The Montgomery advertiser., 1901-12-03
MIR. BALDWIN BIDS AT PAR
The Bid Was Referred to
 Finance Committee.
The Meeting of Council Last Night Was Rather Warm and Some thing More May Be Expected
 from Alderman Mcintyre.

Ahc <hoheSOhicAy Saes iOO~~N - meeting last night received a bid from A. M. Baldwin, President of the First National Bank, for the issue of $75.0oO of city bonds at par and discussed the bid nearly six hours. The bid was referred to the Finance Committee, which was in- structed to report at the next regular meeting of the Council.
 Nearly every member of the Council spoke on the subject of the bond issue and the debate was at times very lively. Alderman Mcintyre was criticised for having at a previous meeting used state ments concerning the city's finances which was calculated to injure the credit of the city. The young Alderman retort- ed that he had simply commented upon the bad condition of the finances of the city. and added that he would in the fu- ture have more to say about the various departments of the city government. He declared that no harm could come to the city by airing Its affairs and that publicity was a good thing for the inter- est of the city.
 
 message was received from Mayor Joseph vetoing the resolution passed at the last meeting of the Council by which Mir. Baldwin was given Q ten day option on the $75,000 worth of bonds. The Mayor said that 1t was his opinion that to make the option legal the resolution should have received the support of majority of all the Aldermen elected to the City Council. As it has been adopted by vote of to 5 he said that he doubted if it had been legally adopted. Therefore he said he felt it his duty to return It to the Council without his approval.
 Shall the resolution stand the veto of the Mayor notwithstanding" was the question put by President Fleming of the Council and the eleven Aldermen present voted Nay" The Council concurred in the opinion of the Mayor that the Op- ton was not a good thing.
 Under the head of new business the bid of A. M. Baldwin for the clay bonds was read as follows:
 Montgomery, Ala, Dec. 3. "To the City Council of Montgomery:
 'Gentlemen:-I hereby offer parsand ac- crued interest for $75, 600 four and half per cent. forty year bonds of the city of Montgomery authorized by act of Legis- ,ature of 1900 and 1901 for general munich pal purposes, if issued under ordinance hereto attached. This offer is uncondi- tional and the bonds will be received and paid for as soon as ready for delivery.
 Respectfully
 "A. M. Baldwin
 Alderman Anderson arose and moved Committee. with instructions to report at the next meeting of the Council.
 Does tho Alderman mean that the proposition is not to be .considered?' Finance Committee. "I take it that that is his meaning because unless the Com mittee is % report earlier than two weeks I feel sure that the offer will not remain in force.'
 Alderman Kohn explained that Mir. Baldwin would not leave such an offer open two weeks and that If the Council felt that the offer was worth considering 1t should be considered at special meeting.
 Alderman Gunter declared that he was unalterably opposed to selling the bonds at 8 private sale. He preferred that an advertisement should be placed in the papers for fifteen days and at the end of that time negotiate with MT. Baldwin.
 Alderman Rushton addressed the Coun- ell at some length. He said that he was sorry for the necessity for bond issue, but declared that since there was urgent necessity for the issuance of these bonds tho city was fortunate to be able to sell them at par. The city had twice ad- vertised these bonds, he said, and had not received bids There had been much talk by Aldermen of hawking the city s bonds about the country. To these crit icisms Alderman Rushton replied that since the passage of the act authorizing the bond issue brokers had been hawking the bonds about the country as they ndo right to do.
 Then Alderman Rushton referred to statements made at a previous meeting of the Council by Aldermen Mcintyre Aa kIn tfxrsa ina a nn- dition. He said that such public state ments were not calculated to increase tho credit of the city and intimated that such public utterances were unWise. lie declared that it was the history of the city that its best sales of bonds had been made privately and urged the Coun- ell to accept the Baldwin offer.
 Alderman Hartley said that he heartily concurred in what had been salo Dy All derman Rushton. -
 With a broad smile playing on his finely chiselled face, Alderman Gunter declared that he had been very much pleased with the fine speeches made oy Alderman Rushton and Hartley. They had presented MT. baldwin ana ms as- sociatks in tbe light of good Samaritans come to save the credit Of the city or Montgomery. They, had come to the ,i re1 lief of the city. Alderman Gunter said that he apprehended that Mir. Baldwin expected to make some money out or the bonds. If ais was not so, MT. Bald win would not have flrst come 10 the city for an option and again come to tho city with a proposition to buy the bonds outright.
 MT. Baldwin makes this proposition," said Alderman Gunter, because he thinks the bonds are worth par. If he did not think so he would not want them at that price 1 think there are other neonIe who want these bonds and hope inc Council will advertise them again. If can do no harm. If they are worth ua. to MT. Baldwin now they will be worth par to him fifteen days from now" Alde-man Mcintyre appealed to the Council not to issue the ponds al all IT it could be avoided
 at this time" said Alderman Mcintyre, .secondIy, l am opposed to selling them at all; and thirdly am opposed to sell ing them at a private sale if we are forced to sell them.
 The young Alderman declared that there could be no good reason for selling the bonds now and paying 1-2 per cent all winter when it was admitted that the money would not be needed by the city until June l. He declared that such a transaction was opposed to all princi- ples of business.
 If these bonds are worth par to Mr. people," declared Alderman Mcintyre.
 Then Alderman Mcintyre replied to AL derman Rushton.
 T have been criticised in this Coun- cil,' he said. flor statements I have made touching upon the financial cOndi- tion of the city. No harm can come from full discussion in this body of the finances of the city no matter if they are not good. In the future pro