The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-01
AFTER M'CARDY AGAIN |
ASSENBLYMAN KIRkB TAKES AN
OTHER TURN AT THE FTNAN-
CIAL BUZZ SAW
HEAVY PURCHASE OF BONDS
"a
The COmptrOHer Saw Chance to
Get ErAId of 100000 Worth of
Bonds Tsshed by the County, So
He BApsAt Them The seventh
Ward AasembIyman Objects TO
s. sUch NosAihiiities.

Ward AAsembIyman Objects 10
Such NO.Athiiitie..
Assembl2naan KirlSe, chairman of the
ways amt nOAens committee OF the as
sembly isNoh the trail of Comptroller Me-
Cardy oven what the Seventh ward eoun-
Gilman olSiha Is an unwarranted with
drawal on fupaa from, the city treasury
by the comptroller,
During his recent visit East Comptroller
MeCardy had am opportunity to purchase
SlO@VoN WORTH of bonds issued by the
county In 1851 for the erection and eom-
plet'on OF thu present city han and court
house, The bonds were not due until
May = lSlI ana drew lA per cent iR-
terese but the comptroller considered
they We're cheap at the price offered AMI
agreed 70 purchase them, paying q
Premium OF E&4ie and accrued interest
10 the amount af SSGt1s, in addition to
the face ee the bends,
No pay fer the purchase the comptroller
drew a draft on the National @eFmaRz
American hank 81 tAls city en- the "lNeal
coupon account" and en- hiN FelUFA drew
ely eNleF feF tAs amount Witch was
paid te the NsRk by a city order daily
s'gNe9 eS tAe sNaNeN city clerk and hiNAe
selE Ese
AsseMNSERAaN kiF&e. claims that the
city comptroller had NO FlgAt SF author
NV 10 tANe AMY such stels without the
CONSENT ~ the oaENEA0N NSNNelN ENAFtNeF
lhAN THIS Mn b>lEka holds that the char
tee demands that tNe nANds ~ the WAtNp
Nosea shah Do 1iseNpsed only GA a MONEY
order tF,,M tho water bespa duly elgRe.l
BY the president NaA Seegeeapy ee the
board, ana this, he claims, Was not eeA
SWvNeA
IN eNieelta have the transaction tOlty
investigated AssemOlyN,aN Nlpke, az a
meeting ot the committee of Witch he h
chairman yesterday afternoon offered the
Following resolution Witch waS RECON-.
meN0cG 10 nesS<
WeereSs, The National German, Amerl.
can haNk, OF tho city OF So pAOl ma an
an Sm SSSp5 June " tSSS pay q certain ratt
tOadS deposited by the city treasurer la
said oaNN % the credit 0f the local o0NnNN
SVVoNhN without any warrant or author
and N0N W SN A""e
Whereas, city warrant No, $500 was
StSWh N taNor OF the city treasurer under
mayor city ESI and os,V es sssnSS Sy me ya
the SUM of SllA S1,ls, Without amy authors
NV whatsoever OF the common Council OF
the city Of 81. Paul, and
Whereas, the sinking fund OF the board
on water commissioners now stands de-
DATED as follows; loo bonds, N,0O0 each
SV0OOSs Rremt0n paid for same, $lS,440;
eocr0eS interest, S065ls, total, $tiAO05ls;
Tor which debit there has been deposited
with the city treasurer the following so-
e0rties,, namSly$ Fifty Ramsey county
300
elusive, FlftyR RAMSEY. county city hail
bonds, Nos, 90 to COS, both nciusive one
sh,S6 nv d6 bonds N all ot $1,000 eaeh total,
100000, Bonds dated May ., 1887, Bonds
due May =, 1877, Interest at S,S per cent
per apnQm and payable semi=annually.
Each bonds having. thirty-six coupons
attached for $3.50 each, ell for account OF
BOARD OF water commissioners sinking
Whereas. the. board OF water commits
Sioners ana the common council OF st.
Paul has meyer authorized the purchase
or said bond or the disbursement of any
money whatever for said account, and
Whereas, from the foregoing transact
uon there appears to be loophole for the
disbursement OF city funds without proper
warrants or check on the same, and
Whereas, the charter of the city OF st.
Paul expressly. provides that the funds of
the water board shall only be dishursed
upon proper order from said board duly
signed by its president and secretary and
countersigned by the city comptroller
Therefore, be II ordered, that the cor
poration attorney be and he is hereby al
rected to investigate the legality of the
foregoing transaction and report the facts
to the common council for Its information
Comptroller McCardy when shown the
resolutions last evening and asked if he
had anything TO say declared he had not
II notice that the resolutions provide for
the legal depal tment Of tho city making
an Investigate on. and this I suppose will
be done. Let them so ahead and inves-
tigate. There Is one mlsstatement OF
facts in the resolution and that is that
the water board did not agree to the
transaction, 3That is not correct"
Further THAI this Comptroller McCardy
refused to discuss the matter. The bonds
purchased are now in the hands of City
Treasurer Horst and are credited to the
water board sinking fund for which fund
the comptroller stated when the deal was
closed the purchase was made. The
comptroller after the purchase was made
admitted that be had secured a good
thing for the water board sinking fund
and secured an Investment which would
pay $50 per Gent interest On 100000 TO-.
nineteen wears