, 1875-01-16
LETTERS FROM THE PEOPLE.


To ne Etftor n Y.ht tH.taoa 7ribnnr:
CntrApO, Jan. H.-1fit wrrc poasbo ne osice
TO adopt tito tcst plan for tho caro- AID rrcscr'
valion OF the money belonging to tho eity, thero
would DO no difficulty in Indicating what tint
1lan should 10. Tho present method Of turning
over all The mo,,ey collected tu Treasurer, md
allowing lin to deposit It in the banks, npd to
receive interest upon it thus, In turn, allow
ing the banks to uHo II for thsir own pur-
uose; tl.eu, when wantod. being obliged to
sue tho TreAsuretH bopdsncn To get it, or
being compelled to tGko roAl estato iii payment
does not lnok exactly iko tho most prudent and
feasible wny Of doing the business. Nor does
Judge Caton's scheme for investing tho surplus
r,oney Of tho city In bonds. rutrhantng Whcn
there IL a balance, tnt1 selling whau payments
arc to be made, pronliso much better. This lat
tor plau would involve The necessity Ut estati-
lisl,iug lso,.d Bureau; aud there would 30 no
eu1 to tho buying aa %ellitg Of bonds. and tho
fluctuations in tho market would place THO cor
roration in the attitude OF epeeniator. anu sub
igct 1t to the constant risk Of loAseB and deprc-
Citations. 1'eaidcs, az I shall show Hereafter,
there should bo M surplus and no money i'll tho
CITY Treasury to invest Ill bonds.
II tile financial business Of the city conld ho
conducted OIL plain, gotnmon-8cnBe principles.
tt,nrs ruuld be no necessity for anything more
tllau a nominal Treasurer, and tho buving aud
selling Of bonaa would be u1lhcsrd Of Now, what
use has tue city Tor any 1nonoy except 20 pay IA
mont What right has tho corporation Of Ch-
cago to collect tnxcs from tho people, and then
to accumulate = fund Of half million IL!
itH Treasury, when tho sole purpose AM!
tho city, and to discharge it's current obiiga-
| tons II tho city IL in tho banking business,
making forced collections from itB citizens, and
loaniug their money upon interest. then thero Is
souo senns in the present method Of doing busi-
| neHs; oshorwse, it il tbs sieereBt folly or
grossost fraud. It is wcll-known fact, that
certificates of Indebtedness In sestlement Of
obligations arc habitnaily iasucd and these nro
selling in the market at o discount. Wl.cn money
| is living tdlo III tho Treasury with which,
this indebtedness should DO paid. The result
OF this one thing alone Is, that the cssy pays at
| leaat 25 per cout more for its work than buai-
nass-mnn having the Same thinG done. Con-
tractors making bids know all about tho pro-
crastination and delay Of payment, and undor-
stand that they m1at take these ccrtiacates for
tlloir work, aud bo compelled to soil them IN the
market for what tiloy viii fetch. Tho result Of
this is too plain for iurthar observation.
Now, lot the city take itH money in currency,
and place t nndor TIC los M ana ksy ft of ts Comp
other secure PLACE and nay It out to its credit.
indebtedneas, but pay as you GO for work. labor,
and matorials +; mud get I'D Of tins clrcumlocu-
Adopt tho plan OF the United statas Govern
ment, and keep your own money in your own
Treasury, and pay your own debts. Then de-.
| fautinE TFeasurers mud lnaucal ollicera WILL not
return to plague and curHe you.
| II it should he noccsssry to accumulate large
Gums for the payment Of interest on specified
days, let theso aecumulntl0os be made az ANAL
rs possible by plying tho interest in advance. II
95d0UO0 is needed twice 4 year for this purpose.
make It 3250, 600 four times year, or slgo, 900
every month. There would be no difficulty In
paying this interest as frequently as may DO do,
Rlrcd. The bondhoiders will not refuse to take
it, 1t may be suggested that, It the interest on
tho debt were paid in this way, there would be 9
loss OF interest on all the money advanced. Dul
it il not true !, there would not be the loss of
dollar, e1ceptto the City Treasurer. Tho cit,
gotB no interest on its balances now; then, hoN
could 1t lose vlint it mover getsl II ths none,
ia paid cut in this perfectly legitimate manncr
! tlero would be no desault!ug Treasurer; and NJ
bonds to be Boil; tie debts Of tho city would bt
paid and its credit preserved. commend thes'
suggestions to the C,tixens' Association. and tt
tbs people Of Chicago. who pay over their none.
to rim tho City Government.
uEonoE 4. SuuFKLpr, il.