New-York tribune., 1874-10-16
THE CITY'S FINANCIAL POLICY.

MORE ASSESSMENT BONDS IssUED-THE CONTROLLER
ASKS FOR LARGER AMOUNT FOR THE PAYMENT
OF INTEREST ON THE CITY DEBT-EXPENsE OF
THE RING AND OTHER SUITS.
The Board of Estimate and AppOrtiOnment
met yesterday. All the members, consisting OF the
Mayor Controller Presidents Vance and Wheeler. were
present. The Controller moved that the estimates for
1875 be considered. All voted Yea. President Vance
hen moved that the estimates be printed. The Con-
troer aloned voted in the negative On motion of the
Controller authorized to issue $0 assessment
bonds aid in the construction Of the Third District
Courthouse. Carried, all voting in the affirmative ~
The Controller said he wished TO bring before the
Board question Of paramount importance IN connec-
ton with the estimates The amount to pay the interest
on the city debt for 1874 not sufficient. He there
moved that the Of 100000 be transferred from
the following appropriations for the purpose named:
for Salaries Of Finance 9S0
Salaries Judiciary Department cOuniy 1871 aud prior on
thereto
Registers Once 1871 Io,Ooo
Total .'S9O,oOo
This amount could be applied as it was made up OF
upexpended balances appropriations for the years
named President Wheeler moved that 1t be laid over
The Controller hoped not Were his request not ac-
ceded to, the credit and honor Of the city would be
affected. He might be called upon at any time to pay
interest money, in the shape OF coupons from Europe
and elsewhere and he wished to be in condition to meet
Wheeler voted Yea.
The Controller asked for authority to issue 100000
assessment bonds. He deprecated further issue Of
bonds and consequent Of the city debt but the
ton for s2OoOo pay for work public improvements
up town. All voted in the affirmative: The Controller
said that the Corporation Counsel had complained 70
him that the Of the estimate for his department.
for current was insufficient and that would be
unjust him require him to take the money intended
20 carry the ordinary business Of his department. to
prosecute suits begun under his he asked
farQ QOE MO- add
talent necessary 70 prosecute certain
suits tbs sSGn Ites iUp and could only
81 500 which could be diverted from the original objects
Of very great magnitude now under way. Some Of
these amounted to 900 or $6OOOOo ana they could
not now be abandoned without serious detrment to the
ctys best interests.
E. Delafeid Smith, Corporation Counsel, with the per-
mission of the Board explanation OF the case.
There were now in his office between 1900 and 5000
suits OF greater or less Importance Al the ord
slight expense His Office was. however overrun with
old suits In some cases where the city was the PLAIN
to- to the i"''' cases s' Of Tweed and Others when
he entered on the duties of his office he found two
State. and the other in the name Of the city. 1t mad
been charged that the city suits really begun for
ployed on the part Of the State He had deemed it best
to hold the city suits in allegiance until the state suits
ss,s 3 w % SgSsa' %a:
the proper party to institute proceedings The class Of
not provided for in the Statutes 1t was degree Of
crime that was not deemed possible by the law makers
therefore not provided for To conduct suits OF this
character he had deemed it best to employ such
Wheeler Ii. Peckham, Gen. Francis c. Barlow, and
others associated with them In the State suits. He
could conduct these important suits himself and
attend all the other business Of his Office The amount
money to the city by fighting unjust claims and
the amount he hoped and believed would be
recovered from those who had plundered the
city would be far in advance Of the sum
be asked for. The Controller had at times gone
further than he had deemed In litigatng claims
that felt convinced the city would have TO pay. STILL
he believed the policy Of the Controller was In the main
wise. The OF $4,000 had been allowed him for the
current year. considerable portion OF this had been
Civ en- counsel whom he had not employed, but whom
he found engaged cases, and had kept In Office OF
this way He had not allowed his office to be run as
He had endeavored 10 obtain the best legal talent TO
litigation he had employed James Carter to conduct
Mr. Carter had already saved the city more than
100000 The other lawyers had also rendered valuable
He claimed that the ordinary expenses OF his
office less than those Of many law nrms doing not
0nef0urth the amount OF work Ihe amount PROPOSED
by the Controller was not sufficient
The Controller warned the Board that transfers or ap
prOpratiOns about end He had no objection 10
voting the money. II 1t could be found President Vance
said they had already transferred $4,000 more than
for last year. After further debate the amount
named by the Controller appropriated for the
Of the Corporation Counsel.