St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-06-08

The committee on ways and means of
the council and one alderman from each
ward met yesterday afternoon to con-
ider the ACCESSIBILITY of issuing tie
5000 bonds to be used in paying for
permanent Improvements, and thereby
aid the unemployed to secure work for
the time being. A meeting such as the
one held yesterday is apt to make the
people of the city believe they are rep
resented by lot of children. Instead
of coming down to the point and rec
ommending the issuance Of the bonds.
or performing any business after the
manner OF grOwn-up persons, the COM
mitteemen sat about, wasting the entire
afternoon In pickering and wrangling.
elf can't be the horse won't play" is
the way the aldermen acted. Each
wanted to ring some improvement in
for his ward, and if he did not get it he
declared that he would not vote with
the other aldermen. They cIamored
like 50 many little boys over a stick of
dirty candy, each determined that if he
didn't get what he wanted of it no one
should have any. So there!
The committee representing the I'M
employed were present and submitted a
report. which was read by Rev Sample.
1t is an Interesting document and we'll
worth the reading. 1t read as follows:
The committee on beh alf of the I'M
employed in its movement to secure Sub
scrlptlonS towards the purchase of city
bonds at low rate Of interest ana upon
short time, deemed it wise to secure the
corporation of committee from the
board of trade, and this was done as one
OF our first steps. Upon consultation of
the two committees member of the
board of trade committee, Identified
With the banking interests of this city,
unqualitiedly assured US that provided
we would consent tc the raising of the
rate OF interest from ~ per cent
to 4, time of bonds 10 be four
years. the leading banks of this
city would unquestionably subscribe
for the entire issue OF 100000 worth of
bonds i'll very few days time. Our
| committee. being composed of busy
men who had already given much time
and labor to this movement for the un-
employed. believing that the securing
| of the reduction of the time of bonds
from thirty years to four would be a
| great point gained for the tax paying
citizens Of Minneapolis; and. believing
also that the certainty and easy success
| promised us by the gentleman so closely
| allied with the city's banking interests
| were preferable to the ardous labors and
| possible uncertainty, in the limited
| time granted us, of popular canvass
for Individual subscription, we accept
ell the gentlemaD's proposition, and the
work OF securing the bank subscrip.
! lions was entrusted to his hands, two of
our own number being appointed to as
slst him i'll any way we could. The
| gentleman referred to undertook the
work. and his sincerity and zeal are in
| no way lmpugned or questioned by us.
However. he found himself unable to
perform THO task he had assured us,
upon representations made him by
leading bankers, was certain and easy
| Of accomplishment. Banks whose chief
! officials had promised us SUBJ
! scriptions delayed and postponed,
and at length Cancelled their
promises and refused to make any
definite subscription whatever. 1t was
only Monday noon when this result was
| announced to US, and then it was too
late ~ pursue the canvass for individ.
ual subscriptions. Had not the certainty
| Ut the banks subscribing for the entire
issue been presented to US, we would
most asSurdly have pressed the popular
| subscription with zeal and with large
| prospects of success. for eyeryimerchant
| approached OH the subject expressed
| Witness to aid.
The reason why, therefore, we have
| not the subscription to present to you
| at this time Is because certain leading
banks and bankers. after We had conced-
ed the changes asked for by the banking
| Interests, had not the far-reaching
business policy and wise self-intercst,
to say nothing about philanthropy or
patriotism, to fulfill promises made and
! good assurances given. 1t Is true that,
| as reported by the gentleman above
| referred to. several of the leading banks
or the city have given assurance that If
| the city issues per cent four-year
bonds they will. as matter Of business,
be purchasers of the same at par. We
can give it as our opinion that this
would be the case; but, of course, we
cannot guarantee this, nor could we
statement like this, which could
afterwards be recalled, ask mer-
| chants or other private citizens
Tor subscriptions in black and
white. We cannot ask for further time
to secure subsc iptions OH the popular
| plan. for the voorhees, need work, and
| delay is hazardous. We can only de-
cline, most respectfully but most posi-
| lively, all responsibility for the present
status Of affairs. and express the opin-
ion that while the banking fraternity
Will no dUuot. as matter of business,
| desire as much interest as it can obtain,
| should the council decline TO issue any
| long time Or high.rale bonds, the banks
| of this city would find it to their inter-
est to purchase at par per cent four
! year bonds Of the city OF Minneapolis,
! were said bonds placed upon the