, 1873-12-18

Of tho contract. In th!s way ho bocamo involved
with the Riverside Company, to whom llo mado
occasional lonnn until ut laat l1o was ohisod 10
carry The c0ncorn III order to Bavo himself. It Ia
4 fact which Inns now unsactl Into history, that
tho River lido Improvement. Company was a
magnificent fa!uto IN a financial point Of
view, and It is assorted by those who protons to
know al about tho nnttcr, tat NIr. Gagt'B pres.
out position ts wholly tho result Of his dealings
with TINT Company ind that there. and nowhere
owos lin about 600, 900. % Soon efsor diappcsing
ct tic Hsotsido farm, llo purchased tho traot Of
200 acres now known nj Atwood plnce. For
ninoty aoros ho paid ut tho lato OF about s1uo
ror eeTo and tho remaining loo acroa coss hm ~
waB ofrorod .s25o.00o for tho property, aud
refusod It, hts doHlgn being to mike Of u
magnificent oountrs-seat, IN which. affor AlB
rcttromont from active business, ho could rnss
tho remainder Of his days. The complicated
condition OF hin affairs nlucod ttm to clango
his mind, aud in September last. 5st ~. botoro the
panic, ho accepted att offor OF S2oo; goo for AZ.
Of lho pnnlo. At tho beginning OF ha second
torn, two ytars ngo. Mr.. Cages accounts rs
City Troas,irer woro in perfectly sound condl-
tiol. IIo had not then drawn dollar from tho
Treasury for l,,H own use, and ha could havo
turned oyor tho ollico to hia SUCCESSOR at M
hours notice. lIo waa, however, III tho
hnbit Of mailing occasional advanccs to con-
tractors to whom tho city WAS indebted for work
pot formed. Ihia was dono as special favor, to
onablo tho contractors 10 pay off tllor hands,
al bT tho conditions OF their ContrAets thoy
could not draw tho money until tho assessments
were paid in full It was simply an acconin'oda-
tion, involving little rBk to tho City Treasurer.
1t s said thRt lie mover lost dollar In this way.
TIE BoSDsMEN.
It waa stated last orouinG Tint tho bondBmon
Of D1r. Gago had takon tho advice of sovoial
t1oy ] could NOT b. IS oId On toir bond variety
Of reasons worc given, mono ol which arc POSI-
1SrEnEsr on DEPOSITS.
TO tho Editor or The Chfc1qo Tribune:
61n: / think tho question Of interest upon
the deposit Of city funds is now In order. Per-
nit mo to eay that tho systcm heretofore in
practice in this city, OF permitting tho Troas1rcr
to appropriate tho intorcss upon the olty funds
to bis own uso, have always thought to DO m
outrage upon tho Taxpayers. Tllo wtitor's
| opinion on this subject was formed IN Canada,
whore the British r1lo applies, viz: Tint
trustee cannot speculate IN Ills trust, and TINT
tho profits or interest made upon trust funds
inure to tho benefit Of tho trust. The City
| Treasuror is simply trustee, not laudling his
own mouoy, but tho funds Of tic city, to which
ho bcarH tho relation Of trus1oo. prosuming
! afidavita Of the atato Of Ills accounts, cut
| from your paper tho following extract from tho
affidavit Of b. a. Gago:
| Aud that have not, directly or Indirectly, used,
aod os ~ r. s
thoir own use ay of ho public moneys receivable Or
Ercorod by mo.
Assuming TINT tho Treasurer puts the money
| in hank at interest, js It not vol known tint
tho bnnks lond ont thoir deposits ut higher rates
| for tho benefit OF tho bank? ask, how Gun
the Treasurer mako tho required affidavit with
| out committing porjury? can sec no dHor-
! intoroat Ia paid, and moro especially II tic
| Trcnsurer ia In at,y way interested IN tho bauls
| It is nv opinion Tint tho only proper wny,
whom thoro IL q aurplus in tho Treaaury not re-
| n,tired for immediate uBe iB for tlo froaButor
tn ronort the fact to tic Council in order tiat
that BODY may provide for It's USE oitllor by atl-
| ticIpatiue indebtedness, or arranging for its
deposit ,ipon interest," and upon such security aB
tho Council shall think sufficient. the sums thus
disposed Of to bo put to tho credit of tho TreaH-
urer. aud thus relieving him OF tue responsible
IT, for t1,a snfo knonmv nf Inrro s1,ms If monov.
~ .Ga nst .,e sA'S ~ oor rnnid "a S iai
/ to llavo hls responslpll!ty thus foducea.
Chicago, Dec. ~ 1879. OBSERVER
| To Tho Editor Of rio CG,caoe 4r.6umc:
sin: Dnring tue municipal cumpaigu OF 1860,
was u.seu ~ ashi'S. H. ~. ~ y. III
y the as sssss tsa ase9sios ssd By hin
ho'id ho would place liz interest 80 rocaivoi to tho
isoa ~ onu NJ 4'or!ngr ,,1aco fn ~, o.
ea;t ~ ~, c,tv monavs voa ,,dntcd omt 10 the
or 1t saseeatsd @ 1 by tbo @ paopio Tbs was of
for tho Treasurer limsof to dotolnine. The
right or policy Of roceiying interest WAS not
non euo % ~ o fara mn, ,r;.i, tho ro,
CURED ire surotios, for tho projection Of tho city
aRainht loss. 6inco tho people haye 80 long nf'-
proved OF tue using Of tho city funds By tho
a';ai. ,.,a,,d asi ra.a,uo ~ tia c;t. r,,,.r,