The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1919-07-15
TUESDAY, JULY Is, 1910

EXPLANATIONS which do not explain
seem to have been the order the last
week. Howard Russ, chairman of the
finance committee, says that solicitor
Peacock is responsible for all the fuss
and furry over the sale of bonds and |
solicitor Peacock replies that Russ, can
didate for reelection, is trying to
square himself and wants to pass the |
buck TO somebody else" The matter
has been threshed over SO much since
1t was first made public that it has
almost ceased to be interesting. What
suddenly started Mr.. Russ at making
an explanation at this late date is not
apparent and it was but natural that
solicitor Peacock should answer. But
looking carefully at both communica-
tions and sitting as jury we are COM
PEELED to express the opinion that
neither gentleman has cleared the stu
alton as it should be. That the bonds
were sold at par when profit could
have been gained for the county is a
fact that cannot be contradicted. The
stand taken by the solicitor that much
time would have been lost if the bonds
had been advertised is not good one.
At the February meeting county en-
gineer Logan made statement that il
was intended to improve certain roads
and that the amount of money requir-
ed for the purpose would probably be
s400. 1000. He said bill was before the
legislature which would allow this idea
to be carried out and would provide
that the state allotment for roads
could be used to pay the interest and
retire the bonds. 1t was later stated
that the bill had become a law. AT
the April meeting contracts were
awarded for certain roads and at the
May meeting the question was raised
whether the bonds could be fioated and
the solicitor said he knew a firm that
would take the entire issue. In the
law OF 1917 there is paragraph which
relates to advertising the sale of bonds
and it provides that unless the amount
Is 900 or less, they shall be sold on
sealed proposals after ten days notice
of such sale. The bids may be reject
ed and if there is no action under the
advertisement then they may, within
.sairty days. be sold at private sale. 1t
is claimed, however, that this section
has been put out of commission by the
law under which the bonds were issued.
But, allowing it was in order to adver
tise, where does the statement of solicit
tor Peacock come in that it would re-
quire three months before the bonds
could be made good? He says that the
Board of Freeholders made public early
Ia the year, that they were going to
issue bonds in the sum of 100000. 1t
would have been possible, then, or
even in April, to advertise for bids and
the returns could have been in within
short time. But it was done other
wise. By some means which has not
yet been explained and which is really
the whole key to the situation, Free
man & Co., were right on the job to
snap up $400, 900 worth Of bonds at par
and are able to make a good profit
which the county has lost There is
mo use trying to rub this fact out. Ii
will not down. Either through care
lessness, indifference, or for some
other reason only one firm was favored
with chance to get this rich crop.
Camde a county fioated loan OF AZ
per cent. bonds at a premium, and the
borough of Merchantyille, on a very
small issue bearing the same rate OF
interest, cleared $500. The law of 1915
which is said to cover this entire ques.
ton, has proviss-that 'such notes OF
bonds shall not be subject to tie pro.
visions of any other section hereof, ex.
cept section twelve, section fourteen and
section fifteen" and it is probably un
der this proviso that it was thought
not necessary to advertise. But section
fourteen says mo bonds issued under
this act shall be refunded" 1t may be
that part of the subject will be looked
after later, out III tnlS Section is IN
effect there comes perfectly natural
inquiry as to how the last payment Of
500, 900 is to be made, for nobody al
the present time is foolish enough to
believe that this county will be able tC
wipe out that debt in six years, in ad
dition to the yearly payments of $40,-
600. But perhaps this is borrowing
trouble. The main question that has
been asked time. after time, without a
satisfactory answer is "How did Free
man & Co. get the information thai
favored them above all other-not pos
sible but probable-bidders?" Let the
explanations" be stripped of all per-
sonalities, examinations and recrimina-
tions, and answer the point just men
toned.