The Paducah sun. [volume] (Paducah, Ky.) 1898-1906, 1904-07-30
IL Will Have to Remain in City
Depository Until Used.
II il Now Becoming Evident How
Costly the Delay Is-A Con-
troyersy Ia Prospect.
OTHER MUNICIPAL MATTERS

There has been considerable talk In
official circles today about loaning
the 5000, 900 to be secured for city
bonds next week, since IL has become
evident that the city Is going to do
nothing towards beginning work this
year. Last night the joint finance
committee Of the general council and
the mayor, TO whom the matter was
referred, decided TO recommend that
the money he distributed among four
local banks until IL can be used. IL
ii understood four banks have offered
to take it at per cent.
Despite this action, or any action
that the boards may take at their
meetings next week. however, the
money will in all probability not be
loaned 70 the banks in Paducsh, nor
TO the banks in any other city, for the
simple reason that 1t cannot be legally
be loaned by the CITY. The city
has no authority, IL il claimed, 10
loan any money except a sinking fund
TO pay off bonds. IL has no right to
borrow money and then turn around
and loan it at less per cent, or any
other per cent
City Treasurer John Dorian has had
nothing to say during the deliberative
sessions Of the city officials who have
been meeting 10 fettle the question Of
how to loan out the money to the best
advantage. He may have something
TO say later on, however.
IL is understood that the city treas
urer will ask his attorneys for legal
advice, and II he is advised that the
$500, 900 are funds that properly pass
through his hands, he will insist on
taing charge of them and seeing that
they are kept safe until such time as
the present standardization, which
has already wasted nearly year,
wakes mp and gets ready to use the
money. Treasurer Dorian this
morning, when approached about his
attitude in the matter, stated that il
was not mp to him. That be would
wait and see what was going to be
done, and then be guided by the law
and the advice of his attorneys.
tits stated by some OF Treasurer
Dorians' friends, however, that he
will insist on his rights. If the $780,
900 are funds that go into the city
treasury he will see that they are
placed there. II the city has no use
for the money now, and can not legal.
ly collect interest on it, this is not re.
garded as Treasurer Dorian's fault,
but Of the officials responsible for tie
inexcusable delay and the fact that
the money har not been used long
ago.
Said a close friend Of Treasurer Do.
rian today; "Mr. Dorian was elect
cd treasurer, and gave large bond
for the faithful performance of the
duties. These duties are clearly laid
down in the charter, and he must
abide by them. II his duties require
him TO handle this fund, he will
doubtless take the necessary steps to
handle it, should any steps become
Decessary. II the city elects to have
5000, 900 lie idle in the city treasury
for six or eight months, it is not his
fault, and if it cannot legally collect
interest on il, that is not has fault,
either. He will follow the law, and
do his duty as outlined by the law"
A great deal of interest is being TAX
en- in the outcome. While the city
officials are trying to keep the city
from losing the interest paid at the
rate Of $4,000 year because these
same officials have been so stupid and
slow, many attorneys and others are
smiling at the prospect of what they
will say when they learn the city can
not legally loan out the money.
City Solicitor Ed Puryear has COM
pleted list of the property owners OF
West Broadway along where side
walks are proposed, and of the mum
Der Of feet they own. This will be