New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-10-28
THE CHAMBERLALNS LAST DODGE.

THE CHAMBERLALNS LAST DODGE.
Pliny tells us that In his time beavers when they
found themselves holly pursued used to bite OF that
highly scented portion which the hunters after.
well knowing that when they had parted with this
the chase would cease. SO, when the ChamberlalR
found that the Citizens Association sharp afto2
him. he wisely concluded to try to save his skin by
throwing away Sonic OF his savory perquisites. But
nowadays beavers are hunted for their skins, and
the Citizens Association will do well not to he hum
plugged into giving up the chase by any such propo
siton az that offered by Mr.. Sweeny, in his last
published letter to Mayor Hoffman
Mr.. Sweeny says that every dollar paid by the
deposit banks, for interest the City and County
funds, has been received by his Deputy, who has
kept special account of it, and that the amount
thus far received is more than sufficient to pay
the annual salaries of his Office but that every dollar
of this money beyond the amount necessary 10 pay
salaries shall be faithfully accounted for and paid
into the City Treasury. The lowest estimate which
Mr. Sweeny mentions as the annual amount of this
interest is $4,000
Mr. Sweeny is business man, and good at hgures.
and must know that to produce this sum at "a per
cent interest. the city must have on deposit IN the
banks, all the year round. an average balance OF
s55OOOOO Now where does this money come fromf
Mr. SweeDy knows perfectly well that the bulk OF
all the money in the City Treasury, between the lss
day of January aud the first day of October IN every
year. either belongs to the Sinking Fund or has been
borrowed by the city upon revenue bonds and IN
either case, long it remains idle IN bank, the
city is paying OF per cent interest on it. The city.
therefore pays sS5OOO0 year for interest at per
cent upon this = CO., in order that the Chamber
lain ring may realize SlO,Oo by lenulhg ~ 10 thc
bank at 81 per cent.
Was there ever more barefaced system OF plumber
perpetraed by any set of men having control of the
public money. And is it any wonder that city
officials and bank officers, who are IN this ring,
accumulate such immense fortunes And does Mr.
Sweeny pretend 10 believe that the gentlemen whom
he has named who held the office of Chamberlain
prior to the year 1862 parties to or winked al
any such operatonsi II he does he is perhaps the
only man in the community who believes it,
Tho Chamberlain gravely proposes to continue this
system of doing business, doubtless in order to clr-
nish employment for his deputy. who would other
wise be idle and who receives only the modest salary
of a. 800 year for his arduous duties in assisting
the Chamberlain to collect this interest. As the
Chamberlain says that the amount so far coll
lected this year from this has not been more
than sufficient to pay the salaries in his Office to
be presumed that all his other assistants paid At
the same munihcent rate-in which event as there
are but two months of the year remaining. the
balance after payment of salaries will not probably
90 very far toward reducing the city debt.
The citizens of New-York do not want any more
of this thimble-rlgging system OF hnaneeerng' lhs
borrowing of money at six or seven per cent anu
lending it at three four per cent should be stopped
and especially when the bulk of this three or fous
per cent is swallowed mp in useless salaries 80 that
only a miserable pittance, if anything, Will ever
reach the city Treasury.
If the Chamberlain and other officers OF the cty
Government do their duty honestly their large bal
ances will not be in the bank and the city VIII thus
save the $4,000 year, instead of the balance re-
naming out of the $4,000 year. after penslohhs
all the hangers-on around Tammany Hall.
Down to the year 1860 the office of Chamberlain
was always held by bank President, who received
salary of $500 per year and such profit as he could
realize out of the legitimate balances of funds in hs
hands these balances amounting to about slOooo OF
s9OO.OOO: and the financial affairs of the city were
bonestly and economically administered. But about
this time the deposit bank system was adopted.
and ~ WAS naturally 10 be expected,
ring MAS at once formed and organized
system of public plumber inaugurated which
has continued to this day. Millions OF dollars for
which the city had need were borrowed in the
early part of the year. large amounts of which were
borrowed from the deposit bank itself upon revenue
bonds at six or seven per cent and then allowed to
remain idle in the bank with which the ring was con-
nected Money belonging to the Sinking Fund III
stead of being Immediately invested as required by
law was left on deposit that the public officers mght
yet the or per cent interest upon such balances as
they could thus manage 10 aocumulate-and when
the taxes came in in October and November millions
of dollars more which should have been Immediately
applied to the payment of these revenue bonds, were
kept lying idle in the bank, frequently for months
and the bank itself frequently holding these Dcnds
upon which the city paying OF per cent WINE
il had in its vaults the money topay them-ont VINO"
were not paid simply because the bank preferred 10
allow the officials per cent upon the amount ~
long as they neglected their duties.
There were no such doinss under lthe admlnisu@
ton of Mr. Stout, Mr. Kelly, Mr.. Edmonds, and thei,
predecessors in this office; they were bankers "n'
honest financial agents of the city; but when INC
office fell among politicians, what better was 10 o'
expected The Office of Chamberlain is at best use
less appendage of the City Government, ana IS gu
niuistered of late years is an unmigated fraud up'"
the taxpayers. ,,L.n.
We trust however, that 8 close watch VIII oe ~r
over this whole matter of interest, and also OF a
system of borrowing money for the use OF tine e."
and county for we have but little faith IN promises
of officials who profess to be willing TO make vr'"'