that the Board
readvertise in the same papers, as hither-
to, and also in the New York Herald,
and the Journal of Commerce. With "a
sigh of relief at this temporary respite,
the Freeholders voted for the motion.
Counsellor McGrath reported that five
different suits had been begun against
the county for claims, the largest
being suit for $1,000. The
Board directed him to defend
them. A resolution to pay ex-Judge
to the Park Commissioners was also ad-
opted, and complaint that the machin-
cry of the laundry at Snake Hill was out
of repair was referred to the Committee
on County Institutions.
THE COUNTY BoULEvARDs.
This was followed by report from
Chief Engineer Edlow w. Harrison, of
the new County road, which read as fol-
lows:--
II have completed the preliminary ex-
aminations of the ground and the maps
and records of former surveys for county
uuu pubic TOdU eo COAbcApttG6Q DY JQo
Public Road act, approved April z,
1888.
Many changes have taken place since
the last of these surveys, consequent
upon the great increase of population in
the county, and it will be necessary in
order to intelligently and economically
lay out and determine the alignment
Of the new public road now
contemplated that careful survey
be made along the road line or lines ap-
proximating to the following description
as in the resolution of your Board sub
mitted to the electors OF the county il
conformity with section one OF the Act OF
| April z, 1885.
commencing at point in the north
| erly boundary line Of Bergen county at
or near the point where such northerly
boundary lille is crossed by the Dallytown
road, thence in general direction
through the following named towns OF
townships, North Bergen, Gutenberg,
and Union, Town Of Union and Wesi
Hoboken, to the northerly boundary line
| of Jersey City; thence in a genera
! southerly direction through the Fourth
| Fifth and Sixth Aldermanic district,
OF Jersey City to the northerly boundary
| line of the cipy of Bayonne; thence in
generally southerly direction through th,