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of our City, besides increasing her annual revenue by at 

 least half a million of dollars. 



The general views upon the subject of a sale here pre- 

 sented, were more fully expressed by the President of this 

 Commission, 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 

 necessary 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 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 

 was found to be inferior to that of the City's water bonds, 

 where the entire property of the department, including res- 

 ervoirs, pipes and hydrants, is pledged for payment. In 

 order, therefore, to furnish a new credit for Park bonds, 

 which should make them equal in this respect to the water 

 bonds, an Act of the Legislature was passed in the Spring 

 of 1865, authorizing proceedings to be taken for the pur- 

 pose of transferring the ultimate fee of the land to the City. 

 Such proceedings were accordingly had, the residuary inter- 

 est of the owners was valued by Commissioners appointed by 

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



