Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-10-14
TERMS OF THE DISPATCH.
PITTsBURG, TUESDAY. OCT. IA, 1890.
MUST BE MET ON ITS MERITS.

The extraordinary bill which Mr.. William
J. Howard filed in court yesterday against
the city officials and city repositories looks
like the beginning of bitter and remark
able contest Mr.. Howard insists that he
stands only for his rights as taxpayer
seeking to secure the investment OF about
81 ,OOO, 900 of the city moneys at interest in
the sinking funds to meet the city debt as
required by law, in place of having them
living fallow in the banks. On the other
hand, the parties specially attacked insist
that he is acting on behalf of the Pittsburg
Traction Company to impede and embarrass,
and, if possible, prevent the operation Of lts
competitor, the Duquesne line.
Taxing the latter view first, if it be true,
it is well TO repeat what The DISPATCH
has heretofore said, that the public welcome
competition. Ii it get two good roads in
place of one, and facilities for travel multi
piled, it will feel all the more pleased. There
will be soon, if there is not now, business
enough for both to make handsome profits.
Mr.. Howard's Lill can therefore gain no
strength from any suspicion which may ex-
ist that it is fled in the interests of railway
monopoly.
But, when this is said, his allegation as 10
the financial policy of the city in keeping
large sums of money intended for the sink
ing funds without investment must be met
on their merits. His contention is that over
81, O0O, 600 has accumulated in the deposi-
tories because the Finance Committee in
rtrrotad 4ba Corfrn1lar mt fo invect ~ of a
rate which would earn less than 81 per
cent. The question that will occur to the
taxpayer is whether il is better to have such
large sums belonging to the sinking fund
moneys earning less than 81 per cent, or earn
ing nothing at all, as it is conceded is now the
case. The point raised in answer to Mr..
Howard, that the city at times borrows
money from the banks without interest, and
that the large balances which at other times
accumulate in favor of the city, only counter
balance the accommodation, is neither clear
nor convincing. While the sinking fund
purchase went on regularly under Con-
troller Morrow's direction, the banks were
well enough satisfied to do the city's bust
ness and glad to get it.
As for what may be described as the "per-
sonal' part of Mr. Howard's allegations,
they are composed of criticisms of the COM
position of the Finance Committee, and of
the private undertakings of the promoters of
the Duquesne Traction road. 1t is not easy
to see how Mr.. coward expects the courts to
take cognizance of those. The Councils are
elected by the people: if the quality is moor
it rests with the voters at the election to
change it. The transactions of the Traction
people with the banks are private, and, as
long as they are satisfactory to both, are
hardly matter for public criticism, much
less judicial inquiry.
But this very circumstance only makes it
the more imperative that the policy and re-
suits of the Finance Committees fuancier-
ing should be thoroughly and effectively
investigated. If the sinking fund moneys
are not being applied to the best advantage
to the city, there should be an immediate
rectifcation of methods.
So far as ulterior motives, if any such ex-
ist, underlie the bill, they may be dismissed.
So far as the proper manner of discharging
the public business is concerned that part of
the complaint is on its face entirely peril
nent and must be promptly considered. The
public can be trusted to discern between the
two aspects of the case. In nutshell it is
this: The taxpayers are entitled to as prompt
and beneficial disposition of their funds as if
their business was private one.