The New York herald., 1871-01-01
JERSEY CITY FINANCES.
Tho Bank Fight and the Results-The City
Threatened with Lawsuits-The Mayor on
the Situation-What the Board Of Al
dcrmen Have Brought the City to.

Jersey City Ia Just beginning TO feel the elects
OF "ring'' government IN earnest. IL Is Just Ave
months since the HERALD exposed the wirepull.
Ing OF the clique which has been drifting the city to-
wards the maelstrom OF bankruptcy, and it
was only necessary for any taxpayer
to attend tho late meetings Of the COM
mon Council to learn how near the city has
approached the whirlpool. The meeting on Tuesday
night was particularly instructive. A colnmunica-
tion received from the Comptroller setting forth
that tho First National Bank, which holds the city
deposits had reused to honor reQuisiUlon drawn
for payment OF a city bond OF $50, O,0O0
Another communication was received from the
City Treasurer giving the reason for the refusal as
stated by the President of the First Nationanamey
that there was
NOT SUFFICIENT MONEY
to the credit OF the city, But the Treasurer meets
this by showing that there is to the cred OF the city
balance largely exceeding the amount OF tho protest.
ed requistou. The statement OF the bank puts the
general account TO date at sos 381 81 from which
the loans and interest now due amounting to
$4,000. being deducted leaves an actual balance
of $ll, ,36i "a In favor Of the city. The Treasurer
accounts for
THE DISCREPANCY
by showing that tile bank included In the loans now
due the loans on the assessment account, and that
lie protested against this, as 1t Is contrary 10 the
provisions of the city charter to charge the
ment account TO the general account.
Mayor O'Nelll next sends In communication
with the self-same charges against the bank, ana
states that there Should be IN the bank to
the credit OF the city the round sum of s3Oo,oOO
or Whereabouts on the general account
He meets the issue boldly by telling the
Aldermen that "every dollar which has been taken
from the general account for moneys raised by tax
Tor the current expenses or the city must be re-
placed to that accouu by the party VINO has taken
the liberty to transfer such money TO other accounts
Of the city,
WITHOUT ANY AUTHORITY wHArEyER.,
The Mayor then quotes irom the CITY Charter, and
adds significantly that the credit the city is SUI.
ferlng rom its present financial condition,
lie heaviest shot Of MI lircd INTO tue Adermanlc
CITY Fathers that he had been Instructed by the
Second National Bank to commence
"A SUIT AGAINST THE CITY
for the payment Of the s5O ooOsauded to- being tho
principal OF city bond for money loaned by the
Second National IN anticipation OF taxes.
No SophStry or Ingehulty relieve the Board Of
Aldermen oI the entire responsibility for this DIS
creditable state OF things. On the organ
izaton OF the new government OF the consoIl-
dated city, last May, the Board passed a resolution
that the funds OF tue city be deposited in the Second
| National ana the Hudson County banks conformity.
| these banks having offered very advantageous
Terms. Ihcse terms were never violated by the
banks, yet the Aldermen soon after
REsClNDED THEIR FORMER RESOLUTION,
anu transferred the deposits TO the First National
al time when the other banks had been subjected
II
Oraby Their contract. IL was openly charged ut
the time that thus action OF the Aldermen arose
1 from selfish considerations the part OF man
VINO feared they should never obtain the salaries
they had voted themselves. AL all events from tina
hour the financial condition Of the city has been ,
| scendng from pad 10 worse, till at last parties
i REFUSE TO LOAN MONEY TO THE CITY
for lower rate Of interest than seven per cent. The
city IS threatened with lawsuits, the taxes are
nearly double those OF last year. and yet the srlng
which was almost totally routed at the late elec-
tons, Is making its last grab for the public purse
/ Aldermen FITZPATRICK ana Martini, members
OF the Committee on Streets informed the Board at
late meeting that large contracts have been
awarded from time 10 time the street improve
Iients concerning which neither OF the Aldermen
mentioned had been consulted
THE LARGEST OF THESE JOBS
IS the Montgomery street Improvements, which
was defended ~ Alderman Sneeran chairman
OF the committee, on the extraordinary plea that
the Board OF Aldermen must confirm the con-
tracts whether they liked or not IA the
JOBS had been gwen Out ana the contracts
signed by the Mayor He further proceeded
TO Justify the matter by stating that the con.
tractors were superior to Alderman Fitzpatrick,
when the President OF the Board brought down MS
gavel, aud In the scene which followed several
members arose and were about to leave IN disgust.
10 u person living outside jersey CITY the session
OF the 30 I'd OF Aldermen would afford great amuse.
ment; but to the taxpayer, who pays the piper,r
there Is little fun. There are half dozen
HONEST EARNEST, INTELLIGENT MEN
In the Board, but they seldom carry single meas
ure OF reform. They are encountered by an oppo3i.
ton the leader OF which Is an orator OF more than
ordinary pIetentions, and continually arragns eb-
ster by telling the President that the kenmiiy re-
ports, &c." while another corrects him by pronounc-
ing the word .kimlnity.n The people are anxiously
awaiting The meeting OF the Legislature to whom
they look for relief