, 1876-05-04
CITY CERTIFICATES.
The Comptroller Finally Settles
OH n Form.
Correspondence with New York Parties
on the Subject.

Correspondence with Now York Parties
on the Subject.
Tbcro has beon much said. and nauoh specula-
tion has beon INDUCED In, regarding tho com.
municatton that Comptroller Hayes Las held |
with psrtos In the East relative to the new form |
Of city certificates and tho probable result Of the
step taken by tho city authorities as regards its
financial difficulties. Tho clty's employees, who
nu,uper nomcttlna like 1900 souls, have been
particularly anxious, AZ the receipt Of thoir pay,
10 it forthcoming sooner or later, depends on
tho succesa OF tho Comptroller In obtaining
loans To moot tho growing demand Tho result
of tho labors may be briefly given. When tho
new form OF city certificates WAS prepared 1t WAS
telogtaphod 70 sfr. George 9. Coo, President OF
American Esea@9s Dank saao OF NoT Yof6
chicagos credit. and who ono Of . number Of
consulting capitalists In that cy,-wlth the opa!on
pron u1 ~ sr Co.. arorabs answer xss rcseIvsd
~ noted boforo In this paper.
TIE TELEGRAM Was AB ToLLoWs:
Please show The form Of now certificates to other
paFsa Ipafsea.ris Il .a.las q
tIat. tnai:'' Thas il loes not rioato tae obl!Ra.
tion in case of default, but Me holder
isstea M for 'hs assoant, and o.lsnso viii iasrs.t
NJ coectcd aud In clse Of shortage IN taxes tho city
nreel sS1s e ag aes cer becsto q more ready noso
bty, aud becanso 1t utzoa ollE excellent credit for
paying Ill o,r paper at lnaufsy 81 sil,1a3:r M.1xs
| At1er tho receipt Of Mr. Coos ansuer the Comp
TT II xusd add 10 What said IL ny, dispatch Of !o
day on the p0wer Of nxlug certain 1iy OF payment
rs IT, vii b. !; p.yns lie proposonste Of
tax collected, md torrowug Of now party, 4 you
assgnug ho uneollocted Ia Of the proper year
urity. ,, a.
holder viii bo nettcr than TINT Of tho holder Of bond
payable that day. md issued under a e1presa power
p our sne sSsme cor. III ha1s decds 4
settled lsw Of th!s stats, that ntser 1uag-
s nj eo1psr.ss hes sssa e9eeea 9ssss anst T. S
On It's property. aud the only rocourso Of tue tudg-
9s H. rLs 1 IT,
10 10 collected and II tho corporation refuse to pay
from Tho proceeds :n9ther mstdanss can BE- sued 10 cut.
aueh Il the situation Of the holder Of tho bond.
Tho holder Of tho reyenne certificate already lAs Tho
n,andasnua to compe lie Is therefore twe stels Or
aso Ia adsaneo tho leusth Of TINE which would elspso
between the nandanlu' md the appropriation .nd
legal righia aro precisely Tue same a.er the rrein
1nary procce&ngs.-tllat Ia, the bondholder eau do
no mora to enforce payment than ihc ce1ahcAtc-
Suppose part Of tho tar assiensd to tho cestia-
cate.hoticr should fail Of collection, new tA1-ldEy
can bs compelled for tue deficiency by fnundamta.
tho corporation is bound by law o uso regular az. suf
iicent ro seedlings. TINS hss boen treqentl9 decided
in this State In from Chicago, won the city con-
tractcd with parties to do work for which special as
scBamcnt waA made upon property benefited, ala ths
only C. iaso o ths co.ee snsn.
s rendered sanst Tug ey S,Sa n" gsSa
ess' tho pubjees @ VIII tsa following aan!smen, vic
arc probably Al known to you, viz: hesss' v. o.
k p ee;d's II hs sl..snts1 u a'fss f.
viewa hare presented Lercn, ~ agreed upon read-
Ing tho form OF The certthcse, that VIZ complete
and contained assignment III equity Of tho M1leyy
as o security, and would b. stronger and better IN
strunent fof the leu1ar than any oshor bond or obi
Il ocet,ss 10 ms aso tha IT ia proper to ax in The
cestineate definite Tine Of ayment for t,e rcasos
is money ut uncertain intervals. rshon ho doc,
mt want or expect it, whereas u is the dut,
pay, and il e paccs tie time Of maturity beyond thu
time be Is tho proper party TO hold tho money ans
s no n h 10 ssIa
J. tho oer.hcate becauso dosire lu lene1t cf tn.
sound judgment I'd ripe experience Of you.aea and
securities and who will Wish hereafter perfectly aaf
and tudicious investment md because prefer awsy
and circumstance that may become material In on
II viii add thas propose to obtain tho passage o
All ordinance limiting tho Isaue Of certificates oil cor
tain portions Of tho x esy YGu,s .1ss sFy 1y,ntrosr
"p.s-1 .ru holding tho cernsates for any fufshe
suggestions froul you. which pleaso send Monday"
IL THE FORM.
hIAy 1-Mf. 1Inyea received another dispatch OF nE
prevail. Tho form Of tho certiAtate ts finally dcctct
y JuHe McAl!istes, regarding ~ ~ matter Of grs
n fornsly In conference with the Comptroller. an
said that ho conaaFed co'uplota and sufficient, III
daIs Il T ae enoa G as b1 n from Il
h Tue complete foru,. IL 1t will stand, Ia now 70
y "Thts Is to certify that ---,-..nna nna advanced
g, Chicago =, iss swta q, ~
ssf' se ' !' s. T. =
4, 4 : or order Jane j. is;,. .nd Without sIsse'
s oso vim I Of ha ta0 rse Ss
.yss ,x Il: s:ss q. 1ssn .s s; h.
.9ss s. e te ~'as rsu ta' s f'fs. t
amoaa, an III q ths appropriation fcr tho nbova .eeeu.
ia ana MT exceeding 10 pts een Ut tue amount oi y
ia will be held aud arplied thereon. Az Of ,.h!ch
sanctioned by Mayer. tho Finance Committee al
duly authorized by law md by tbs ordinances Of ~
ed lin teat!1nony whereof the Ma5or." oto: &C. m !.
n turn auirs haYe akon md he ises confident Of oyt
an coming past diAteuItlcs. He does not kuow When
=, will 60 East perhaps not ak all uneas ho aInnla
IT. in his proect 10 borrow money Vt homo capitalist
10 which he Think ha cAM DO o Ina VtcelYed other III
40 squally nasurtuB dispatches from tho East
k. which o*r loans. should thsy 10 needed, from u
Atter a. befuro 41. 10 feels rlo4so and tAo el
ia Ioyes who understand ihe condition Of sd.ira
ls daily expectation OF tho long postponed lay.dAy.
IL -@--~
e!f FINANCIAL.
@ 6psctot D1srateh to 1hf Chltdga Tribune.
ANN AnBoR, Mich, May al. II. Maynard,
.er s1touH!yo dry.yoods merchant Of tnta city, ma
= s-S Al assignment to-day.
nv Reception.
OF Mr. Noaher viii open bin gallery, p51 WAbash I,