The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-05-15
CHAMBERLAIN CRA1v SPEAKS UP.
And Comptroller Myers Says His Ignorance
OF Finance 10 Lamentable.

| Comptroller Myers exploded again at the
meeting OF the Sinking Fund Commissioner
| Yesterday. The surprising thing about the ex-
| plosion was that the match, q wholly unex-
pected one. was applied BY the inofIensive hand
| OF Chamberlain Grain. Collector Erhardt and
Emigration Commissioners Stephenson and
| hidRway were on hand to take part in the OK
pected discussion over the proposed lease OF
Castle Garden to the Government but this
matter was postponed until to-day, owing to
the absence Of Recorder Smyth. The Board
| was on the point OF adjourning when Mr.. Grain
called attention to o renewal bond and q check
drawn to the order Of tho Comptroller by tho
Greenwich Savings Bank for $4,000. Tho
bond was to run until Oct 20. and was to draw
per cent. interest.
wish to call tho attention Of tho Board"
said MIR. Grain. TO this bond, and to state tn at
the city has money in different banks and trust
companies which is drawing only az per cent.
interest The city has $4,000 in the Holland
trust Company at az per cent. and this same
company has loaned the city $4,000 for which
1t gets three per cent l think this Is bad way
OF doing business, and that it is the business Of
this Board to Examine into the matter"
during this speech the Comptroller moved
uneasily 10 his chair and his face flushed.
When Mr.. Grain had concluded he said:
admit the great saRacity. brilliant intelli-
gence. and bright ideas OF the Chamberlain but
beg leave to inform him that It is improper to
bring this matter before the Sinking Fund
Commissioners The trouble with him is that
he doesn't know anything about finance. and
that he doesn't keep posted. He Is ignorant OF
the policy OF the city which docs it's business
concerned. :, The cty's policy is TO borrow
none money on the beet terms Il, can. The former
SnamDerlalns understood this. 1t is necessary
money market a few days ago went UP to 10
adS s1 s teqay # per S esn
berlatn would take the trouble to come to mo
would explain these matters to him, but a
,aawyers office Is q bad place In which to learn
81 :, thank the comptrolleE" said Mr., Grain.
yer's office 10 a bad place TO study finance in.
but this matter is 50 simple that supposed
that even gentleman who grad uated recently
me- me. -. continued NJ. Grain. and the Comptrol-
should be brought up here. The Comptroller
than Cent aPd Il BECAUSE his @
tempts to make such loans that, I have felt
city is dfsTnS
only ~ per cent; interest, ter contend that is
Is il a wise policy to drain the city treas
uryin sharply asked the Comptroller
why don't you get better rate OF interest
than pa per cent?"
How much money is there In tho sinking
fund now Z" asked Mayor Grant.
What is the usual amount"
That depends upon circumstance Two |
million dollars Is what We usually keen. We |
owe the State $4,000.OO0 OF taxes. We have |
paid 8500.0OQ OF this. and l have drawn a |
revenue bond for 100000 more"
Mr. Grain.
"Pshaw!" retorted Mr.. Myers with the ut
most contempt " that is absurd ~
and Comptroller should both prepare state |
ments OF the case, which would make 1t clear.
to-day.
Tho Comptroller was asked after tho meeting
what be had to say in regard TO the criticism OF
the Chamberlain.
The Chambersin's ignorance of the fnan-
cial affairs OF this city" he said. is lament
able"