The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-03-27
TINE CITY FUNDS AND TINE pfRuuHITEs Of TIVE CITY
CHAMBERLAIN
70 TEE EpIroR OF THE HERALD.
Nrw YopW March 26

NEW YoRK, March 25 1857.
Enclosed, forward you q copy OF bill introduced
10 the New York Senate BY Senator Thomas Murphy.
The object Of the bill Is relieve the taxpayers Of this
city TO the extent certainly Of per year Many
we'll informed persons place the amount much higher
The process by which this large amount lost is as fol-
lowsThs average balances city and county account
and moneys on hand from the Sinking Fund commis-
post banks pay three and cent into the private
pocket Of the City chamberlain FOR this which amounts
bill would give the city treasury fully $40, 900 will
you not aid in the passage OF this bill by calling aten
,os to Il frequently for the lev remaining days Of the
reported on Tuesday and will pass the Senate II will
also pass the House II it can be got forward TO vote
salary and legal perqusises Of the Chamberlain are
dependent Of this interest," not less than $50 900 per
year There Is no law ana only rsesn, custom s 70 hastily
10 the pockets OF ndiv dual The 500 900 derived
from this source must and shall be saved. VIII you
'' 49, - JACKSON s. SCHULTZ
The Following Is the act referred to above
AN coScxnSrSs rHE rowERs AND DUTIES THE CHAN
Tn. people e .r Naw Y KEW in SEN
ami Assembly, do enact folows:-
city d New medis.sy alter The passage or this ses
and annually on or before the 81 day Of
Guy o. New yors for sealed proposals from banks IN the
such paScao which shall set forth the Of
interest the banks respectively will allow daily balances
of moneys deposited by the said he Chamberlain Of the
city Of New York and the security they propose forts
safe keeping repayment Proposals banks pur-
suance such notice shall I've enclosed In envelope and
the Of the bank and the signature Of the president
envelope. and the shall be directed the Mayor.
Comptroller and Corporation Counsel OF The city
OF New York within three days after the exprs-
ton OF the ave days notice published afore-
said The Mayor the Comptroller and the Corporation
Counsel shall together In the Office OF the Mayor wfn
Council the sealed proposals received shall be and
examined shall DE lawful proposals
opened or examined by any other person or m other
roller and Corporation Counsel shall such
posals by making list showing the and capital of
security proposed by
EACH and publish such isl IN thee or more or
the daily papers of the city OF New York.
SEC 2 The Mayor, Comptroller and Counsel TO the Corr
posas above provided three banks the the pro-
posas Of which shall advantageous to the interests
of the and OF New York whereupon such three
banks and each them shall become banks OF deposits Of
monies the Chamber the
New York. II shall be duty of abe said Chamberlain
of the city New York make his deposits and draw his
shall receive and hold nearly as possible the same
amount money deposited by him from week TO week,
month 10 month during the year.
SEC. D 1t shall be the duly of e2ch or the banks
leced deposit banks keep interest account at
OF interest stated the proposal OF each bank Of the
monies deposited by Chamberlain adjust
each month The salary Of the Chamberlain of the city of
New York shall be $40 O0 per which salary and also
advertising authorized by law shall be paid OF the
interest received from said deposit banks. The bal
Of the accrued interest from said BANKS shall be by the
Chamberlain paid the Comptroller the credit OF
the the Sinking Fund of the OF New
York. and shall be by said Commissioners invested and
TO form part Of the sinking Fund Of the city Of New
York the redemption Of the city deot IN the
other moneys belonging To said fund
SEC. l. This act shall tahe effect Immediately.