New-York tribune., 1890-06-26
AT ODDS OVER FINANCE.
SINKING FUND COMMISSIONERS HAVD "A
LIVELY MEETING.
THE CONTROLLER THINKS CHAMBbKLhtN
GRAINS POLICY pF BORROWING MONEY
aAYORss OF KINDERG AKTEN METHODS.

GRAINS POLICY HF BORHOWiN" "'NHA
sAvoRs OF KryDERG ARTEN METHODS.
Controller Myers and Chamberlain Grain renewed
their discusion alout what the citys policy ought
10 be IN relation TO borrowing money, at the session
Of the sinking Fund Commission YESTERDAY inc
trouble began when Mr.. Grain offered the report VI
the committee appointed 10 investigate the suDIcco'
signed by the Mayor. Recorder ,myth ana hi'iscl'
The report said that the committee had gwen INC
subject careful consideration in all its bearings, ap'
preciating not meelv what was the gravity Oh '"o
situation which led 10 their appointment Dut aiso
the dangers be apprehended from the encourage
ment II a policy Of allowing a large amount OF the
sinking Fund tO lie for considerable periods OF tme
uninvcsted7 The committee recommended "t'a'
hereafter in all preference be given the SHINING
Fund in the matter of investments upon revenue
bonds Whenever. at present. the condition Oh INC
money market is such to require the city TO pay
high rate 81 interest upon the money oDdiheu ir""
persons or corporations"
Controller Myers objected TO the report ana sad
with sspcrity that he didn't understand the reason
for such extraordinary action. lie presumed he sald
that II done for the appearance Of the thing
Mayor Grant expressed surprise at the Controllers
objection. Deputy Controller storr,,r the Mayor
said. present last meeting. and said that
the Controller would agree to the report
The Controller gave Mr. stOrrs look Of severity
and said why. told MI >torrs that wouldn't
attend your meeting. told him that he might 60
and see what done If he pleased but that
wouldn't go
WELL returned Mayor Grant, Mr. Storrs did
come and he did not object to the report"
Controller Mycrs's anger had been rising rapidly
and directing his gaze upon Chamberlain Grain, he
said sharply II the person who drew that report
had known anything whatever of the policy of the
Finance Department. he never would have drawn 1t
up. The trouble with him Is that he doesn't know
anything about finance and doesn't keep posted
he Cont roll ed IN chamberlain
another lesson about the imaginary basis" OH which
the city does its business and Nneered at MI cram
"Gimsy idea Of exacting high rate OF interest from
tho taxpayers very small and pcttifogsng policy
indeed II savored. he said, of the kindergarten
in finance Mr. Myer, wound up his nvcctivc by
declaring that he ddnt propose to be dictated to by
any but did not finish the sentence The Recorder
asked Any whol'
u mean replied the Controller, scowng darlIy
"any such person as the Chamberlain The report
simply puts file tumble Of words amounting to
aothnG."
Chamberlain Grain cool as If ice was the
cheapest commodity in the market The Controller >
he said. may think IL l. impossible to get loans from
the Greenwich savings lanh at less than 1 per cch'
and this il inc reason nave ieIi 0pHscu 10 ,di d
cntion this matter. Recently the city hi1
s2OoocO0 drawing only : Il per cent interest ana
waS borrowing al the hi-h rate OF pe cent >ih'e
l advised u-ins the money III The SINKING fulld I"
loosen the marNcl by iiHnlgT coincidence rates
For Heavens sake say what you know" broke
n Mr. Myers
Well Mr. Grain replied H. fact, the change
hhs resulted in - saving 10 the city already of about
$1,000 year. rhc intent Of thc report Is to nave nave
the Controller continue his policy of borrowing from
sinking Fund-not when he plca>r> OnlN-bui
Tho Controller atiacAed the report again Sohc
% t. ;atcmcg> were untrue. he sud. u" - cy N "~ed @
iBC state +f.DO.OOp for taNc> and only s3'oOOoVo
lad been paid Therefore the money borrowed really
belonged to n" 'tAtc No controller oi Ncw New @ lCrh
had ever lcf1r succeeded In obtaining such low rates
~ interest IN continue to borrow where please
Nj NNcr, added.
Recorder Snyih said that the Controllers woMS
away, had greet weight with hlm. bui thcy h"I
not satisfied him that the resolution was uhwl,c
lou say NJ controller" ia" Recorder added thhi
you will do - you pleas. | Supposed. when You
sent vonr deputy To- represent Won IN the committee
trat Nou iif object to the report
Ndrrt IL II yOu like tn Controller retortd
bui | gave yon fair notice that III pay no attention
10 IT, You have 80 right 10 interfere WITH my bnSl
re>s Examine the books II yOn want 10 III Ten
vcaTs no Controller Ia, made better record
Ater a bi,tnr alteration over Deputy controller
storr,s action at the committee meeting ana dcba1c
n, 10 how far he represented or ml>rrprcseltrd thc
Controller the resolution was adopted, To /, Con
troller Myers voting No