The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1899-12-15
cifycessen

City Council Of its regular meeting
lest night found rather happy solution
for the vexatious bond problem by do
Gliding not to 60 into lengthy litigation
in the courts in an effort TO compel G. II.
White 4 Co., OF New York 10 take the
$24 600 worth OF bonds sold TO them on
August "a last, but 10 merely cancel the
bonds, thus reducing the city debt just
$4,000.
The reducing Of the city debt by such
q vast sum is rather an unparalleled pro-
ceediDg in the finances of City Council
and came in the nature Of quite o sur
prise.
Chairman James Kane of the finance
committee presented the following fund
report in the matter:
To the President and Members Of the
| Council.
| GENTLEMEN:-"Tbefi finance committee
| would respectfully report that the City
Solicitor, at the direction of your COM
| mittee has exerted himself to procure
from G. II. White SEQ, of New York,
an amicable settlement for the issue of
| $4,000 Of city bonds awarded TO them
under their bid Of August "a, last. This
was attended by much delay resulting
lIOus III CXuuIfuubIUH Vi bHO ldCts anu tut
law relating to the case, all which was
diligently pursued by the City Solicitor.
That the City Solicitor having reported
to your committee within the past few
days, his inability to reach adjustment OF
the matter your committee are of the
opinion that no further negotiations are
advisable and would recommend that
the whole matter be ended by canceling
the issue Of bonds amounting to 1924, 600
which has been awarded to said G. Ii.
White u Co., said bonds being now on
deposit at the Union National bank 10
this city and that said bonds be with
drawn from the bank by the City Treas.
urer and delivered by him to the COM
missioners of the sinking fund, for can
collation..
"Your committee would further report
that the S24, 900 of city bonds, which fell
due on September last, were paid out
OF the current funds OF the city, and it is
the opinion of yOnr committee that the
financial interests OF the city will be best
subserved by not refunding the same, it
being the belief of your committee that
the revenues and income Of the CITY for
the current fiscal year will be sufficient
to warrant your body in adopting this
course. In this way, $24, 900 of the city
debts will be paid, and what promised to
be a prolonged and expensive litigation
will be avoided.
The committee would state, further,
that interest has been paid by the city
on the $24 900 since September last,
nor is any interest due on said sum.
JAMES KANE,
M. F. CANNON,
GEO. W. FISHER.
The report was unanimously adopted |
and the city treasurer instructed to take
the bonds from the Union Bank and
turn them over to the Sinking Fund
Commissioners for cancellation.
Chairman Kane said he wished to cor
rect wrong impression which had gone
out that the city had lost interest to the
amount of $40, because the bonds had
not been lifted. 1t was really the gamer
by Sl20.
Hamilton Stewart, one of the Repub-
lican members, who had been endeavor-
ing TO secure information about the
bonds, remarked that chairman Kane
had gotten up nice report to sneak out
of it. He added that he didn't see why
they desired to sell the bonds in the first
place il they could do without them
now. He stated that they had lost the
premium which up to date would have
to $3.50.
After the meeting chairman Kane
stated that he was much gratified that
the present state OF the finances was
such that the bonds could be cancelled
and not refunded. He said that the city
was the gamer by $l20 interest money
which it did not have to pay.
He said there were fewer COM
plants a bout garbage collections
in this city than in most any other
Of the same size. Council passed
the present ordinance. Council
should give the control of the Gre
matory to the Board Of Health.
Mr.. Willis said Council believed
It could better control the matter.
Both branches should be under one
head.
Mr.. Fisher dry1y remarked that
10 one appeared to know much
about the matter.
President Alexander said the
commissions here appeared to own
he town, and Council, which pays
he bills, should have control OF the
work.
Mr.. Fisher said he opposed the
ordinance from what he had heard.