The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-07-31
WHAT is THE COUPON ACCOUNT?

His F~raudu1ency Tells the Financiers
There is no Such Thing.
Ten of the fifteen minutes which the
Board Of Finance devoted to its public
session this morning was consumed by
Clerk German in reading an elabor-
ate veto OF His Fr~audulency written
on the best grade of linen
paper through which the wat er line was
distinctly marked. The communication
d~isapproved Of the resolution of the
Board which directs the City Tr easurer
to deposit the coupon account with The
New Jersey Title Guarantee and Trust
Company.
The veto began by saying that the
proposition of the Board was to require
The City Treasurer to take a large
amount of public money from the Hun
son County National Bank. The vet
erans' friend there talks about
the large capital of the Hudson
County Bank and the safeguards
which Congress has thrown around
national banks and depreciates the idea
of taking the custody of $1,000, 900 of the
city funds from 'such a bank and de-
posting it with a private corporation
which is allowed to take great risks in its
long reach for profits. His Fraudu
lency then, in his U oleagin-
GUS AiftllGI dUtCAAQbo W DaV IL
pany on the back by remarking that it is
an excellent institution in its proper
place and one long needed in this city,
but it does not seem to him that its place
is among the repositories OF the public
funds.
The veto next declares that the resolu-
| tion is one of the most difficult to analyza
| which His Fraudulency has ever dealt
with. He says there is no such thing as
a coupon account OF anything like it
nor is there any account on
the books of the city OF
the bank exclusively for the payment OF
used for the payment of coupons is an
account opened each month on h books
| of the Hudson County National Bank
| under the title of interest account" fol-
| that month and through which all inter
est is paid whether by coupon or on reg
istered bonds. The next point consid'
cred is q remarkable disquisltion in de
tail on the manner in which the interest
on the city debt Is paid.
The o are paid upon presentation
at the bank, and the holder of the regis
tered bonds receives from the Comptroller
a warrant on the City Treasurer. The
reason of which the veto a y will be ap-
parent to any thoughtful and expert ac-
c%ountant.
This remarkable specimen Of executive
wisdom closes by declaring that the city
will receive no benefit by separating the
accounts but much confusion will arise
while there would be 10 justice in taking
the account from an old and tried bank
which helped the city in its hour of neet
with substantial loans and give 1t to [
private corporation.
The veto was ordered to be entered II
full on the minutes and laid over. TIL,
Board ordered $3.50 paid to Collins &
Corbin; $50 to j. G. Payne, and S62.5 80 Z
X. @. Bacot, surveyors; $3.50 to John r
Nugent, s~tenographer, and S7.50 tt
George w. Cassidy, commissioner, fo'
services in the South Cove suit.
The current payrolls were provided fol
n a few unimportant resolutions OF thu
Board Of Street and Water Commission
ers were concurred in. The Board thei
took a vacation to August 10.
Commissioners Hitler and Bray wer'
not present at the meeting. Mr.. Bray !.
lying seriously Ill at his home on Pavoni'
venue