96 FIRST COUNTY PARK SYSTEM 
24,1895, I wrote Mr. Morgan, enclosing “copy of the act 
authorizing the issue of Essex County Park bonds referred 
to in our conversation,” and adding: “As a committee of 
the commission to look up this matter, I should be pleased 
to again confer with you personally, and will try and call on 
you in the course of a few days.” 
Soon afterward I again wrote Mr. Morgan, as follows: 
“Tn looking into the Essex County (N. J.) Park loan, I 
believe you will find the bonds now to be issued of the very 
highest class; indeed the very best. Under the county 
system of New Jersey there are special safeguards thrown 
round the county organization which give county measures 
such as the issue of bonds almost the prestige and resource 
of a State. This, with the fact that county claims have 
preference over local and municipal payments on all taxes 
collected, makes such an issue as the Essex Park bonds 
doubly sure.” 
A PRIVATE BOND SALE CRITICIZED. 
While the subject of the bond issue was under consider- 
ation, an incident occurred that settled one point, regarding 
the method of placing the bonds, most effectually. A 
transaction in Newark bonds by a committee of the free- 
holders with one of the local financial institutions had 
excited much adverse comment. Even the grand jury made 
a presentment on the subject of the bonds having been 
disposed of at private sale at a price below the prevailing 
market. 
The amount was not large, but the transaction was held 
up also by the press as a warning against the further dis- 
position of any city or county securities in like manner, or 
in any other way than by competitive bids. As these criti- 
cisms were aimed directly at the proposed issuance of the 
park bonds, the commission and Finance Committee of the 
freeholders were in entire accord in deciding that sealed 
proposals should be invited for the new bonds, and that 
