, 1873-12-22

seeA at once somo citizen OF woll-known ability
aud integrity and appoint him Comptroller, md
lot linn apply himself at onco to tho effort to
dsontanglo tho city finances from thoir present
terrible confusion. Such all oi1icor cannot I'M
modiatc1y restore tho money lost from tho Treas
ury, but Ills appointment will establish that con-
hdonco in the City Government which il just
now US much needed as tho money ITSELF a
month has noar1y passed. away since tho now
Government was inauguratod. Dolby is fatal
to tho credit Of hacity. Prompt Intelligent
action iB needed. and to this tho Mayor and
Council must address, themselves at once.
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1dR. CAGES PROPERTY AND THE CITY.
THO statement is made that tho Mayor, Cor
poration Counsel, and Finance Committee hayo
decided to accept Mr.. Gags's proposal to turn
over all his property to them In liquidation OF
tho doact iu tho City TREASURY, only on condi-
tion that Mr.. Gago'a bondsmen will eutor into
lew stipulation that they will mako good any
deficit TINT may still romain after the oonvor-
sion Of tho property into cash. II this Ia their
final decision, 1t amounts to rejection Of tho
offcr,-n position which tho people Of Chicago
will not be likely to approve. To ask Of l1r.
Gago's bondsmen a stipulation TINT thoy will
make good any deficit that remains over and
above what shal1 bo renlizod from Mr. Gngo's
property, ia to ask them to enter into new con-
tract binding themselves dc nouo to pay do
falcation that has already been mado. 1t is ab-
aurd to suppose for ono moment that they will
agroe to any Huch stipulation. It would DO
q voluntary act Of forfeiture Of any
aud all rights and immunities thoy may haye &C.
quirod rs bondsmon, by reason Of tho ctty's
neglect in exercising due diligence over tho safe
keeping Of the public moneys. They would
thereby surrender their character as bondsmon of
the ex-Cty Treasurer, and absolutely guarantee
the payment Of money due tho city from David
a. Gage. II is out of all question that h1r.
Gago's bondsmen will consent to any such sacri-
fee Of their righta as bondsmen, wlateyor these
rights may be.
This demand Oh tho part Of the Mayor, Cor
poration Counsel, and Tinanoe Committee ia not
only foolish because Of tho unlikelihood of
compliance, but it ia unnecessary. AIr. Gago's
bondsueu will probably enter into a stipulation
that, II the city shall accept AIr. Cages prop
arty for What It will bring, they will not permit
it to affect their present liability as bondsmen
ono way or tho other. This would bo the Bitua-
ton in any caee, md the bondsmen will
probably have no objection to accepting
it. Mr. Gage's bond is as follows: David A.
Gage, George ". Gage john A. Rice, J. Z.
MoVickor, Albert Crosby, N, P. Wilder John B.
Sherman, anl. William II. Tucker. David A.
Cage as one Of his own bondsmen, steps for
ward and offers tho city all tho property ho
owns, to be converted and sold in liquidation of
the deficit, far as twill Co. without stipulating
that tho other hondamen shall be released from
any Of their liability. Ho simply Gays "Tako
nll my property first, mud will transfer 1t With
out the delay aud e1ponao Of litigation" Ills
proffer ia, therefore, in the nature Of additional
security, since Ill hiB property ia turned over
without taking the benefit Of any rights TINT
may have accrued by negligence on the part Of
tile city, md einco the other boulsmeu arc not
released. It would he manifostly nnbuanesB-
like and ahortsighted for tho city to refuse tho
offer because the other bondHmon will not enter
into 3 new contract absolutely guaranteeing the
payment OF dofalcation already mado
The city should treat this matter as ii it wore
an individual, the first consideration being tho
recovery Of tho money. Tho property which
Mr. Gago Offers to turn over will very Akoly
cover tic doficit. His deficit, outside Of tho
money in tho banks (for which ample security
can be obtained), and including the interest, is
s352,o0u. Put the following valuation On tho
| property llo offors to surrender:
Atwood Farm {yaIued at ,o0g. $3.50 600
Two hon.cs on Michigan ayc,ine act.ay worth 4uo00
Interest III tile 0nlnthun DlGtncsB valued ut
nssrso bonds as sao sidoooo say worth ''0Oo
persdnal M ropsriy siocis bonds. no:s etc. to
the amount Of $t0g 0ou}. u}..."....,.......,, 600
$33a COO
Even at this low valuation, the property comes
within less tLau $40, 900 Of milking good the on
tire deficit, including tho IutoreBt. II Mr. Gago
dealing With btBinoss man under similar cir
cumstances, the business man would be likoly to
ayail limsolf Of tho offor, without demanding
that Mr. Gage furnish IN ontiroly new bond,
| which lo cannot do. Tho clty's case ought to bo
managed In tho same way, and all that can bo
demanded Of the bondsmon. with any roaaoua-
bic hopo Of compliance, is stipulation TINT tho
aoccptance Of A1r. Gago'a offer shall not affect
their present liabihty one way or tho other.
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"A yory important movement has boon sos on
foot in Springfield with regard to prison reform
III this etato, by the issue OF an address to the
public, signed by various officials connected
with tho ponltentiary, Reform School, mud tho
various public cl,aritics, asking for general CO.