Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-12-21
SAYS HE is RIGHT,
TREASURER ELsER GIVES SOME
FIGURES.
Shows What the Money In His Hands
is For-The Mandamus Pro-
ceediugs-Interest
Amounts.

The petition for a mandamus to compel
City Treasurer Elser to honor drafts
of Blair x Co. viii be filed tomorrow.
In accordance with resolution adopt
ed by the council last week the finance
committee decided to employ help for
City Attorney Tempeton. and Judge
Stcadman was chosen.
One Of the most prominent arguments
in the city's petition, it is said, will he
touching Mr.. Elser's contention that he
Is forbidden to honor any drafts which
would weaken the sinking fund. This
he contends would be done should the
fund Of any series be used to purchase
bonds which matured later than the bond
whose fund was used. This is one of Mr.
Users strongest points,
The finance committee has been iigur.
ing on it, and the city attorney thinks
il has figured out a fnllacy from Mr.
Elsers contention None of the bonds
whose funds it is proposed to use, will
expire within twenty-five years. they
say. If these funds were invested IN
$4,000 of bonds. the amount first in
tended, the interest in twenty-five years
at six per cent would he SG3,O0O, which
is $1,000 more than was taken out, ex-
elusive of the bonds themselves This
SB3OOO, tho petition will aver, would
be available by the time the bonds be
came due, and that instead of weakening
the fund it will be strengthened. The
petition for mandamus will also recite
the possibility of re-inyesting the money
thus obtained as interest. making COM
pound interest on the original amount,
and to this extent still further strength
ening the fund.
member of the finance committee
said yesterday that if this plan were
pursued judiciously, the city after ten
years would begin to reduce its bonded
debt rapidly, and wholly extingish it
before the last was due,
Yesterday the Gazette received the fol.
lowing communication from Treasurer
Elspr.
Editor Gazette My position on the
question of the city's funds needs no
defence. 1t is the just and proper at
titude. and it will find me yndicatrd and
sustained however it may be tested
No clamor can alter 1t. / am right. /
deem II proper. however, 10 say few
words by explanation TO the people of
Fort Worth who have hOnorrd me with
this trust. Words made necessary IN
me action, recent aud remote of the IL
nance committee Of the city council.
Iho council seems 10 accept for granted
the reports Of its committees, aud while |
do not desire to critcse that honorable
body, ! would respectfully suggest that
i might be well sometimes 10 inquire
INTO We correctness aud legality Of com
mittce reports. The latest report refer
ring TO the city treasuror's affairs sub
milted ~ The council At its meeting last
night states that, "\Otwithstnndint,
there was about $i35OO0 in the hands Of
me city treasurer the city was liable
TO default
From this language 1t woull appeor
mat this sum was in my hands AMI
was subject to order of the city council
Tor any and all purposes. Snch il nnt
the !acL. In order to verify my hooks /
ms morning called on u. w PRESLEY.
the city auditor. whose books show Z,
cash balance of less than $4,000 AN toll |
~ my h9hds, belonging to aud held by
iue Tor thh protection Of certain snrcial !
funds. As is well known. The connrii
through It's finance committee has an
deaVored several times To ret Tho city /
treasurer 10 transfer the nancy ~ /
longing to certain special funds into the |
Il complicd With by mo- eFI wG,,1 believe
and my hondsmen liablr fnr ar ' ,''', lle
use of the ciy's money. The rin XXI |
ely council las Kent 1Ss FL Sd65, Of The
snow q credit to the general funI NJ /
about $4,000. whereas on nt "' hai ll /
this account is oyerirawn. The s ooohS
meut showing the condition Of ~ tbe S'" yo-
civ Auditor , u, pp my haads As Furnished by
shown shown by the books Of the aitS ' "mdiitn vs.
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