Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1871-10-25
.uore Radical Fiaancicring.

Radical journals, which have had so
much to say about Tammany Frauds,
will have sufficient to occupy their at
tenton in the recent developments of
the management of tho City Finances
of Philadelphia, in addition to tho
previous frauds which were charged
upon tho Radical officials. City funds,
to the amount of Sl7S,000, were loan.
cd TO G. n. Ycrkcs, Jr., Il Co., stock
brokers on Third street, without any
sort of security. This firm failed 10
the beginning Of the week, and the re.
suit is tho funds OF the City Treasurer
are in deficit to that amount. In the
money article Of tho Ledger, wo find
the following:
This large amount of the city's moncy had been
virtually loaned to Mcssrs. Ycrkcs a Co., who are
large operators Ia City loans "a wcll as oth.r
stocks. On what terms they had the use Of 81
much Of tho funds OF the City without any sort ti
security II IL not important now TO consdcr
There were reports on the street, yesterday, that
other parties operating largely In stock securities
were using tho money of the City Treasury IN the
same way and probably on like terms as Y,rkes
|
way, the thing Is too manifcstly Illegal, as well as
dishonest towards the City and the City's cndi,-
ors, for argument What we desire to call lttcn =
tion to Just now Is this bad management AMI un-
warranted use Of the public moneys, not ony by
the officers af the City, but by the custodials Of
the funds of the Commonwealth for both uso
them and profit from them much In the same way.
This large amount of money was
lying in the hands of these specIat.
ing bankers, drawing no interestfor
tho City, although no doubt tho City
officials who placed it there, had thcir
profit in so doing, while at the same
time the Age says that over 100000
in City warrants are now bcingdawk-
cd about the streets, drafts II sight
upon the Treasury for services actual
ly rendered, for which no provision
has been made, and the redemption of
which, at an early period, itextreme-
Iy uncertain.
But the public loss bythis failure
does not stop here. BY the bank
ruptcy Of Yerkes Il Co, tho State
Treasury comes in for a loss ranging
from $4,000 to $4,000. The Led.
ger says that this money Of the people
of the State was loaned TO this specu-
lating stock. firm without collateral or
security of any kind, the State officials
loaning it to them unlawiully and
criminally putting the price paid for
its use in their own pockets. The
item of the Commonwealth's loss, il is
said, will be made up by the Officials
and the securities on their bonds.
This may save the State pccuniary
loss, but how is reparation TO be made
for the outraged honor and dignity of
the Commonwealth
Mr.. Mackey, the State Treasurer,
who has thus been shown TO have
been risking the moneys of the people
by placing them in the custody of
these spectators for his own profit,
has been especially active lately in de-
nouncing George o. Evans, for charg.
ing the State an cxhorbitant percent
age for collecting It's moneys from the
General Government. Mr.. Mackey
does not seem to be in very strong
position to be casting stones at other
State robbers. Lancaster IateliigeRcer