BoletiÌn mercantil de Puerto Rico. (San Juan, P.R.) 18??-1918, 1905-02-27
EDITORIAL.

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TAe depositiu. - ~ funds saF ,se
psvnaes, sf b. : uricrsl loan Il Ssn
Juan = running IA SO ~iveniure.
This - -hSi ve arc .oing 20 treat
OF
II 10 veTv deploTshle hat the group
st officials running this government
should hols the belief. without any one
advising them Of their mistake. that
they can dispose o; the publics mo
ney just IS they can with their own
property or with their extraordinary
salaries which they receive for rvinf
As instruments OF the imperialism now
rampant in the United States and
which prevails in the island.
We are prepared t. cnt short this
presumpiicrsness which leads 10 no
thing good.
Perhaps we nay be able 10 achieve
what the island ~>ks through Us and
what public opinion demands BY
means OF our power 5u; whether we
fail or succeed. there remains 10 us
the satisfaction of being able to say in
the adnirable words Of tie. Spanans:
I'VE have done our duty"
This is Why we do not hesitate TO
tell the Treasurer Of Porto Rico that
be should measure he reach Of his
powers before imposing on the Com
mitee on Finances of the xecative
Council such amazing resolutions.
They are SO extraordinary that they
dumbfound the people who are always
in a stat of surprise with the new and
daily disp ositiors of MI Wi!lorghby,
taken apparently from some ancient
volumewhicA he has hidden in his
mysterious library. 49,
Let us get down 10 the Facts. The
members Of the Executive Council
who show marked prediction for
everything American Nave been ma fc
to understand that We have in Porto
Rico, in proportion 10 the size OF the
island, all kinds Of institutions which
are operated in a totally different man.
ner from those in the United States
and at our own expense.
The resolution Of the Council, that
is, of the Commitee Finances is based
on aIridiculous pretex in order to take
from the :&5anGo Territorial y Agri
cola, its rigIt 10 be the depository Of
the funds; right secured after max
ing public bid in cof{petitlon with
other banks. We cannot le, the reso-
lutisn pas, without making IN analy-
sis although it may with be the haste
that is imposed always by the work Of
the journalist
Let us recite little history,
A public bidding was held by the
city of San Juan in order 10 appoint
depository for the sinking fund of the
loan for period of ten years at the
rate Of 100000 year, specifying in
the conditions that the depository
must furnish a satisfactory b. nd The
award was made to De Ford Co,
being the best bidders.
The bondsmen for De Ford Co. aft
erwards withdrew their bond, and the
company VS. compelled to renouncc
being the depository and the nunicl
pality found itself againt obliged TO
advertise for new bids
Another meeting was held but no
award was made, the bidders failing
to comply with the conditions men
toned, which provided thatst the depos-
itory must be a bank or banking
house guaranteed by another bank. In
this bidding propositions were iladc
by several banks established IN Porto
Rico, who gave as bondsmen the ri
deity Trust Co. which furnishes
bends for nearly All the employees OF
the administration in Porto Rico.
h Again meeting was held on une
80. 1904, and among the propositions
offered, the one If the Bahco Terri
torial y Agricola WIS accepted unani
mously. the bank giving as b ndsman
the BArco Espafol If Porto Rico. not
only because its ofter >as the best as
to the rate Of inter. st, but b, cause its
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