The morning journal-courier., 1908-01-01

Strong, and the latter had invested it in the securities mentioned, both hop ing that they would be able to gain the amount of the succession tax, $500. in this way. Then came the money stringency. and a depreciation of the value of the bonds to S400 and finally to $l,200.
 When the meeting opened Treasur- CT s, Fred Strong was present to ex- plain the situation. There were also present Prof. Weir, who had sublet the contract for the fountain to the Vermont Marble Construction com pany of Rutland, Vt, and his attorney George D Watrous. Prof. Weir said that the Rutland firm was pressing for it's money. There had already been paid to Prof. Weir $500, through the park commission, and the balance due was $9,40O, $15O of this amount to be retained by the park commis- sion until the contractor places a i pavement with drains about the foun- tain, according to the terms of con- tract
 Attorney Watrous hoped that the matter could be adjusted during the session of the board Controller Rowe said he didn't know whether the board had any authority to make transfer of money except in cases of an antici- patton of taxes or of a bond issue. There was no bond issue or taxes in this, only securities.
 The point is" said MT Rowe. how can We get these securities to be treat ed as city securities, and then ad- vance the money"
 The city has contracted this debt, and it has got to pay 1t one way or another" said George W. Lewis
 There's no reason why the money should not be paid said MT Rowe. Tn the contract there Is nothing said about securities. Ii is cash"
 The board of aldermen accepted the gift, and the fountain should be paid for" said Mayor Studley.
 If there is no way of making the transfer of the securities so that they can be carried along by the city, said Mir Rowe. the bonds should be sold
 We could pay the bill out of the general fund and charge 1t to the sun dry accounts and dispose of the se- curities before tho yoar is out said MT Lewis.
 "If the bonds are going higher, :" said Mir. Daegett. T think that the city would be warranted in carrying them along for a time l do not see that you are doing anything wrong"
 We arc only trying to save the city money, said Mir. Lewis
 The treasurer going in might decline to accept the securities said Mayor studley.
 "He might decline to carry them as a cash item" observed MT Lewis. That is possible, but not probable '
 You have got that contract to pay 8 said MT. Daggett. If MT Fresenius will accept the bonds and carry them as cash" he continued, the board of finance authorizing him to do It. do not think he will object But I cannot advise you that it is legal"
 The board then passed the order for the transfer of the money from the general fund, the securities then being credited to the sundry accounts fund, A check was made out hy Controller Rowe for the amount stated and made payable on a voucher from the park commission, and Henry T. Blake, the president of the park commission, came in and affixed his signature to the nee essary instruments which enabled him to tender the ss,io0 to Prof Weir
 The city" said Mir. Blake to the board, has no business to act as trus- tee for anybody Although this mat ter is a rather small transaction, trus- teeships by the city are likely to cause a lot of bother I think that the au- thority given by the city charter for the city to act as trustee of funds should be cut out.