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sented were more fully expressed by the President of this Com- 

 mission, at a public discussion of the matter, to which the Park 

 Commissioners invited their fellow citizens last spring, at the 

 Court House; and they now append a copy of the statement 

 then made, respectfully soliciting a candid consideration of the 

 arguments therein contained. 



With regard to the ability of the city to make a good title 

 to the land proposed to be sold, the Commissioners entertain no 

 doubt. When this land was first taken, and it became neces- 

 sary to raise money for the payment of awards, city bonds were 

 issued and put upon the market for sale. The chief security 

 for these bonds consisted in a statutory lien upon the park, and 

 it was objected by capitalists — but erroneously, in the opinion 

 of the Commissioners — that, for-as-much as the city had 

 not the fee of the land, but took merely an easement, similar 

 to that by which a street is held, if the holder of the security 

 should be compelled to realize, he could have no permanent 

 possession of the land, since it would revert to the owner of the 

 fee as soon as it ceased to be used for park purposes. In this 

 respect the security seemed to be inferior to that of the city's 

 water bonds, where the entire property of the department, 

 including reservoirs, pipes and hydrants is pledged for 

 payment. In order, however, to quiet the fears of the 

 timid, and to furnish a new credit for park bonds, Avhich 

 should make them equal in every respect to the water 

 bonds, an act of the Legislature was passed in the spring of 

 1865, authorizing proceedings to be taken for the purpose of 

 transferring the ultimate fee of the land to the city, if, per- 

 chance, it had not already vested under the original act. Such 

 proceedings were accordingly had, the residuary interest of the 

 owners was valued by Commissioners appointed by the Su- 

 preme Court, and payment made to the parties. This payment 

 necessarily included the whole value of the inheritance, leaving 

 nothing further to be paid to the owners at any time or under 

 any circumstances. It was the full market value of the land 

 at the time, and no objection was ever made to such valuations 

 by the parties in interest. 



The validity of a similar act of the Legislature was sus- 

 tained by the Court of Appeals, in this State, where grounds, 

 which the city of j^sew York had taken* for public purposes, 

 were sold under similar circumstances. The court held, not 



