The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-05-16
MR.. GRAIN CHARGES AGAIN.
THINKS THE SINKING FUND CASH
COULD HE LEYT TO THE CITY.


And Gets Committee OF ur.APpointedt 60
Sec " the Interest NCcnun' Cnn't Re I'm.
ProVed-Tho Chstie Garden Lease In.
There was jam of mon In the Mayors
of1lco when tho Sinking Fund Commissioners
mot yesterday. The unexpectel attack OF
Chamberlain Grain upon the Comptroller for
borrowing money on revenue bonds Mt from
to por cent. interest when tho highest rate OF
interest the city gets for its money on deposit
is pa per cont, and tho sharp 70 olnder Of tho
Comptroller seemed to make 1t 9 srtain thatths
session would be Lively. The Mayor had asked
both gentlemen 10 be ready with statement
but the Comptroller paid no attention to this
request. Mr.. Grain however. was ready with q
resolution setting forth the situation he la
mented, and Offering this remedy:
That committee of three DO appointed BY the Chair
to consider aud report what extent the funds of the
sinking fund now subject to investment, be
properly loaned to the city upOn revenue bonds
Then Mr.. Grain spoke to the resolution The
Comptroller was an Interesting study during
this peroration. lie puckcred UP his face into
all sorts OF shapes. Hero is "a part of Mr.
Grains speech:
1t was inmRted by the Comptroller Yesterday. thas
this not proper subject for this Board consider
insist that 1t liz. We tho trustees OF fund for
the lament OF tho city and its creditors. In spite
Of this We borrow largely at high rate OF interest,"
Nuut 10 you Call IurSpIy uSkOl tho Comp
troller.
About tOOO,0oO." replied the Chamberlain.
You call that largey2" asked the Comp
troor. scorufully. Why We have borrowed
as high as SlTOOO.0OO
Mr.. Grain asked the Comptroller not to inter-
rupt him. Then no went on with his speech.
Tho city has borrowed since May on revenue bonds
viii. va at Gay yer sGn ana in 5000" At ~ per cent
arAwing only ~ per cent interest. have been in
"Stqn.d hot POSSIBLE The then that III G m@n ~
S OF t. c ,sI ace .oT msRS ne indeotSdness
tsIday HI G?mpt[oi h nse TO raiectng
SekSs IN afss sums ana orrowF o small ones i' xe
GGece il that when We Want to 6Srraw money W"
ave 70 pay arger rate Of Interest tHsn would other.
would borrow money only by pop'iIsr subscription I
s6s Tor !" tel US ar %G Ought not to al.
troer tell Why they were ever Ecpt cHGessed
To this the Comptroller responded:
Why there If y" secret about VI" matter The law
ssas tS % W Of nsG
n sea Year IN i a the s @ 0 Zach
later ana pr e e.4 Ms SsRs
various claims to meet. aqlmnst keep SONS money in
and saving: SSnt wch nc oTr y'F
w 1 nne b $50 Mr. nnx re- have 60 90
them Bat n re metI n of nye,pg Tn rstta Of ~
am Therefore in favor Of the resolution nave moth.
ing to c%nrsn o As al an pSraon Of the sudden do
have received notice that tho wants the rest Of
its taxes at once,
The Chamberlains resolution was changed
to read. n committee OF four instead of "a
committee of three" and was then unanimous
" adopted. The committee consists of tho
Mayor the Chamberlain, the Comptroller. and
the Recorder.
The proposal to lease Castle GARDEN to the
Federal authorities was discussed without re-
suit. and was finally referred to Corporation
Counsel Clark for opinion whether the
Board can let or the Emigration Commission
ers can sublet to tho national Government.
Emigration Commissioner kidgwav fled pro-
test against leasing the Carbon to any one eS-
cept him self and his colleagues.