98 FIRST COUNTY PARK SYSTEM 
“New York, July 9, 1895. 
“My Dear Sir—From the bids on the Brooklyn and 
Philadelphia bonds, opened yesterday, and from informa- 
tion received here to-day, Mr. Peck and myself fully agree 
that the interest on our park bonds should be 3.65 per cent. 
instead of four per cent. 
“We believe that the other members of the board will 
concur in this view in considering the matter further at the 
meeting on Thursday. 
“While this may delay the printing a day or two, we 
deem it a matter of considerable importance, and as the 
addressing of the lists for proposals can be completed in 
the meantime, it need not necessarily delay the publication 
but a little to defer the advertisements and sending until 
after our Thursday’s meeting. Very truly yours, 
“Frep. W. KELsEy.” 
“Franklin Murphy, Treasurer.” 
At the next meeting referred to, the conversation with 
Mr. Morgan was reported, and a resolution, offered by my- 
self, that the rate of interest be changed to 3.65 per cent., 
-was adopted. The following printed letter, inviting pro- 
posals for the bonds, was soon afterward sent to the leading 
bankers and bond brokerage houses generally: 
$2,500,000 ESSEX COUNTY, NEW JERSEY, PARK BONDS. 
“The Board of Chosen Freeholders of the county of 
Essex, New Jersey, proposes to issue bonds to the aggregate 
amount of $2,500,000, pursuant to the provisions of Chap- 
ter XCI., of the act of 1895, which act has been approved 
by a vote of the people of said county, for the purpose of 
establishing a system of parks and parkways for said county. 
“These bonds will be dated August 1, 1895, payable as 
follows: $500,000, August 1, 1915; $500,000, August 1, 
1920; $500,000, August 1, 1925; $500,000, August 1, 1930; 
$500,000, August 1, 1935. 
“They will be of the denomination of $1,000 each; will 
bear interest at three and sixty-five one-hundredths (3.65- 
100) per cent. per annum, payable semi-annually; will be 
