The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-12-19

OF Onrlstianlty. VIII not our Judges neuu
the subscription list?
The City FinanceS and Comptroller
Green.
We have no doubt that Comptroller Green
is as honest as any other reputable citizen of
New York. and no person would suspect him
of stealing money out of the city treasury any
more than they would suspect any respectable,
upright man Of burglary or larceny. He has
rendered good service to the city during the
time he was deputy to Mr. Connolly and since
his subsequent appointment by Mayor Hall as
MIR. Connolly's successor. But something
more than mere honesty is needed in the fnan-
cial officer of great city like New York. Upon
him depends in great degree the prosecution
or defeat of great works of public improve
ment the efficiency of the coordinate de-
partments of the city government and the
general progress and prosperity of the metrop-
oils. The public acts of such an officer are
legitimate subject for criticism and should be
watched jealously by the press. A popular
reputation for honesty, however loudly pro-
claimed, should not be suffered to hold the
Comptroller aloof from investigation or to
remove his official conduct from that supervi-
sion exercised by the press over other public
servants.
four per cent interest on the balances in the
treasury ever since Chamberlain Bradley went
out of Office, and that the loss, amounting to
Of least two hundred and twelty thousand
dollars, was incurred first through Comptroller
Green's singular refusal to allow the interest to
be received from the banks and paid over to
the city's credit as a separate fund, and next
to his unaccountable neglect to enforce his
own order, which pretended to require the
banks holding deposits to make monthly re-
turn to him Of the amount Of interest credited
to the several funds. Why did the Comp
troller, in the first instance, refuse to allow
the interest to be received and credited to the
city monthly in separate account? He
states that there is no law to warrant the keep
ing OF such an account but this is scarcely
good reason for transferring two or three
hundred thousand dollars a year from
the city treasury into the pockets Of a
few favored bankers The law which
enabled Chamberlain Devlin to realize
over million dollars out Of interest on the
city deposits was admittedly an improper one,
and the practice initiated by his immediate
successor, who paid the interest over to the
city, was generally approved. There is every
reason to attribute the singular order Of
Comptroller Green, which reversed this prac-
lice, to petty jealousy against its originator
But that is no reason why the city should
have lost the interest, and Comptroller Green,
having put a stop to the separate fund, ought
certainly to have seen that the interest was
allowed and credited to the city in some other
way. unless he designed that the city deposits
should be used again rs they were used By
Chamberlain Dovlin-for individual emolu-
ment. W
In our first exposure of this singular trans
action we stated that the city pays seven per
cent on almost all the balances in the city and
county treasury, and hence that the practice
of keeping heavy balances on hand is need
less waste of the peoples money for the benefit
Of the favored banks, and is reprehensible
In meeting this assertion Comptroller Green
saws that Of the nine or ten millions now in
the treasury sssome six millions of this were
received in payment Of taxes on November 30,
by way of saving the one per cent added to the
taxes remaining unpaid on December 2; five
millions Of it are wanted to pay principal and
interest Of revenue bonds due on Friday;
another million to pay the last instalment of
the State tax" &c. II this statement is not
intended to mislead the public it is certainly
calculated to do so. It is true that six mil
lions of the present balance may be the pro-
ceeds Of taxes, and thus may not be subject
to seven per cent interest but that is be-
cause the taxes are paid OF this particular
season. On the balances, averaging five
seven per cent interest at least ten months out
of the twelve for the benefit of the banks which
now have the money to play with Our sys-
tenn of finance is a system Of borrowing from
january to December on revenue bonds, for
which seven per cent interest is paid down to
the time the taxes are collected. We are now
going to pay the bonds with the taxes col
Iected in November and December; but all
the rest of the year the interest is fastened on
the people. Comptroller Green knows all
this, and he knows that it is ''reprehensible"
to borrow heavy sums at the peoples expense
in order that they may be used free of interest
by the deposit banks. When it is remem-
bered that quarter per cent per day is paid
on the street for the use of money it can
readily be seen how greatly the banks Of
deposit must be benefited by the free use
of five millions and half dollars per month
during the entire year. We have deemed it
public duty to call attention to these facts,
and if Comptroller Green really desires to
discharge his duty to the city he will profit
by our remarks instead Of making futile efforts