The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-07-07
WANT THEIR DEPOSIT.
Board of Finance Refuse Roll
Inns 81 Co.'S Request.

w
e. II. Rollins & Co.. the Boston bank
ers who purchased the 100000 Of school
bonds recently, paying s1o6.o3, made ap-
p~lication yesterday to the Finance Board
for the return of the $1,000 they had de-
posted with their estimate as an cyl
dence of good faith.
The check was not returned nor VIII
it be until the situation is examined into
very carefully.
The firm filed with the Finance Board
an opinion of ex-Judge Dillon Of New
York, their counsel, in which he said he
could not allow the firm to accept the
bonds because the act under which the
issue is made is unconstitutional Judge
Dillon has no particular fear of the law
himself, but he advises his clients against
the acceptance of the bonds because of
conflicting decisions which hav been rem
dered. He says he does not think it
wise for the city or his clients to pro-
coed until the whole question has been
passed upon b. the Cour of Errors and
Appeals.
The firm had a representative present
and he said that Rollins & Co. would
gladly take the bonds if they felt sure
llldl tllt lSSQc wac ali Isl
for himself, he said. he wished he had
money enough to buy up every bond Jer-
sey City issues.
I'VE are bound he said, "to follow
the advice of our counsel, but we would
not be averse to abiding by the decision
of some competent, disinterested lawyer.
The representative remarked that Judge
Dillon was not interested in the bones
further than getting a fat fee forFevery
opinion he renders. He also cited the
fact that Rollins & Co. W. always paid
high prices for Jersey City bonds and
VIII in future, wnen bonds are offered,
be found in the front among bidders
Il have an order now for twenty-five
bonds of his city. Dun bid was made in
good faith and our reason for refusing
the issue l believe is a substantial one
President -Heppenheimer had listened
very attentively. When the representa-
tive had finished he said for one he would
not vote to return the firms money until
the question had been settled by the
courts.
1T is getting to be quite a fashion
among bidders said the President,
when they find they have offered a high
rate to decline to accept on the ground
that the law is in some way detective
Judge Dillon thinks the law in question
is all right, but finds some faul WITH
decisions which lave been rendered.
This same firm acted in a similar man
ner in regard to school bonds of the Town
of Union, first refusing to take them on
the ground that the law was unconstl-
tutional and then when the bonds were
about to be sold to the West Hoboken
Bank stepped in with an injunction. stop
ping the sale.
1.-TWO laws in succession were drafted
to meet the case and passed. After that
part of the trouble had been settled the
question of interest arose and was finally
left to arbitrator. who divided the
amount between the town and bidders.
The town had to pay the arbitrator. In
view of such things I suggest that we
wait until our Corporation Counsel IS
heard from on the subject
That course will be pursued If the law
in question is found to be all right Rollins
& Co. will accept the bonds. In the
meantime their $1,000 check will be re-
tanned.