, 1861-02-02
sEIBEKgY AND ECOSOMY.n
The following facts no person Of charac

The following facts no person Of charac-
ter will deny:
L During tho first year of Wentwo1th's
mayoralty, he burnt 1he 100000 seven per
cent bonds which the city Council ordered
10 be Issued, to take up that amount Of the
floating debt of the city.
II. In the second year Of the admins
tration Of Mayor Haincs, when that func-
tionary was in the same manner about to
reiuccthc floating debt to the same extent,
Wentworth interposed, first trying 10 de-
feat tic object by assa;ling the city credit,
and accomplishing it finally through an in
junction on technical grounds.
III. During the present year Of his nd
ministration lie has utterly neglected to
comply with the provision of the city char
ter authorizing tho issue Of bonds to the
amount Of 100000, TO be used in diminish
ing the floating debt Of the city.
THUS, through the agency Of this man,
our floating city Indebtedness is $500, 900
more than it ought to be. By the report Of
the City Comptroller, the floating debt in
April last was s4o5,51s.o7. The whole of
this sum is lifted along at such rates Of in
tercst as the city can make with money
lenders. We stated the other day that it
was costing the city about sixteen per cent
per annum to carry it. We have been
since assured ly gentleman whose oppor-
tunity for information is second to that Of
no other man, ih.t it costs all Of twenty
per cent, and perhaps higher rate still.
Now, had this debt been diminished, as it
ought, BY the issue Of the bonds above
named, bearing seyen per cent interest, the
taxpayers Of the city would be saved just
thirteen per cent. per annum on $500, ,000-
or $4,000 for the current municipal year
$4,000 for the second year Of Mayor
Haiues' administration, and $4,000 for the
first year Of Nentworth'e Mayoralty and
the second Of Haines'; in all, s9l, 900.
That is what the people Of Chicago hare
paid for Liberty and Economy" in this
one item alone
Now for another fact that no MN Of
character will dispute. When Wentworth
came into Office second time, there were
certain unsettled debts due By the city for
labor, for contracts, and there were certain
bonds that would mature during the year.
Now, the fundamental principle of Went
worth's "Libcrty and Economy" is to
shoulder upon lis successor, or upon the
City Council,o upon the City Comptroller,
my responsibility which he dislikes to face
himself Accordingly, on the 28th Of April
last he presented to The Council an ordi-
nance authorizing the Mayor and Comp
troller to issue bonds or certificates Of in
debtedness 10 meet the above named un-
settled debts ard bonds that would fall due,
which bonds or certificates we're to bear
ten per cent interest, and payable On the
1st Of May, 1861, after Wentworth was safe
ly out Of Office. That is 10 say, instead
Of meeting the responsibilities of the post
like man, hc meanly shouldcrcd them
over upon the next administration; and he
quite Us meanly slouldered the responsi-
bility Of doing it upon the Council. Never
theless, it was his own measure. he pre-
pared it; and it was adopted ut one Of the
few meetings Of the Council which he has
permitted that body to hold, in accordance
with his expressed wishes. Under this
ordinance lie has issued large amounts o1
scrip-how much nobody can tell Bu1
almost every retail merchant in the city
knows that scrip Of this character, bearing
ten per cent interest," and dated back te
1st Of May, 1880, has been hawked arouni
town by poor laboring men, and some o
The bankers and brokers Of the city know
that it has been cold by these men q
twenty 10 twenty-five per cent below PM
That is what Wentworth's "Liberty ant
Economy 'havc cost creIy 1aboringman AMI
every other person holding this scrip Wit
vas compelled to sell 1.-THE whole Of tn
interest and Shave Of twenty.ivcper cent
But how docs it affect the city--the tax
paycrs7 Wc will answer. a capitalist 0
this city went to Wentworth and offered t.
let him have the money to meet these dc
mands at eight per cent interest, Now i
thewnolc $405, ,51897 has been turned over
Wentwcrth's Liberty and Economy
have cost the taxpayers two per cent o,
that Sum, which amounts 10 So, 8,110.37. Bu
that is not all. Large quantities Of thi
scrip have been dated back to LIST Of Nal
1860. 1t may hare been paid out one weel