New-York tribune., 1871-05-02
THE DISCREDIT OF OUR CITY.
TO the Edftor Of The Trfbune

To the EditOr OF The Trfbune
SIR A communication signed "B." appeared
in vonr issue Of the 2sh u with the design OF aay
ing the alarm that has been for time felt and has
begun very significantly expressed. in regard to the
commercial value of City Bonds. To weaken the
force OF an article in TIE TRIBUNE referring to this alarm
he stigmatizes II purely political in its nature B
implies that he moved to speak in the interests OF the
City Bondhol1ers. As taxpayer, in behalf OF tax
payers, who the parties most deeply interested,
have few questions OF yOur correspondent, who
seems officially posted" Has it come to this, In
the progress Of the public degeneration, that the policy
and Of political party cannot bo criticised
without IL being sscribed to partisanshipl Must
the adoption Of an Interpretation OF law or hne
OF public policy by party or its managing clique fore
close all Independent discussion Of its merits and efecti
OF the political parties must always be in
the ascendency in the management Of the Government
1t Is not Incredible IN view of current events that this
management may be swayed 10y selfish considerations
In such have the principals no liberty OF ques-
tiouing their agents right Of protest, without incur
ring the opprObrum Of p9rtisanshpl How, thcn are
public abuses srer be corrected popular liberties
maintalnedi Must any attempt OF those who are per
sonally interested 20 compel official revelation OF
the financial condition of this city be denounced as par
tisan spleenl Grave charges Of Acknowledgement and
maleasance have been publicly made, and not officially
cOntradcted 8nd studied and Illegal conceament has
for long time surrounded all the transactions OF this
Department.
B" has ascertained 20 his satisfaction that city
bonds have yet been sold below par. This is not
charged-athOuh not easy under the circumstances
T. see how this can he satisfactorily ascertained-but
that there j. such deepfet and widespread mstrust
their perfect trustwOrthness that prudent trus
tees have changed their trust securities from city TO
other bonds, aud all trust funds preferably in
vested in other securities The public confidence has
not yet become shaken as to cause depreciation
in the value of these bonds but it is question
whether not the high-rOad and under great
headway 10 such catastrophe "B" goes further, and
SAYS that has satisfied himself that these bonds can
not be sold below par" Allow me TO ask him what is to
prevent especially under the laws just enacted such an
enlargement of the bonded liabilities of the city to
carry them below-far beow-their par value Some OF
learned interpreters Of law have expressed the
opinion that this possibility if not the purpose Of
this most extraordinary legislation. On the suppOston
conspiracy the part OF the managers OF the city
finances to obtain Illicit funds by the sale or pledge OF
city bonds what security ia there that the city may not
be bonded to indefinite amount in view Of the secrecy
in which all the transactions Of this department have
been carried and which seems 10 be legaizedf
II the personal integrity Of these officials the only
guarantee must be recoeced that these same officials
have long conducted the affairs Of their office in utter and
acknowledged disregard of the law their ostns of Office
the protests Of the public and the usages and instincts
OF all honorable custodiaus OF public trusts On what
then, does 'B" ground his reliance for the futurei
Moreover present state Legislature and all the State
Executive and Judicial functonaries controlled by
the Ring" for Ring" purposes, and can and will he
again. From these tools the present Board OF Finance
for this city has Just obtained its extraordinary power
in defiance OF all the prOpreties OF gsaton the prnc
ples Of our republican system and Of public remon-
STRANGE What security Is there that such parties may
not perpetrate any other outrage that they determine On
There is and can security for things that
posed 10 such contingencies.
But your correspondent appears to have been highly
favored He to have been made acquainted with
secrets that have hitherto scrupulousy kept from
the public He assures that he has taken the pains
to verify his statements. This of course he could not
have done without having had 20 the books Of the
Controller He speaks too for the Commissioners OF the
Sinking Fund and has evidently been behind the scenes
There are multtudes OF anxious taxpayers and bond
holders who covet the opportunity. Could he not
furnish some hints as to how this might be brought
aboutl II j. pity that when he had it IN his heart to
take the pains verify" facts that might quiet the pub
lie apprehension regard TO the financial condition Of
this city, he did not take down some Figures. The I'M
pressions OF "B" are undoubtedly entitled TO great
weight but a copy OF a few figures from the books of the
Controller, showing exactly the amount of the Bonded
Debt of the City and classification; the condition OF
the Sinking Fund the claims against the
City in Judgment and in litigation; his payroll or
at least its in the present state of the
public mind be much more assuring. The natural way
hbt OF facts and figures Committee OF very respect
able gentlemen was recently invited 20 the financial
headquarters for the purpose Of appeasng public
uneasiness but they too gave Opnions-not figures
Why these money keepers chary of their figures
Can "B" reconcile the persistent suppression of the
transactions this office, in violation of all law and
usage with his theory Of its soundness and future
trustwOrthinessl A few ofciI figures would at once
calm all apprehension; nothing else Ii il the
sstent refusal give them which has caused the alarm
Ne,o- York, May !, ISL. G.
1We second C.'s motion right heartily, with
out regard to his apprehensions. Let us have
a full, clear particular exhibit of all the
City's liabilities, o Controller Connolly NOT
some time, but forthwith. The last day of
grace has expired; please to hesitate no
longer but tell us exactly how much the City
owes in all also for what purpose and Ill
which year each obligation was incurred. We
would not depress the City's credit; possibly
we could not; but you can and will if you do
not show clear balance sheet, and that right
speedily-Ed. TSib.]
PROTEST AGAINST INJURIOUS LEGISLATION.