The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-08-15
BOARD OF FINANCE.

REGULAR. adjourned meeting Of the Board Q
NEUTRALITY-SUSPICIOUS. Edelsteln and Messrs. Allep
and Kenny.
~Messrs. Bray and Hitler.
PRESENTATION OF CLAIMS.
CLAIMS of Frank McDermott of $40, for ice To
August /, 1900. Received and rcferred 10 the com
mittee on pruning STATIONERY ana supplies OgLH
me following veto by his honor the mavor Of the
account with the New jersey Title Guarantee AMI
MAYORS QFFIcE,
JERSEY CITY. July 20, 1890.
GentIemen-The enclosed resolution is returned
without signature. The subject matter Isl one OF
ard handling Of large amounss OF public money.
Inc proposition Is TO REQUIRE the CITY treasurer 70
lie money from the Hudson County National BANK.
where sne interest OF tne CITY dens mas been paid
capital of S25o,000, snd.a suipius of more t an that
Its assets are thoroughly explained in great detail
periodically, by an expert sent by the comutroller OF
purpose, and a statenen of its actual condition u
required bY law 10 be sworn to and published noe
on demand, or OF an impairment OF its capital b
losses or bad management OF any kind, the govern
are wound up promptly with the least posslo.e loss
to meet its Obligations, every stockholder is liable t.
p called upon for any additional amount equal. to
failure.
The bank is not permitted to risk its capital BY I'M
cent. Of its capital 70 any Individual or frn.
~ cannot IN any sense act as an insurance som.
fixed limits. and Is hedged about BY all the safe.
guards deemed wise and Uroper by the congress OF
From such an institution it IS proposed to take
away the customary deposit of moneys for the pay
moneys to the extent Of over 100000 a wear. in
ne CUSTODY & private CORPORATION. not required TO
Utmost Unlimited power to invest its capital and
n Gons reach ~ to IS nr rdi8wed bnt e fsks great Zen r risks lsi u It's
~ IN accordance with It's general plan of oper-
alton astbe New Jersey Title Gua i and Trust
Company has long been ,nee1ed. and has ITS proper
the public funds. There is no higher trust COM
rom the people bv taxation Hois' for tie
Lntion itself IS one of the most difficult
70 anaIyze and interpret that has ever come before
me. The proposition and expectation of the com
pany is thai it shall receive all OF the deposils fol-
shsi in narpsse ae ena ia hex t1 np0n i5 Ssht the payment 2 s1ns e
general account, but the resolution does not so read,
city treasurer can take no Intelligent nctIon at all
under the resolution. 1t starts out with the assump-
"the coupon account" whereas there is no such titIe
TO any account, nor anything similar to tnat title;
special or exclusive payment Of coupons now open.
o. that was eyer kept IN the city book. nor In The
books OF any bank.
the only account open or used for the PAYMENT OF
coupons 10 an account opened each month with tue
nauSon county National Bank, under the title Of liz
lerest account for that month, and through which
ali interest Is paid, whether by the payment OF cou-
pons. or interest on registered bonds that bear no
coupons. interest on all bonds is paid through such
q especial account, opened by the city treasurer, as
stated, eacn month. in which the amount of interest
due curing tnat month Is deposited. Coupons are
on registered bonds is paid by the comptroller draw
i1g MS warrant on the city treasurer for the amount.
due TO each bondhoider. which warrant is accepted
and stamped by the treasurer for payment by the
oank- Iae warrant is then mailed TO the bondhoider,
I ILLS address is known, as most of them are. There
IS no general coupon account, nor any general inter-
tSt account, as presumed by the resolution, but the
interest for each month is an account by Itself, sno
needs TO be. so Kept 10 avoid confusion. The reason
Tor this VIII be obvious to any expert and thoughtful
accountant.
There can be no benefit TO accrue to the city. bu.
much confusion from any method of payment OF Ia
terest by wnlch the coupons shall be paid in one
place and tho interest on registered bonds In an
other, as the resolution Internationally reads, nor
would there be Justice or propriety in deserving an
old ana tried national bank that responded nobiy to
the great neecs OF the city by large loans male lme
and again during a tong period of fnans ial depres-
sion, and turning the financial affairs Of the city
over 10 an WY organized private corporation
Very respectfully.
Your o0edient servant.
ORESTES CLEVELAND. mayor.
The following resolutions OF the board Of street and
water commissioners were received and referred to
the on concurrent resolutions:
l. Ordering paid tbs following Ielv-rolls: Assesn4
ments and extensions-Rs assessing, June, 1S00.S7iN
water registrar. ETC.. June, 1890, So $50 b.; superil.y
June, 1890, S390.
2 10 advertise for proposals for 100 lengths OF u.
inch cast iron water pipe.
=. Ordering paid certain claims.
hEPQRCS QE alANDING rnAIAuTnEEa III