Making an additional appropriation to reimburse John E. Arthur for monies deposited in the City Treasury, to cover the loss of the city of Reading, by the failure of the banking house of Bushong & Bro.
Whereas, Upon the failure of the banking house of Bushong & Bro., November 17, 1877, there was deposited to the credit of the city of Reading, in said banking house, the sum of seventy-eight hundred (7800) dollars which was lost by said failure;
And Whereas, John E. Arthur, the city treasurer, without the request or knowledge of the city, but of his own motion and accord and out of his own private means, paid into the city treasury the amount of said loss, and retained for himself the certificates of deposit issued therefore by said banking house;
And Whereas, All the other public officers entrusted with the safe keeping of the moneys of the cou[n]ty of Berks and the city of Reading, viz: The county treasurer, the school treasurer, and the then city solicitor, were exonerated and relieved from all liability arising out of the losses occasioned by the failure of the said banking house of Bushong & Bro., and the Reading Savings Bank, upon the ground that those institutions had enjoyed the public confidence, and that a deposit of the public moneys therein, by the officers entrusted therewith, was within the line of that ordinary prudence, care and judgment, which they are required to exercise in the performance of their duties;
And Whereas, Having exonerated and relieved its other officers, the city cannot in justice or good conscience retain the money of John E. Arthur, paid into the treasury aforesaid, without notice or complaint, and which payment was not disclosed by him but only discovered and made known through the auditing officers of the said banking house of Bushong & Bro.; therefore,
Sec. 1. Be it ordained by the Select and Common Councils of the city of Reading: That the sum of seventy-eight hundred (7800) dollars, with interest, from November 17, 1877, be and the same is hereby appropriated to John E. Arthur in repayment of the said sum deposited by him in the city treasury; to be paid out of any moneys in the city treasury not otherwise appropriated, and the said John E. Arthur is hereby authorized and directed to place in the treasury, certificates received by him, as aforesaid, as a voucher for the deposit to the credit of the city with Bushong & Bro., on the 17th day of November 1877, as aforesaid.
Approved January 16, 1884.
Wm. G. Rowe, Mayor.
Source: Appendix to the Journals of the Select and Common Councils, p. CLXXXVI-CLXXXVII.
Submitted by: Nancy.
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