New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-29
the commencement Of the fiscal year next mid

summer.
The success OF the Controller in placing his
latest City loan for nearly four millions,
for the purpose of taking uD maturing
obligations, was much greater than would
have been generally anticipated. A single
bank offered to take the whole amount ~
| 1 27-t00 per cent premium. If we can continue
| to enforce the same system OF economy anu
maintain the confidence now felt by capitai
lists in the management of the mumcipal
finances, we may hope, when the next loan IL
placed to see this premium considerably IN
creased.
Col. A. X. Mcclure, whose activity IN Vhe
Pennsylvania Reform movement has MADE MN
a conspicuous figure in recent politics, mas
been nominated for Mayor of Philadelphia
The nomination comes from the Democratic
party. Col. Mcclure accepts, on condition
that he shall not be embarrassed by party
considerations. The Democrats, says one ac-
count. are dissatisfied with the nomination,
Col. Mcclure having acted independently Oh
their organization and a bolt is imminent.
We can well understand that this action has
added confusion and excitement to philadelphia
politics. Under the circumstances, 1t must DO
confessed that the prospects for REFORM arc
not at all encouraging.
The application of the Commissioners OF
Emigration to the Legislature to have the
head money" on emigrants landing at this
port increased from 81 80 to 81 Is one winch
ought to be granted without delay. When the
tax was reduced two or three years ago we
strongly advocated the measure as one OF
relief to immigrants and of encouragement TO
a needed class Of settlers. The belief then
was that the fare of the steamship companies
would be reduced, but that result did not FOL
low the reduction of the tax. The only result
has been the bankruptcy of the Emigration
Commission. The steamship companies alone
profited by the reduction. These will now
doubtless oppose the increase, for the reason
that a like augmentation of the passage
money for immigrants cannot consistently be
made.
The first real attempt to retrench in Gov
eminent expenditures has been signally and
ioyfully defeated in the House of Representa-
tives. The Committee on Appropriations re-
ported a bill designed to stop further
expenses in public building, except
where it should be absolutely necessary to
preserve public property and economize APP
preparations already made. The bill discon-
tinued no work already begun that would be
injured by delay, and its passage would save
$1O,OOO,0OO in two years. The House, by
| large VOTE sent it to cOmmittee-ro0m,
where, as one hostile member triumphantlY
remarked, it would be heard of no more.
The secret of this action is, that Congress
mon look out for the pet local interests OF
their own districts. Their theories of public
economy are first-rate; their practice will not
stand fire one minute The building jobs are
literally "jObs" for Congressman, many of
whom hope to use them for their reelection.
To this, of course, there are few honorable
exceptions, but not enough to save the House
from the odium of having deliberately killed
judicious and economical measure.
! Gov. Dix has found it necessary once more
| to call attention to the unconstitutional vast
| ing of the various sinking funds of the State.
These funds, as all know, are sacredly de-
voted to the specific object of the liquida-
ton of certain obligations of the State. But
the Legislature has steadily evaded the spirit
of the law; and the Governor says that large
proportion of the sum which he put in his
late message at about S155OO,OOO exists only
on paper, III Is 0OG Ill Ilo uuuo az al ~ 10
represented by deficiencies, bank deposits, and
unpaid taxes. The money has been converted
from the uses to which it was dedicated and
consumed in the payment of the current ex-
penses of the Government To such an ex-
tent has this violation of law been carried
that the deficiency now amounts TO about
eleven millions. This exhibition of legislative
extravaganza and abuse of State credit would
be startling if we had not been prepared for
it by the reports which have come out from
time to time. AS presented in thesmessage of
the Governor, the situation is one Of great
gravity. 1t must be apparent to everybody
that the finances of the State are in de-
| plorable condition and need immediate and
rigorous attention.