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 com m ission 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: 

 "In 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 BOJ^D 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 v\^ay 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 nev\^ bonds, and that 



