, 1876-05-28
N0 ~ 4 Z. =
Consultation Of Business
Men and City
Officers.
Explanations by Mayor Hoyne
and S. A. Smith.
Aid. Pearsons States the Con-
dition Of the City's
Affairs.
What!It Owes in Certificates, ETC.,
and What Assets It
Possesses.
Plans Proposed to Get Out OF the
Woods-.-Mr. Anthony's
Resolution.
A Suggestion that the Cert1ti-
Gates Be Made Receivable
for Taxes.
PERSONAL EXPLANATIONS.

PERSONAL EXPLANATIONS.
MEssES. uoYSE ARD SMITH.
A conference Of prominent business men Of |
the city and members Of the City Government |
was held yesterday morning at the rooms OF the
Citizens Association to take into consideration
the financial position of the city. Among those |
present were Mayor Hoyne, Elliot Anothony,
AID. Pcarsons, 0. o. Horton, D. D. Spencer, J.
K c. Forrest, c. Hcnrotin, Nelson c. Luding-
ton cx-Ald. Heath, L. B. sidway, ]. c. Haines,
Chaunccy 8. blair, Sol A. Smith, Marshall
Field, James McKind1ey, M F. Tuley, Henry
Grccnebauul, B. 1ocwcntl,al, Henry W. King,
A. II. Keep, Perry b. Smith. Volney c. Turner,
Julian s. Rumsey, L. c. B. Freer John Il. Dun
ham, J. Irving Pearre7 Charles B. Farwell, AID.
Aldrich, Aid. Throop, George Armour, A. ).
Ayercl1, John c. Dorc, John B. Drake and D.
Medil.
The meeting was called to order by AID.
Briggs, who nominated Mr.. Freer as Chairman.
Carried.
Mr.. j. c. Amber was elected Secretary.
The Chairman then called upon some gentle
man to state the object Of the meeting.
MAYOR uorNE.
Mr.. CHAIRMAN AND GENTLEMEN: Theobject
for which this meeting Of business men Is called
together is to devise, ifposslble, some means OF
saving this city from going to protest on its
papcr. have been informed that haTc been
charged with forcing the city to go to protest.
That need not say, as citizen, is utterly
false; but am surprised that an institution OF
such reputation as the Merchants Savings,
Loan, and Trust Company, having piece OF
paper representing $1,000, which 1t was not
necessary to protest to hold anybody liable for,
should allow 1t to 60 to protest, when
the officers must have been advised, l
presume, that the Finance Committee, which
had Just come into power, and were in the midst
of confusion, were making some effort to avoid
| this very contingency. One OF the officers OF
l. this bank-tho President, Mr.. smith-came to
! mplain to me, as though was Responsible 1or
| the paper going to protest Now, Mr. Presi-
] dent, am not the man to advise anything that
would disgrace the honor OF character OF the
| CITY. have been put in u responsible position,
and am endeavorins to discharge the duties OF
that position, SO far as my intelligence and un-
| dcrstanding Of financial problems will allow me-
| Perhaps do not understand the matter as a
| financcr, but as lawyer understand what IS
! legal, and have no hesitation in saying that
this city has been dishonorcd already and drain.
| cd OF its resources through false system o1
financc.which, II contnued,w will utterly bankrupt
the city and every man in it.. That IS my
| Judgment 4 false, spccious, tra4dnlent sys-
tenn has been practiced when the Constltntloh tia
itself prohibits it, and it is utterly untenaoe-
have taken an oath to support the Constitn- 1'l
tion OF this State, and Of this city, and to dts
charee nv duties in accordance Herewith, and
| while I am in this position, shall protest
icnt paper. That is MY position, and wish II: it
distinctly understood; and While 1t Is y my posi-
| tion, / wish to ask all the citizens OF Chicago
| whether they cannot furnish the means to save
the city from dishonor Or protest. we ~ arc mo noe
rcsponsible for this state Of things. we nave
| inst discovered deficit in the Treasury amount
;nr to millions. The Finance Committee have
got an exhibit OF our Indebtedness, winch SHOWS
that everything Is exhausted. There IS mol !: :
single fund whatever tnat IS mol ropoe3i' anu
nov. sir. that the question comes up, l may
state that So 500 900 outstanding were
Issued when it was known that the city was
bankrupt, and the resources OF the elty 1or one 9
or two years have been anticipated, when INC
should not go to borrow money, nag 6ecn
reached. The question then is this: Shall we
now take up one piece OF fraudulent paper ano
rive another for it! It is just US unauthorized
and illegal precisely to issue more % PapeT as III u
doubt about that being illegal, and yet It has
been proposed to mortgage in advance 1or ont
or two years the entire revenue from the enI4e
ta1-lcyy to meet our expenses.
But that is not ALL It is not merely tnat Inc
CITY has been in an Illegal OF unlawful and talst
method OF tnanclcr1ng put ~ tne snnatnnt sonyc1
TEN OF borrowing money 1 frevd fnv pmhich av.
OF all the raseantg S.,. rpo That 1ta'A system vii
existed IN the e.. Guy, rteneinn nsh1 s} IF BOARD,
account h. pe,nnm,craSv dop ,nn taxeatcrs because
when any ono knows thas ne fn fh es, gea, NJ t9
yo h. ntd dGss sbt no1 Do the Comp
R9ngedi qsS less obout The city
hat the city has no chance under such comb
nation and that We havs yb nfen sch 70
verge ot bankruptcy 2na FUN oy saen came to
have had in otilce e. 1"o Win ait ali the pcr
sistence that some men nave, tna' snou1' un
back down on ths financial d@sssron daesr and soone
it. stand as ns;ton swG5n ofe1 iii lit lave
than give up e,d my p95h,ea0n' then have stated tn
give up my othHe 4h;nas :" A. ' said before, ther