New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-24
MUNICIPAL TRICKERY IN PHILADELPHIA.
WIN. II. sEMBLE's RAID on THE TREAsURY-A BILL
TO PLACE CITY FUNDS IN HIS BANK RUSHED
THROUGH THE COUNCILS.

TO PLACE CITY FUNDS IN HIS BANK RUsHEI
THROUGH THE COUNCILS
lBr TELEGRAPH TO THE rRmUNEl
PHILADELPHIA, Oct. 23.-0nc of the worst
schemes ever oisted upon the taxpayers OF great c
was cOnsummated in City Councils this after
noon. The nature OF this project resulting from
the late election and tho manner OF its execution
are follows: Tho sharp lesson which this city
received within week after tho Chicago
fro by the ruin of Yerkes. the broker Thrdst. to
whom CITY Treasurer Marcer had loaned millions OF the
public funds taught her authorities 20 pass laws which
should thereafter eectuay guard the city
being loaned 10 irresponsible persons interest for
the personal benefit OF the City Treasurer To this end
ordinance was placed the municipal statute-book
providing that tho City Treasurer should deposit the
public moneys In six OF oldest and substantial
National banks, namely: tho Grard National. the
Southwark National the Northern Liberties National the
Central National the Corn Exchange National and tho
Philadelphia National The ordinance contained strn-
gent provisions governing the deposits and the checking
out OF the money, that depositary should have
undue proportion OF the money by Of ayOrtism,
or fraudulent collision with the City Treasury.
This plan worked we but the indignation OF the poo
plo soon wore of, and the calm which has ensued has
been marked by the unlocking OF tho prison
doors ana the repeal OF tho safeguards IN
the ordinance referred to. But the designated
National banks still remain tho public depOstOries
OF course the advantages which to those banks
in which millions Of money belonging to the city arc
deposited are very great. AT the will
Of tho City Treasurer these millions can
30 allowed to remain there for months at q
time without any interest being paid the city so at
his will one bank be preferred another, a
startling eHemplihcation Of which may be soen in the
last report OF the Committee TO verify
y s repaT S0t the Central National Bark ha:
deposit OF s,0O)O0; the Girird National, 100000;
the Northern Liberties National. $1,000 and tho South
wark Natonal-probably the oldest ana most stable
bank in the clty-nOt one dollar
In Wow Of these facts the few decent members OF the
Council we're surprised this afternoon to see member
the lower branch, who is known be the slate
for the next City Treasurship offer bill that the Poe
pies Bank be designated as one OF the depOstore OF tle
public funds. They were astOunded when motion to
refer the ordinance to the Committee on Finance for
weeks lnyesugation OF TINS important measure was
voted down with hOwls Of lmpatence from tho
Hobbies ana the seats OF the leading Ring members.
When they iOund that on call OF the Yeas ana Nays
majority stood in solid phalanx OF SIX against de
lay. against consideration, against even de,
with the most notorious Ring politicians IN
the city, employees o the City Treasurer; when they saw
agents Of VIM. H. Kemble, the President or tine Peoples
nix, buttOnaOing the few doubtful members who mad
previously been "seen' they knew that the plot
had been thoroughly laid aud That there was no use in
struggling
The moment the bill passed the common branch the
Hobbies emped themselves and the interested members
left their seats and the business Of their cnamber,
to 60 over to the selectmen's room ana press this
bin upon which the ink was hardly dry.
Here the distinct evidences of cutand-dried jon"
were also visible upou every hand The bill had scarcely
been read and the whispering confusion OF those VINO
were not in the circle at the selection OF Kemoe's bank
had scarcely been allayed, when the leading
member, who had just received the caucus
nomination for the Presidency of the Chamber, and VINO
also in the pay OF the Pennsylvania Railroad Company,
the selection OF the bank on the ground that
not safe TO have the ctys money in so lew de-
pOsitOrie5.
In vain attempts were made to throw around the bill
some OF the simple protecting clauses known TO egsd
tiOu and financial security. Every objection
was scOifcd at, every effort to the city's
money t. the extent OF 100000 from being placed.
Tor indefinite periods in irresponsible State bank
was voted down. The measure forced thrOug IN
within half hour after 10 introduced, and tho lOD
bies again empted themselves Of the Ring politicians
It Is understood that the Mayor will sign the bill TO-
morrow and II is believed that tho CITY Treasurer VIII
without regard for appearances check ont the balances
millions in the national banks and place them In
the Peoples Bank at once.