The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-07-31

| be- placed in the next tax levy.
Temporary loan bond for $520.23
issued June %, 1902, under a reso-
| luton, THAT a sufficient sum to pay
the principal and interest be placed
| in the next tax levy
Temporary loan bond for S422.27
issued June %, 1902, under reso-
luton, ..That a sum sufficient to pay
the principal and interest thereof be
placed in the next tax levy"
Temporary loan bond for $50, 100,
issued June %. 1902, under reso-
luton, THAT a sum sufficient to pay
the principal and interest thereof be
placed in the next tax levy
Temporary lean bond for $6,026.-
q, issued July 2, 1902, under reso-
luton. That a sum sufficient to pay
the principal and interest thereon
be placed in the next tax levy
Temporary loan bond for 500, is
sued July 16, 1902, under a resolu-
ton, THAT this sum be placed in
the next tax levy"
DOUBLE FRAUD COMMITTED.
According to the letter of the law, and
the practice that has prevailed in this
city for many years, and which must
prevail in every municipality where hon
these amounts should appear in this bud
get. They are each and every one omit
ted. A double fraud is, therefore, about
to be perpetrated. When these tempo
rary obligations were issued, the Sink
ing Fund Commissioners were induced
to invest in them upon the express prom
ise that they would be included in the
next tax levy. 1t is the duty of those
Commissioners to insist that the obliga-
ton be kept. They cannot legally use
the money derived from liquor licenses
to pay these loans, nor can these loans
be indirectly paid from the license funds
by placing those funds temporarily in the
hands of the Commissioners and then
borrowing them to meet debts that should
have been placed in the tax levy. We
are therefore met with this condition;
items which the law requires to be plac-
ed in the tax levy are, to the amount of
$S3 ,09617, omitted from that levy in
order that its extravaganza may be de-
ceitfully cloaked. The debt represent
ing those items was purchased by the
Sinking Fund Commissioners, who, for
this purpose, used the money placed in
their hands, as Trustees for the holders
of Jersey City's funded debit The tenn
porary loans thus made will mature du-
ring the next fiscal year. If they are
paid, directly or indirectly, from the
money covered in to ahess ii iii fsia<1ss
from license fees, the amount used in
that payment will be unlawfully sub
tracted from the trust funds held by the
Sinking Fund Commissioners. That
Commission was not created to juggle
with the city's finances, and its members
cannot and shall not, without danger of
personal responsibility, carry out the
conspiracy that will be necessary to COW
er up the wrong doing of this budget
This is the first time in many years that
an attempt has been made to use the
honor and credit of Jersey City as po-
l;tical football. 1t is the first time in
many years that the integrity of our
sinking funds has been attacked in order
that the current expenses Of the city
might be covertly paid from funds pledg-
ed, in honor and in law, to the payment
of our funded debt.
DEBTS DUE TO PRESENT BOARD.
I have observed that the press of this
city has claimed that this Board has
been compelled to pay debts of our pre-
decessors. That this is a misstatement,
/ will ask you to agree with me, when
| say, that of the temporary loan bonds
issued during the year, OF since the last
tax budget, S13,264.O3 was issued by tne
previous Board and $44,8SS.97 by the
present Board
This tax budget submitted here for
adoption has been compiled by the ma
jority members of this Board; confer
ences were held without the knowledge
of the minority members; no opportunity
was given us to argue upon the contents
of the budget as fixed by you, nor our
advice asked as to the requirements for
the ensuing year. This was a most un-s
usual proceeding, not in any way in har-
mony with the action of previous Boards
of Finance, nor ever done before in the
history of the city You will probably
remember, Mr.. President, at the time of
your initial meeting as a member of this
Board, of which member of the present
minority was the President one of the
majority members proposed holding
caucus, leaving you sitting in this room
to await their pleasure, but our friend,
Mr.. Lembeck, refused to discuss any
city matters without YOU. and invited