Asheville daily citizen. [volume] (Asheville, N.C.) 1890-1900, 1892-01-30
The Joint Boards AtIt.


Immediately upon the adjournment of
the aldermen, the joint board of alder
men and advisors was convened, The
iull board, with the exception OF Advisor
HINT was present.
{. f. Street, representing Coffin &
Stanton, New York, read the board the
following proposition:
"We desire to make you the following
proposition Tor the purchase OF bonds OF
The city OF Asheville, We will purchase
for the sum OF $26O,OOO the following
city bonds, $16O,00O paving bonds ana
500, 900 sewer bonds.
Provided, first, That you will pay us
a commission OF 5 per cent. for placing
said bonds.
Second, That you will deliver $780,
600 OF SAID bonds at once, the proceeds
to be placed to your credit at our bank
IN New York, the remaining bonds to bc
delivered to us in installments as tn,
work progresses and money is with
drawn.
Third, That you will enter into a
contract with us to do the sewer and
water work, directly under your super
vision, you to pay us contractors
profit OF 5 per cent. on the actual cost OF
the work..
Fourth, 1t is understood that the
funds to your credit shall draw interest
at the rate of five per cent. i'll youriavo~
whilst the bonds draw interest at the
same rate i'll our favor.
Fifth, 1t is understood that this is a
proposition for the entire $260,OOO OF
bonds above referred to, and not for any
smaller portion thereof.
"We are prepared to at once enter into
contract with you embracing all OF
these points"
When the proposition had been read
Mr.. Breyard moved it's acceptance with
regard to the sewer contract, as that
portion of the proposition could Devoted
upon by the members OF the advisory
committee.
The motion was put and carried, by
the following vote: Ayes-Conant, Sum-
mey, Cummings, Brevard, Leonard,
Gudger, Mcdowell, Waddell and Starnes
q. Noes-Bearden and Scott-2. The
announcement of the vote was received
with considerable applause.
Then on motion OF MIR. Cummings, the
following committee was appointed to
act with the city attorney i'll drawing up
a contract tor the sewer work, provided
the aldermen III separate session accepted
the propositions: Aldermen Waddell,
Brevard and Gudger; Advisors Cum.
mings, Scott and Conant.
Hut the Aldermen Killu.
The Joint board then adjourned and
the board of aldermen was re-convened,
for the acceptance or rejection OF the
proposition, which Mr.. Street said,
would have to be accepted or rejected as
a whole.
Mr.. Brevard, to start the ball rolling
made motion to accept the Coffin &
Stanton proposition, which was carried,
Theu Mr.. Gudger made an argument
against the acceptance OF the proposition,
| The hrm, he said was rated very high,
it was true, and there was little proba-
bility OF it becoming financially embar-
rassed. The placing in any one institu-
tion of as large sum as the one pro-
posed, without the very best security,
was responsibility that he did not
wish to assume. He said he had spoken
to Mr.. Street about that feature and he
had utterly refused to offer any security.
He was opposed to the proposition, but
was as much in favor of selling the
bonds as any man, il the right kind OF a
sale could be made
e. L. Graham, who was in the aud
ience, was called OIL for his view. He
said he heartily wished the bonds sold
but he considered the proposition an
unbusinesslike and unreasonable one. II
he were on the board he would surely
vote to reject the proposal.
Robert M. Furman was called on, and
favored the acceptance otthe proposition
with slight alterations.
Chas. I. Rawls, in response to call
said that he would want additio nal Sc
curity. II he should sell man horse
he shouldn't like to have man keeE
both horse and money. AS the PROPOSE
tion stood, he would oppose it, although
he had worked hard tor the ratihcatlOr
of the improvement act.
Messrs. Starnes and Brevard said that
they had been in favor of accepting the
proposition until the question of Sc
curlty came up. They wanted the city
fully protected.
W. b. Gwyn, Thos, A. Jones and Thos
W. Branch each made short talks on tn,
subject. Mr.. Branch created smiles
when he suggested that power to act
should be inserted somewhere in tn,
proposition.
When things had gone this far every
body i'll the house knew the trend o
things and were not surprised, when tn,
motion was put to the board, to hear {
unanimous no"
That did the work, and the board ad
journed,