Los Angeles daily herald., 1890-03-11

cit is not only the city meneys that are thus
risked, but the county moneys a. weu
dollars. is now entrusted to that institution
without security, save the official bonds 81 tne
urer." "Do our M people consider that the pub
lie moneys ought to be thus risked!''
All OF which is published, to- incite
qSic Opinion against said cann eao With
said bank and my position In this Counei:
wish to let the public known the facts ana l
will abide the consequences. You nave sne
exact figures as to the situation OF the Guys
money; that OF the county's now amounts TO
about 1851 900. OF which there is $16l, ,OOo on
special deposit with the California Bank, the
balance being In the vaults of the First Ma
ttonal, Los Angeles National and southern
California National Banks. The City Ireasur-
er's bond and the City Bank bond are not 10 pc
gives bonds for the faithful discharge OF ms
duty, and criminal proceedings could not pe
brought against him for deaulting' There Is
no necessity of his making any use Oh sai9
funds in order to earn the amount they would
cost anyone borrowing them. The City Bank
Is holden only fer the performance OF a con-
and will be obliged to loan it in order to not be
at loss. Now, entlemen, having given you
the facts as hnd them after looking into this
matter thoroughly and having clearly shown
abundant pro warranting my position, you
can rest assured that will vote fer the loaning
| of the city's money when the city is fully pro.
tected, and not till then,
The City Attorney presented a con-
tract with the City bank, embodying the
amendment which allows the Council to
increase the amount of the surety at any
time. Another amendment had been
added by the City Attorney to the effect
| that the city can terminate the contract
at any time.
Major Bonsall said that he had held
that the law provided for increasing the
bond at any time. This was the only
point he made, and he did not see the
objection to having the clause in the con.
tract.
The City Attorney said that the Sec
tioRs of the code quoted by Major Bon
sall did not apply to the bond of the City
| bank.
The attorney for the City bank pre-
sented communication objecting to the
addition of the clause permitting more
security to be called for. He held
that at some time different
Council might impose an unjust
requirement upon the bank. He
suggested, however, if the Council de-
sired to have provision for additional
bonds, that clause be inserted requir-
| ing the bank to furnish new security if
any of those on the bond should become
insolvent, or remove, or die, or in case
of there being more money on hand than
the amount of the bond, the bank
should be required to furnish bonds in
the sum of $4,000 for every $4,000 or
| fraction thereof additional.
President Frankenfield said that he
did not think the bank should be al
lowed to prepare the contract for the
Council. AS for the suggestion that
another council might be in Office, he
said there was nothing in it, for the con-
tract would not hold after next year.
| Major Bonsall moved that commit
tee OF three be appointed to prepare the
contract for approval. Carried.
Messrs. Bonsall, Wirsching and Brown
were appointed.
Mr.. Brown declined because he didn't
want anything showed on him for which
he would be blamed afterward. He
thought the matter should be settled in
public, when the whole city would hear
what was done.
Mr.. Childress asked permission to
speak to the question.
Mr., Frankenfeld objected to his being
heard.
The committee then retired.
An ordinance providing for the pay
ment of the men employed in repairing
the zsnjss, was read and adopted.
The report of the City Attorney was
read and adopted.
A delegation of unemployed working
men appeared, and one of them, George
Feller presented the following communi-
cation, signed by 200 names:
''We, the undersigned, respectfully
aek you and all others in authority to
officially consider the present and urgent
necessities OF the unemployed in this
CITY, and ask that such street, sewer or
other public work as can legally be done
for 81 per day, be made ready at once
and given out by days work to the un-
dersigned and others equally needy. 1t
is not charity we ask, but opportunity to
work" He said that mass-meeting
had been held and all the workingmen
asked was an opportunity to earn their
living. There was misery in the city
that must be relieved at once.
The communication was referred to the
finance committee, Mr.. Van Dusen stat
ing that report had been prepared upon
the subject.
The report of the City Engineer was
read and adopted, as also was the report
OF the Street Superintendent.
The special committee on the City
Bank contract recommended that it be
approved as drawn up by the City At
torney. Adopted.
The bridge committee recommended
that the bid of M. F. Ledbetter for re.
pairing the Buena Vists-street bridge
be accepted. After considerable discus
zion, the Council decided to request the
Clerk to advertise for new bids.
The City Attorney recommended that
the petition of B. w. Bartels, claiming
damages by reason of regarding Temple
I, street, be denied, because filed after the
time for fling protests had expired; also
that the petition of Peter Backman, re-
garding the regarding of Lake Shore
avenue be set aside and Mr.. Bsckman
be released from his contract; also that
the protest of ]. G. Meyer against Tenn.
ple-street improvement be filed.
Adopted.
Afternoon Session.
The contract with the City Bank, as
amended and signed, WAS read, and
Major Bonsall moved that the bond be
approved.
Mr.. Summerland read tha ranort of p