The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1891-07-24
crrY COUNCIL

What Was Done Last Evsning--The
Public Funds to be Deposited in the
Different Banks-sir. AIurray's sensi-
BILE Remarks.
The regular weekly meeting Of City
Council was held last evening at i
o'clock, with President Benson in the
chair.
Clerk Messlck called the roll and read
the minutes OF the last stated meeting,
which were approved.
The Finance Committee reported as
follows on the communication of
various banks asking advisor OF city
funds:
''The Finance Committee, to whom
was referred annexed communication
from Messrs. Belts, Capelle and Field,
presidents OF First National Bank, Ma
tional Bank Of Wilmington and Brandy
wine and Central National Bank re-
spectively, hereby report that they
have carefully considered subiect-mat.
ter In detail as affecting tho security
and best interests OF the city and pub
lie and would recommend the adoption
OF the following regulations concern
Ing the deposit OF public moneys SUBJ
Ject to the control OF this Council:
REGULATIONS.
Il. The national banks Of this city
may be legal repositories OF the public
funds subject to the approval Of City
Council.
~. Tho Union National Bank shnll
be the active bank and tho others
shall DO known as depository banks.
20. Interest at the rate OF not less
than . per cent yearly shall be credited
by each depository bank to the city
monthly, on Its average deposit; and
by the active bank upon a sum not
exceeding $4,000, 80 long as this
amount shall he on deposit with 1t.
-. All cash receipts of the city shall
be deposited In the active bank.
IS. On tho second Friday of each
August and February the trea. uror
shall draw In the usual way from the
active bank and deposit in equal parts
In such Of the depository banks as
shall have been approved by Council,
90 per centum of said funds on
deposit with said active bank, pro-
vided that none of the depository
banks shall receive more than Is per
centum.
IS. Whenever and as often as the
city deposit in tho active bank shall be
reduced to $4,000 the city treasurer
shall draw from each depository bank
the sum OF $4,000 and deposit the
same In the active bank, but when the
deposit in depository bank Is reduced
to $4,000 or less the whole of said de-
posit shall DO drawn when the next
draft is required. IF. Is. CoLToN
~. A. MAGEE,
III. w. Perkins"
Mr.. Cotton moved that his report be
adopted, and the recommendations
complied with, but MIR. Murray object
ed, on the ground that 1t would entail
on unnecessary expense to open ac-
counts in all the banks. He said il
would cause additional book Keeping
on the part of the city treasurer, and
consequently an unnecessary expense.
The motion was advocated by Mr..
Cotton, and whom vote was taken, all
voted aye, except Mr. Murray.
The Finance Committee reported in
favor Of granting the petition of
Adolph Kerr, for the return OF $3.50,
overpaid tax.
The Police Committee reported in
favor Of granting the petition OF rest
dents In the western part of tho city,
Tor special officer at Eighth Street
Park.
The report also recommended that
Thomas Naudine, colored, be given the
position. The report was adopted.
The Law Committee reported favor
ably on the ordinance, authorizing the
loan of 100000 for the Street and
Sewer Commission, and also on the or
dinance to provide loan of $4,000 for
the sinking fund commissioners.
The city treasurer reported a balance
Ia the Union National Bank OF sl07,.
1 IN h,a.r 8 "a
and special deposit OF FI,454.62.
He also reported having received the
following amounts; Tax Collector
Mitchell, s34, $50; John ], Mealey, s23,
Si5i Water Commission, s5l $50; John
A. Mitchell, $3.50.
VA coinm3 nication was received from
the sinking fund commissioners, call
ing attention to tho fact that they now
have over S25D, 900 worth OF cancelled
bonds in their possession, and asking
permission TO rent box in tho vault
OF one Of the trust companies, where
they will he safe.
On motion oil Mr.. Cotton, the com.
m!ssioners were authorized to secure
u box, at cost not to exceed $40 a
year.
A communication from the Board oil
Water commissioners asking perInis
sion to put wires on the city police
signal poles on West Eighth street was
referred to the Police Committee.
A communication from the Street
and Sewer Department asking Council
II an appropriation had been made te
pay Tor the property ut fllth and Wal
nut streets II 1t Is condemned for OBJ
stfaetlhg inc street, was referred L
lhs city solicitor:
Ac0mmunichtionf from q. w. Griflitf