El Paso daily herald. (El Paso, Tex.) 1881-1901, 1897-12-11
1.-THE COUNTRY Is SAFE "

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2a9 A91
1.-THE COUNTRY IS SAFE"
The National Banks Come to thu
Rescue.
The members of the school board
and the friends of education geueraly
are breathing easier today, and inclin
ed to take an optin is.ic view of things
The occasion of this feeling of e ief is
the action of the State National AND
First National banks of this city which
have come mob y, as they have before,
terests of the city, and yesterday Z
brief session of the board of education
sufficed to set at rest the fears and ap-
prehensioDs of many q timOrOus
soul.
| The board of educ alton metat 300 p.
M, in the Central building on Myrtle
avenue, with q full board pr eseot.
meeting was to confer with Me-srs.
| Nor ehead and Stewart of the local
| National banks with reference to
| such loan as would carry the schools
| through the yipg times of the next
sixty .days. Messrs. Morehead AM
Stewart were DO present, aud Sec
etary Pew of the boa I'd read the fol-
men:
Ell PASO, Tex, Dec. 10, 1897.
To tho board of school trustees, FL
Paso, Tex:
Dear Sirs-We beg to submit the
following propositions:
That you shall pay out of the funds
now on hand the school warrants for
July and August.
We will tFen, loan you suffi ,ieut
mt ney to pay superintend ant and
teachers from month to month until
you receive the money from the state
al city; say to the extent of four
thousand dollars each, if necessary.
If you can not legally pay US interest
on those loans, all right; if so, we will
leave the rs tie to be fixed by you.
We put the matter in this shape be
cause we think it best that you should
follow out your settled policy and
usage in this particular.
U. S, STEWART,
Cashier LIST Natl Bank.
G. r. MoREHEAD,
Pres. State Natl Bank.
A look of relief was noticed on
the faces IF the board and the situation
was open for discussion. Mr.. Pew said
that some of the June warrants were
still out, men tioniny those of Misses
Fitzpatrick and Wilson. Judge Black
err moved that the propO. iton from
the banks be accepted. Carried ua-
apimously.
Mr.. Stewart then said that Mr.. Nor
head and himself msd de the proposition
based on the understanding that the
pre- sent board be reelected as it now
STANDS at the ensu ag election.
He sad, We feel if this board is re-
elected it will stand as q new board by
it's acts as the old board, so that there |
will be no chance of loss. But If new
board were elected. one or members
might repudiate the acts of the old |
beard, { thus leaving US the losers.
state this SO that the situation will be
understood. Mr.. Martin thought the |
reelection of the old board as NV
that the remarks of Mr.. Stewart were |
eminently proper. Mr.. Stewart then |
said, it is understood that the actioa |
will be as q board and that it will be |
stood by as a beard:
Supt. Putnam then said the teachers |
wanted to know wht they would get |
their money: to which President Race |
replied that when the proper time ar
rived they would be duly informed.
ter if he conside ed the a"tion of the |
board the previous day sufficient for
him. Mr.. Foster replied that what
ad been weighing on his mind was
what accounting he should make to
his successor. If be be not content
with the action of the board, he might
bring suit. If al the members of the
board are re- eIecte1 I will be protect
ed; but with new board, 1 would not
know how 1 would stand.
On motion, the order was rescinded
directing the president and secretary
to draw warrants on the treasurer to
pay out OF the moneys on hand. On
Mr.. Martins motion, the thanks of the
board were rendered to the National
banks for pulling the board out of an
position; AID on Mr..
Fosters suggest ion, the president and
secre airy were authorized to execute a
Joint note to the banks.
The matter of paying outstanding
ndebtedne sses having been brought
up, Mr.. Stewart of the First National
bank stated that he was not willing to
advance money to cancel outstanding
warra nts; but only for such expe ~ses
'or enough to keep the schools open.
All the banks can be aske ed to do is to
provide for the Contingencies of Dec
smber, Janue ry and February, in addi-
ion to the warrants we are alre adv
carrying. After further Interchange
If views between the beard and Mr..
!, ewart, it ives agreed that the banks
houfd take care of the warrants for
he November salaries.
Mayor Magoffln called attention to
he fact that money from the city and
tate would ere long be coming along,
md that wou epa BILE the board to re-
Jay the loan. On Mr.. Fosters motion,
he president and secretary were
to borrow 81, 900 from each
If the two National banks, with which
be treasurer should pay the Novem-
DER salaries, and give to the banks the
int note Of the board payable on de-
nand. Mr.. Stewart said the regular {
chool tax levy would be sufficient to {
,ut the schools On a cash basis; but it {
vas understood til at the notes for such
amounts as the board should draw from
he banks were TO be paid out of the 8
irst moneys TT at came to hand. This {
vas aprt ed to: as it. was also agreed to !