A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912 Page: 19
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THE CrTY OF HOUSTON, TExA 19
with him. This was granted and he named a number
of the leading bankers, merchants and business
men as his staff. There was no serious opposition
to the ticket and it was elected by practically a
When the city was turned over to those gentlemen,
the bondholders became very confident. Before
that they were growing uneasy, to say the least,
for the people were becoming desperate and everybody
was talking about throwing up the city charter
and repudiating the unjust debt that had been
forced on the city. However, when Houston was
placed in the hands of such prominent business men
and great financiers, doubt and fear disappeared,
for the bondholders knew that these gentlemen
could not afford to be mixed up in anything such
as repudiating a debt, therefore they became firm
and insistent. Already something like repudiation
had taken place, for the citizens had held an election
and decided that not more than 50c on the dollar
should be paid for the bonds. This action tied the
hands of the Baker administration, of course, and
they could do nothing, for the bondholders would
not accept 50c on the dollar.
Towards the middle of the Baker administration
a final effort was made. Mr. Wm. D. Cleveland
and Mr. J. Waldo, two of the aldermen, went to
New York for a conference with the bondholders,
who were showing an inclination to "listen to reason."
After some discussion the bondholders agreed
to compromise for 60c on the dollar and to take
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Young, Samuel Oliver. A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912, book, 1912; Houston, Texas. (texashistory.unt.edu/ark:/67531/metapth24649/m1/23/?rotate=270: accessed June 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .