Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-07-30
CITY COUNCIL.

were present, as were also many specta-
tors
The finance committee, to whom was
referred the communication from Messrs.
Belts, Capelle and Field, president of
First National Bank, National Bank of
Wilmington and Brandywine and Cen
tral National Bank respectively, asking
that the funds of the different depart
ments of the city be deposited in the
several national banks, reported that il
had carefully considered the subject
matter in detail as affecting the security
and best interests of the city and public
and recommended the adoption of the
following regulations concernirA the
deposit of public moneys subject to the
control of the Council:
First-The national banks of this city
may be legal depositaries of the public
funds subject to the approval of City
Council.
second--The Union National Bank shall
be the active bank and the others shall be
known as depositary banks.
Third-lnterest at the rate of not less
than two per cent yearly shall be credited
by each depositary bank to the city
monthly on its average deposit and by the
active bank upon a sum not exceeding
S5OU00 so long as this amount shall be on
deposit with it.
Fourth-All the cash receipts of the city
shall be deposited in the active bank.
Fifth-On the second Friday of each
August and February the treasurer shall
draw in the usual way from the active
bank and deposit in equal parts in such of
the depositary banks as shall have been
approved by Council GO per centum of said
funds on deposit with said active bank
provided that none OF the depositary banks
shall receive more than Is per centum.
Sixth-Whenever and as often as the
city deposit in the active bank shall be re-
duced to $4,000 the city treasurer shall
draw from each depositary bank the sum
of $4,000 and deposit the same in the
active bank, but when the deposit in de-
positary bank is reduced to $4,000 or less
the whole of said deposit shall be drawn
when the next draft is required.
Mr. Murray asked what inducement
the committee had received from the
banks named TO cause it to recommend
removing the funds. He said the Union
National is paying two per cent on the
city moneys deposited with it, and as
serted that if the other banks would do
better than that he would vote yes on
the adoption of the report; otherwise he
would not. The project, he declared,
would create unnecessary expense. An
account would have to be opened in each
bank, the city would have to pay for
the books and the city treasurer would
probably want extra clerical help.
Mr. Cotton said he would reply to
Mr.. Murrays question by asking the
clerk to read the communication of the
petitioners. When the clerk had com
piled Mr.. Cotton stated that the COM
munication sets forth the necessity of
the action recommended by the commit
tee. The committee, he declared, had
gone carefully into the matter with citi-
zens, bank presidents and the Union
National Bunk. Not more than Is min
utes extra work each month, he claimed,
would be required to keep the accounts
and the city treasurer would have very
little trouble. What the communication
said is correct in his opinion and he
thought the city deposits should as a
matter of justice be divided.
Mr.. Murray contendcd that no insti-
tuition has a right to claim the use of
money because il is public fund.
Mr.. McKelvey said he favored di-
vision, but he would like to see some
return.
The report and regulations were
adopted by a yea and nay vote, Mr..
Murray alone voting nay.
On the recommendation of the finance
committee Adolph Kern was refunded
overpaid capitation tax amounting to
$2.56.
The law committee approved the
ordinance providing for the borrowing
of 100000 for improving the city's
streets and avenues and the ordinance
authorizing the issuance of sinking fund
bonds aud certificates of Indebtedness
amounting to $4,000 and reported that
they contain nothing contrary to the
city charter, which report was adopted
On the recommendation of the police
committee, it was resolved to employ
Thomas Naudain, colored, as special
officer at Eighth street park.
An order for $500 was drawn in
favor of Diamond Printing Company.
The city treasurer reported in bank
S101, ,475.20 to the credit of current ex-
penses and $4,454.62 to the credit of
special deposit He also reported the
following receipts: From Tax Collector
Mitchell, $34, ,050, city and school taxes
for 1891; from City Auditor Mitchell,
$3.50, rent of city property; from Ad-
ministrator Mealev, 5000 and S23,l75,
city and school taxes for 1890 and 1891.
respectively; from the Board of Water
Commissioners, $5, ,130, interest OH loans
Nos 10, II and 21. His reports were
received and filed
The city auditor certified to the cor
rectness of the accounts Of the city trcas-
urer and reported the receipt of $3.50
from A. II. Carey, one-quarter of
years rent in advance for Second street
market-house, which report also was re-
ceived and filed.
The Sinking Fund Commissioners
were authorized to rent in some institu-
tion, ut cost not to exceed $40 per
year, box for the safe keeping of city
bonds.
To the police committee was referred
communication from }. A. Bond, chief
engineer of the Water Department, ask
ing for permission % use the city's fire
alarm and police alarm poles to run sig.
nal lines from Rodney street reservoir to
Cool Spring pumping station and from
Cool Spring reservoir to city mill pump
ing station whenever said poles can be
utilized for said lines.
A communication from the Board of
Directors OF the Street and Sewer De-
partment, announcing that it did not
hho" VI uhs Pio'iaion HaviHS uecn
made for the condemnation of the prop
erty on the northeast corner of Fifth |
and Walnut streets, was referred to the
city solicitor.
70 the finance committee was referred |
a petition from George w, Griffith, ask
ing that he be refunded overpaid tax
amounting to $25,75.
The ordinance providing for the bor-
rowing of 100000 for improving the
city's streets and avenues was put |
on its third reading and pending the
adoption of the enacting clause Mr.. |