The Indianapolis journal., 1893-09-19
AN OLD CHAPTER FROM THE HISTORY OF
SULLIVANISM

The story of the subserviency of the
Sullivan clique to the bosses who de-
feated the Banfill offer to refund the
S621, 200 OF 7.3 bonds. which were de-
faulted June 30, is not q new one. In
deed, it is no longer a story, bat q chap
ter in the history of Sullivanism in this
city which of itself should cause the de-
feat of the Mayor at the next election.
The fact that people forget renders it
important TO present again the unvar-
nshed facts in this conspiracy of Demo-
cratic bosses against the taxpayers and
the weakness and subserviency of Mayor
Sullivan.
Jealous to promote the interests of tho
city, Controller Woollen began, in July,
1892. to negotiate the S621,000 of 7.3
bonds which fell due June 80. 1898. He
succeeded in finding a Now York house
of unquestioned standing, which sent
an agent here, Mr.. Banfill, with propo-
sition to collect the outstanding bonds
and exchange them for four-per- cents.
upon conditions which would enable
the city to realize premium of over 3l4
per cent. 1t was, in fact, O proposition
to take up the 1921 900 of bonds bearing
7.3 per cent. interest with 100000 of
four-per-cent. bonds. Thus the inter-
est would have been reduced from S45.-
333 to $4,000 year. It was a most
favorable offer for the city. Controller
Woollen did all in his power to have the
Council approve the proposition, while
Mayor Sullivan was mildly in favor of
the negotiation at first. but sui bsided into
when he found that certain Democratic
bosses and bankers were hostile. Let
Councilman Rassmann tell the rest OF
the story, as he did to the Journal Sept.
8, 1892:
After the meeting went to Otto Frenzei.
as l had promised. and told him TO see Mr..
Woollen at once il he wanted q chance at
the refunding scheme. He told me- he
would have to have q little time and asked
how much we could give bin. asked him
how much time be wanted. and he said at
least two or three days. L said the COM
mittee would wait on him that long. That
night Mr.. Frenzel went to Chicago ard
called on y. w. Harris ~ Co.. one or the
largest bond houses In the country. lie
returned the next night ready to make
proposition. but 1t was not. possibly, In as
good shape as 1t might have been from the
fact that he had not. like Mr. Bantill. had
the assistance of Controller WO0llen aud
the city attorney In drawing it,
The Harris paper was not n PROPOSE
ton, but statement based upon cOndi-
tions too indefinite for the Controller to
make the basis of a contract. Then, as
part of the conspiracy, Mr.. FrenzePs
man. Rassmann, who is chairman Of the
finance committee, concluded to adyer-;
tise for bids, which he bad no authority
to do under the charter. The upshot of
the whole matter was that the consrira-
tors against the Bantill proposition and
the Controller were able to defeat it.
That done, the Harris proposition. hay-
ing accomplished its purpose, died.
An agent or attorney, acting in the
capacity to a corporation which Mayor
Sullivan sustains to the city of Indian
apOlis, would have been dismissed if he
had failed in the discharge of his duty
to it as the Mayor has to the city. A
positive. foFcoful business man would
have pushed the Banfill proposition to q
contract. but when Mayor Sullivan
learned of the conspiracy of his masters
against this offer, he became q negative
quantity. In view of these facte.
what business man will say that Mr..
Sullivan is fit to be Mayor?