, 1876-05-20

MEETING or TIL FINANCE COMMITTEE.
Al the meeting OF the Finance Committee OF
the new Council yccsterday afternoon, there
was very thorough discussion OF the question
Of the clty's credit and how 1t could be best pre-
served. Besides the mctubcrs Of tho Committee
there were present Mayor uoync, Comptroller
Hayes, and cx-A1d. Heath, Chairman Of the old
Finance Committee. Each 1nan gave his sug-
gestions for what they were worth, md each
man was thoroughly In earnest, rcalizing that
tho time hnd comefor business. The first thing
that starel tho conference in the face was tho
fact that between now md the 1st day Of june
the city must tn solne why or other proYiae @ do1
x300,0J0 now due, aud for tho sum Of 81 600 GOO
due after tho 1st Of June. Comptroller Hayes
having visited majority Of the Chicago banks,
he found then, dlsposcd to take good deal OF
stock in tho new Administration, Us we'll as to
tako the clty's paper. Hc had previously benin
but wa enabled to report everything In very
favorable light. There Is no doubt thattho new
with, them have inspired lcgree Ut
CONFIDENCE AMONG TIlH bankers
In the ctty's guod name md credit under this
new Administration which they lIaye not felt for
months. That their confidence is not nero
talk, thy propy.s;o to show a IT. by l.; thsir
Ieates Of co,irso c21ne W, for "a, sllaro
1k: discussion. It WIS lu,ntntcl that thetF Issue
had over been countenancel, but, looking at It
as q certain evil, the Committee were unanimous
In tho conclusion thut this ouly way tO provide
for their redemption WIS to Issue the uCw ones
until the finances OF the city should he equal to
tho paying them oil altogether: It WINS SUE
gestcd, during the discussion, that tho issuing
of more certificates would tn effect legal!zc tho
old ones, but It WIS remarked that tic new ones
conformcd 10 the very letter with Judge Meal
listers 5cccnt decisiou utsd that. In accoEsiauca
with that decision tie now certificates we're per-
fectly safe. -
mas tho general opinion TINT tue present lndcht-
edness must be nict by renewal or thu lurtlicf
Issue Of certificates, and In tue meantime the
system Of Eetrenchmuut and reform. They
would investigate the prop1icty Of abolfshing
certain offices, and cutting down the salaries t.'
'others to q reasonable figure, aud they would
d. al moneys dug tho, city from fines.
taloon.licenees, and other sources vi
revenue. Each mc.abcr had ,1cpt over h1ayor
uoynu's message, mid Ill had 1t with them ~ a
general Difference WIS pull to It's recMnintnda-
, {iols, and tho Committee Wcro unanimous In
tue opinion that there should be 1ust as little Dc.
y possible In y tns out AtoEsshor
been the means of thoroughly vtntlasipy thu
subject OF tho citys finances, aud Of resolving
upon measures to 1laintain its credit by resort
/: ing to the only possibie and lcgal lncans within
tko RVNeAs
TUE CuAIRMAN'8 v1BW8.
l. TRIBUNE reporter called Oh AID. McCrea,
Chairman Ut tic Committee, last evening, Il!
reference to the nuttcr Of tic city's 1natlcal
standing, aud found that gcntleman disposed Ia
take very cheerful view Ut affairs. Tho case,
said he, while grave, was not alarming, Ii
could bo met md would 10 met By tlIe
new Council in q spirit Of casncstness, and Will
ngencsal destro to build up the credit Ut tht
dly, already impaired by tlle mistakes Of tht
former Administrator: He Was able to statt
that The bankers Ut Chicago wero With the new
on !ts financial Tee. once more TO that eH.
they would take tho clty's paper, and thus th
city would be ablo to nettiss inaebtedness anti
reform in the administration u public ,atfair
should bring about thu prompt collection .
much-ueeded retFenchmeat In the matter q
salattea end appropriations. 11o ~As Of the op!l
lon that
ALL UNNECESSARY IMPROVEMENTS
should hc stopped temporarily, and tile expens
thuA s4Yed would DO 70 nlucl accomplished
the way Of bringing things back to tho old lovc
There wcso eome improvements, no 1onb1
which were necessary, and whose completio
would Htford further sources of reyenut
Among these was the West Side Wattr-WoFk
The bonded debt Of tho city, I'll ,00o, GOO, Wa
pretty well provided for, the Watgr-tax itsel
providing for the interest On tho Watcs.WoEs
!. bonds. 4 great many expenses could 30 loppe
on u tho 1ay!ouA departments. For tnstanc'
ete Board Of Health and tho o!tlco OF huildin
Inspector 40ordea . hue deld tor tho practice {
elqdo ;eeeaaR1ss1 len. h &Aoa1A- would Y