The record-union., 1891-10-10
THE BOND COMMISSION.
Judge Beatty Says a New Charter
Would Kill 1t.
A Matter That Should be Carefully In.
quired Into Before Any Mis-
takes Are Made.

At the session of the City Trustees on
Monday next Mr.. McLauehlin's PROPOSE
ton for special election at which fifteen
| freeholders shall be chosen to frame new
city charter, will be acted on. There
does not appear TO be any widespread
sentiment against the general PROPOSE
ton for new charter, except in so far as
it might legislate out of Office the present
Bonded Debt Commission.
On this point there appears to be di-
versity of opinion. some holding that the
recent adoption of certain amendments to
| the State Constitution rendered that body
safe from harm. The members of the
Commission have lately given the public
| repeated assurance that, if unmolested in
their management of the city debt, it
| will be practically wiped out within five
or six years; and as our shrewdest fnan-
ciers have not been able to show that
such result cannot be accomplished, the
| people appear to have settled down to the
| belief that it would be unwise to inter-
/ fere with the work of the Commission at
this time.
| Regarding the effect that new charter
would have upon the Bonded Debt Com
mission, Judge ii. O. Beatty, one of the
the destruction of that body. In an in
terview with RECORD UNION represent
ative who yesterday asked him for an
expression of his views on the subject,
Judge Beatty said:
"On the question of new charter the
| RECORD UNION has expressed itself as
rather favorable to the scheme, if it can be
carried out without impairing the useful
ness ofthe Board of Fund Commissioners.
In this believe large portion of the
people of the city agree with it. While L
do not agree with this view of the case, |
do not care to discuss the question on its
| general merits, but have no objection to
expressing my views as to it's effect on
the Fund Commission.
Il know that | have spent great deal
| Of time in examining this question, and
| have probably given it much more of my
time and attention than any other lawyer
| in the city has. After this examination
am convinced, beyond even the slightest
doubt, that the adoption Of new charter
would entirely wipe out and destroy the
Commission.
Last year this same proposition was
up, and the Trustees called special cleo
ton to be held for the purpose of de-
termlnlng whether or not we should elect
| tItteah freeholderS with view of franz
ing new charter. An effort was made
| TO stop further proceedings on the ground
/ that 1t would if carried out, destroy
| the Fund Commission. Thesopinions of
most of the leading lawyers in the city
were asked as to the effect new charter
would have on the Commission. Those
! Of the members of the bar who were re-
quested to give their views on the subject
| did so, generally in rather off-hand
| opinions, without any particular eXamin-
alton of the subject. There were about as
many opinions on one side as the other.
Judge Holl, however, wrote very care
| ton, coming to the conclusion that the
| Commission could not exist nor be pre-
served under new charter.
| This opinion was so conclusive and
unanswerable that those who had been
urging the measure became discouraged
and abandoned the scheme, and the Trus-
| tees, who had been unanimously for the
project at the start, rescinded their reso-
! luton and let the matter drop without
| putting the people TO the expense of an
election.
eff the Commission is allowed to go on
| without interruption 1t will, by the 1st of
June, 1897, pay or provide for all delin-
quent coupons and all bonds that are then
/ due, leaving only very small amount of
1898 and 1903 bonds unpaid. We will not
after the spring of 1897 five and half
| years hence) want any part of the 55 per
cent. OF one per cent. tax to pay on the
debt; nor after 1897 will we need any part
| OF the water WORKS money, or the liquor
| license tax to apply on the debt.
THE annual interest after January /,
1898, will not probably exceed $1,000, and
the Police Court fines, harbor dues and
| licenses, other than the liquor license,
will be ample to pay this $1,000 and as
r:uch of the principal as the holders may
be willing to give at par.
"If our Commission is destroyed the
people will have to continue paying the
55 per cent. tax certainly until 1899, and
possibly until 1901. What they are to
| gain by the payment of this additional
100000 or 100000 additional tax cannot
| caa