, 1876-05-22
CITY CERTIFICATES.

CARD PROM CoNiTnoLLRh HAYES.
n fhe Editor NJ 1'hs Tribune. p
CHICAGO, A(ny 21.-1n m editorial In your
paper OF to-day ou tho city certificates find
many Inaccuracies.
You SAY the Comptroller presented special
case Of pcruliar circumstances, calling for I'M
mediate actta1, mud the Council voted, weakly
VIC w Think that ncw Issue OF saoo'ooo 10
Il, fact tho Council did nothing of the kind,
but adopted tic following resolution:
Et.o'tsd Tint the coniEtroleE l,c ard he Is
s turI,y, III tic cer.!cates @ Of isbtedness of iho
tic city, or for otcr liabilities for which Arpso
ptlnti6n and tax-iosy hive been inldc.
The authority to make rvw loans already CT
!stcl under the Jaw anti tho ordinances of the
wUrld that tho new City Council WINS opposed to
rrpulatton, aud sustained tho Comptroller in
the luncst payment of our Just debts.
You sny, "Ontsidc Of tho Conptroltcr's office
suc, taus " papcr was outstanding: t as lecn tl,e
good fortune OF the cty that It l,ns had such
Nsau us Mr.. 11aycs iu tho Comptroller's oil'ec, !"
etc. =,
personally, 1 must CORRECT your statement.
Every rttIzen interested can know at any time
exactly how muell Of such paper is, outstand-
Ing by obtaining q report, which Gun be
nsss ys5ss y tic 0 CITY % csune e e fepS means ss o
knowledge nre the same as In reference to tho
rants uf tho Mayor and Comptroller, or the
amount Of long bombs outstanding; tho same q. as
exist 1T connection with tho finances md oblE.
gatiouH VI other cities Of tho sevcrul States and
u tho General Government.
YOU eay "Wo know that tic Comptroller hns
stated his opinion on tho Wisdom OF borrowing
money on paper whicl, the city Inns no legal
authority to issue, but tl.at system ia mono the
less vicious bsrausc TIC Comptroller instdta on
athcrlng to It."
answer, tho COMPTROLLER I'm no such opin-
Ion, aud Insists on nothing OF the kind. I issuc
III paper which L. not in strict conformity to tho
luw, altl drawn IN nrorlanco With the recent
| decision Of the Circuit. Court.
differ with THU TRIBUNE on two points.
One is tho Dny,ncut OF tllc current expenses. I
hold tint when the city hires laborcrs police
men, Aremen schDo-teaehgrs, etc, Il should pay
| them by exercising its acknowledged power to
borrow money, and not compel several thousand
11 ncey 6,y u a% dn'eo
The other point Is tho meeting Of our Just OBJ
legations heretofore incurred.
Tho $500 900 Of our tcsnpoEary debt, being
all tint re1natnR unpald, ,was incirrd, for money
/ to nay tho Interest On our funded debt aud 1OI
other Legitimate purposes, oil Ia anticipation oi
taxes and within thc appropriations. :,
an foT nP PayinE nE,;an s '9t o a iScs Is
cry 10 Lake TIC posLl'h " W ihs9ascHt 4eptoll
under the falso assumption that tho obligation
! is questionable.
This Is nnthtng hut reputation In disguise,
and but thLuly disguised at that.
II would ruin tic credit and good na.nc oi
Chicago for all time to come.
| assert that city with first lien on S400,
| 0OU,0OO worth Of property, with funded debt
practically Of less tllnn 80 600 0o, and an annua
inromc OF 100000 or 81, 600, Is able Il
pay S9,S00, ,0O0 OF borrowed money, and thu
| Without douges, cluiyoentions, Or EXCUSES
She Inns always paid, and while nm Compsrol
lrr sho shall pay, md I,ay to the day, II l cur
fluid lawful means to effect 1t, no matter wllt
opposes. =. =. HAYES.