New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-03
THE INDUSTRIAL EXHIBITION.

THE INDUSTRIAL EXHIBITION.
RECONSIDERATION or TIE VOTE BY WHICH
s., 1000 WAS GIVEN AWAY BY THE CITY,
A special meeting of the Board OF Aldermen
was held ON Saturday TO receive a communication from
Mayor Havemeyor relation to the passage OF the reso
linton granting s25OOOCO 10 the Industrial Exhibition
Company The meeting was called TO order at $3.50 p H.
by President Vance and all the members we're present
except Aldermen Kchr, Koch, and McCaherty' Inc
clerk read message from the Mayor in opposition 10
The proposal 10 authorize loan OF S5O0OO TO the In
dustrial Exhibition Company. The more significant pas
sages viii be found below
The Company has made agreement Ia purchase
premises where made and with whom IS not revealed
That there some persons deeply interested IN TINS
scheme not as public institution, but H. gigantic
piece OF public plumber, is beyond all question. The
premises referred to, which il is now proposed to pay
7500O for out OF the city funds were purchased june
1871 for $55OOOO and the difference between this latter
amount and the OF S750000 proposed to 6e PAID by
the city VIII 20 direct INTO the pockets OF 'ese
This industrial Company has merely legal existence
has property funds OF any description. Debts
have been contracted IN its name which II ~ unable 10
pay. In fact, it is the scheme OF pure adventurer
which, in his hands, never was intended and never
fber tn mis- adveufurcr fine CITY is now required by
the resolution before 10 loan sum or s25OOOOO
Alter the promoters Of this undertaking have sue
coeded IN securing To- themselves enormous loans ~
the purchase scheme, there remains sum of f5OUO OF
the loan TO applied tO the payment OF the expense OF
the erection oil the propOseu ouiulng hu ~ gay
had some experience 10 the art OF erecting publc
buildings. There not OF your honorable BODY VINO
enerains the idea that the proposed building can be
erectedand the objects OF the Company carried out Tor
this suln of $4,000 II viii take upward of 100000 10
30 so, and s this money 10 he obalnedf Either
tie buildings viii never be erected If they shond, ~
IS contemplated that this viii be done at the further eX
pense of tic city authorized by further legislation At
present we have enough Of public undertakings on
hand--our unfinished public works on the upper aud
west SHE Of island; unfinished COurthouse, the
Brooklyn bridge ana museum and exhibition puld-
ngs under the charge OF the Department OF ftohc
Parks. informed that the capital oil the company
S2OO0OO0 81 which 81 coo 09O has oeen Subscribed ana
that additional subscription has been made of >5oc
600 contingent upon the Company securing from the
CITY the loan now sought. further informed thai
100000 OF tins subscription mas Deeh p%u ~ wi muh
stock is be issued at fifty cents on the dollar
| and the stock for the balance OF the snbsgfip
ton Is 10 he issued al eighty cents on the uOi, ~.
During the year upon which we are Just entering me
will be about $s,OOOO0, while the requirements OF me
various departments little in excess Of TINS year
Tue lnVItdse ~ NJ 20 ;,,aroet ON dsfs
FOnrthaEe. improvement luCteaStu ,T 90 ,
and additional buildings required by several OIL lne
departments. Assuming the valuation OF property fedl
and personal sui9ect 10 laA"uVn, 10 IMAM ~ a,
present. the increased estimate, all OF when mas Dcth
allowed by the Board OF Apportionment, VIII Tase
the tax Of next year 10 tDiCG, anu Iu'iI ,
per cent from TWO ana "a halt per cent, TIE
rate for the present year. The present aspect
OF the times mold ont any hope OF an increased
valuation. but clearly fOreshadUws dimlnuti0n par
ticuarly as TO personal property besides, the cily
NAV be called upOn TO provide for wants which have
hitherto provided for themselves, IL 10y yodf actou
you shall encourage the promotion Of TINS scheme, NJ
The public expense you put into tie hands Of those ~
terestcd therein the funds required 10 enabie ihen 70
public expense This II so certain 10 be tLe result Of
your approval OF the scheme mat ednnot hat hope You
will pause before giving IL such sanction and thdtthe
resolution have already passed shall De IecOnsld-
cred and resclnded by yOd.
Alderman Cooper moved that the communication be
/ received Adopted Alderman Van schaick said that
when the matter first brought before the house he
was in favor of the appropriation, and voted for the
grant, principally on the ground that he thought such
an exhibition would be benefit To the city, and because
he understood that the Mayor and Alderman Otendor
fer were connected with the Company, and the Mayor
would look alter the city's interest. Since
the resolution adopted, he had
|, learned some additional facts regarding tine
project, and the strength OF tie statements made IN
the Mayors message ne, having voted previously in the
affirmative begged have the privilege of moving that
the suggestions submitted to them he approved and the
vote apprOprating s. 100000 to the Industrial Exhibition
Company be recOnsdered. The motion 10 reconsider
was adopted by the following vote
Observation-Disclosures Vance, Billings, Cooper, Clau-
sen FacOner, Lysaght, Monheincr, Morris, Offender
fer. Reilly, ana Van SChalck-n
observation-disclosures Flanagan.
Alderman Van Setback then moved 10 lay the matter
on the table motion 10 amend by referring IL 10 the
Finance Committee lost. The motion TO lay on the
table was carried by avote OF to g.