, 1876-03-12
What the Mayor Has to Say About the
Impending Crisis.
1he Finance Committee Decline Signing Any
h1ore Certificates.

The noWs OF the temper OF tQo Couucl seelAa
to have reached the Eastern capitalists, and Eli
day Mr. Hayes telegraphed to h1ayof Colvin that
he was meeting with difficulty in his negotla-
tiops, whereupon his Honor made his way
around to several OF the city banks and in
formally consulted them about the prospects Of
GETTING LOAN FROM ZAEM.
The Mayor Was encouraged to talk about
this the more freely because tho
city effected similar loan shout
year ago from several OF the city banks- Dur
ing the day the head Of the city wandered around
amopg the banks, and talked at times with the
First, Fifth, Illinois, and Corn Exchnnge Banks,
and the Merchants Loan and Truat Company.
It is not a grateful nor pleasant thing to say
in this connection that the Mayor Of the city
didn't meet with very good luck in the banks.
The general expression WAS that these inatitu-
tions did not iko to lock up the money belong
ing to their depositors in long paper. It might
be all right but then, again, there might at any
time be call on them, and then they would hare
ass cts which could not be Immediately realized
on.
THE GENERAL EXPRESSION
Uas that it would not be good policy for them
to make the loan. The few who we're at all
favorable intimated that nothing could be done
in any way, unless the persons making the loan
the Council-would pledge themselves beyond
cavil that no more certificates should be issued
than luat enough to provide money to take up
those now out This must be done before any
thing like proposil ion for loan would ha con-
sNlefed in any shape
With this information gathered in various
round his Homer made his way back and tete-
graphed the result to ur. Hayes in New York,
not particularly chee1lug that officers mind by
tho tidings.
TIE SITUATION
is rather peculiar Que, and Can hardly ba
greatly improved ut present Tho New York
banks hold about -. .000,000 In certificates. and
their wholc effort is Of course to get q part OF
those documents of their hands. and back to
Chicago. That is all they expect to do Or can
do. t should OF course be understood that
Mr. Hayes is in New York simply for tho pnr-
pose Of renewing loan made last year. Tbs
money which be will got, il he succeeds in his
mission, must 60 to pay or the certificates
nov about to mature, and will IN eject go back
into the hands Of the people who maka the
loans and renew the paper. Mr.
Haves Sero after fresh loan he would get sent
ont Of every bank in Now York With surprising
su6denness.
In the end the n1atter must be concluded by
the banks renewing the paper-it is all they can
do. II it please these people to 60 to the e1-
pense Of Notary to protest the paper. they cor
raply can do it, but how it will make their c2Ge
any better ia not easy to DO seen.
The end will be that tho renewals must bo
granted, and probably will be- after the Sow
Workers have succeeded IN screNing the rate Of
inseres: up peg or two.
MAYOR EoLv1S+
A TRIBUNE reporter found Mayor Colvin last
evening enjoying . bottle OF Veuva Clicquot in
the midst Of number OF gentlemen. After
partaking OF the Mayors fayorite nectar, the ice
was broken snd the conversation proceeded uu-,
,oterruptedly.
:. t.What truth in there, Mr Mayor, in the re-
ports to tho effect that the city'a paper has gone
or will 70 20 protest." queria the reporter.
ITS id lie cir; will you have the kind
'Yes, sir, leaving the next to the last word
out"
pie he."
Ills it true that the bankers are combining
agalnst the city and intend to refuse to accept
any more city certihcates?"
''That is another le."
IT'S it true that Comptroller Hayes telegraph
ed you from New York that the bankers there
co loan any more money to this city7"
.tThat is still another lie.''
WHAT DID COMPTROLLER HAYES TELEGRAPH
yoU?"
1.-THE import Of all the kilograms received
thus far ia, that some little difficulty has been
experienced BY the Comptroller in contracting
loans in New York City but no more than tho
expressed any indications OF trouble in getting
the loan +; no. not single word"
'1But about that telegram received by you
yesterday ?"
If had it here I would show it to you. I
tell you thst contained just this, and those who
saw it will tell you the Ba1ns Mr. Hayes said
that certain peraons in New York were using ar
ticles in the Times and TRIBUNE against hin,
and weze asking why it vaa that he came to
New York to get credit for the. city,
H4f Ak f24r,
That is exactly the sentiment expressed. You
know all these articles in those two papers hare
nearly all been republlehed in Eastorn papers,
and as their tendency is bad at homa, it is also
bad Ebroad."
:. Most assuredly it did not, md / tell you
what ia more, no such news will be received
from New York City"
ut has also boen stated that You
VISITED SEVERAL OF TIE BANKS,
presumably for the purpose Of soliciting them
not to press upon you and your administration
too hard. How nbout that Z"
II did yiait d number Of the bankers about
torn, but the purpose was ltt}e more cret1lta-
tle, In order to correct the impression that the
these banlers and ascertained how they felt
about tho city affairs, and tell you capaidly
cur credit is good. and city certificates are good
at home"
viii You oblige me With the names OF those
1T is not necessary: saw number Of the
"Then you do not wish to give their names?"
~ said it was not necessary. tell you there
il no distr1st Of the City Administration except
that created BY some Of the newspapers in their
fieht against me, which they carry from per
Eonal motives to real onslanshts upon the mu-
.E-st