The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1891-08-30
Laws on Which They Rely
to Bring Treasurer
Jere Cleveland
to Terms.
SINKING FUND DEPOSITS.
They Are Controlled by General
statutes in Relation to the
City Finances.

fund money is the subject OF much anx-
ious expectancy among poiiticiauss Il
seems to forebode serious fight, and no
one knows where it will end.
The statement of Finance Commits
sioner Kenny to the effect that unless the
desired report was forthcoming the Board
of Finance would be heard from was
very significant and it is gem
orally reported that at the next
meeting of the Finance Board City Treas
urer Cleveland viii have the riot act read
to him in manner chat will make his
hair stand on end. The Finance Commits
| sioners are determined to have q report
of the sinking fund moneys, and they
| will get it II the issue has TO be decided in
court.
THE FINANCE BOARDS POSITION.
To ascertain precisely what position the
| Finance Commissioners held, called on
| a gentleman who is thoroughly in the
| confidence of those who are pushing the
case against Mr.. Cleveland and induced
| him to'give me the following statement
| for publications.
"From the published report In the Even-
| ing Journal Of the Goth inst. Of an inter-
view with Mr.. Hogencamp, of the Sec
ond National Bank, the public would be
led to believe that tile members of the
Board of Finance were ignorant of their
duties and had no knowledge OF thespow-
ers given them by the Charter and its
! supplements. That is certainly not the
| case. They know their powers we'll and
the remedies that may he applied toward
those officials who fail to comply with the
requirements OF the law. Sometimes
those powers may be filched from them.
as in the case of the liquor license money.
In the matter of the control aud manage
Inent of the finances. and OF proper re-
ports from the City Treasurer, the issue
has been referred to the Corporation
Counsel. But inasmuch as the Boara of
Finance will not meet Tor some time the
public have right to know something vt
least OF the powers the Finance Board
possesses, and of the duties of the Treas
urer. Section % of the Charter of 1871
says
And it shall be the duty of the Treas
urer to receive and safely keep all moneys
belonging to or under the control of the
city or In any department thereof. aud 10
disburse the same in the manner pro-
vided by law, and in no other. and he
shall perform such other duties as in this
act may be directed.
He shall have an office In the City Hail,
where he shall be III attendance each
day; and he shall give such bond for the
faithful performance of his duties as the
Board OF Finance may require Sections
matter of receipts and disbursements.
Section 3S of the supplement to the
charter OF 1871, approved March 4, 1878,
says;-sSaid Board Of Finance and its APP
propriate committee shall have Cat all
Jimes) the right TO examine any records,
books. files or other papers pertaining to
the business of said city, belonging to or
in the possession. or under the control of
any board or officer, or any agent. clerk
assistant or eEploye OF any snch board on
officer, and it shall be tho daty of any
such board or officer, agent, clerk, assist
ant or employe forthwith upon the re-
quest of said Board of Finance or its APP
propriate committee to furnish for ex-
animation every such record, book. file or
other paper, and to give all requisite in
formation in regard thereto
Section 1873 of the Charter of 1871, says:--
The Board of Finance shall from time to
time fix the terms upon which the funds
in the City Treasury may be deposited in
bank, including among such terms the
rate of interest 10 be allowed by the
bank to the city upon deposits, aud the
rate of interest TO be paid to the bank on
loans, and said terms shall be the same
for all the banks now existing 10 the city,
and The moneys In the City Treasury shall
be deposited and kept ia equal proper
tions as nearly Us practicable IN all of the
city banks that may be willing to comply
with such terms. and the money which
city banks shah be borrowed in equal
proportions, as nearly as practicable,
from each of them. Provided,
that when any OF said banks
shall decline to MAKE its fair proportion
of the laws required by said city, the de-
posits with said bank shall be di.
minised accordingly, and for the purpose
of carrying out the provisions OF this Sec
tion, the City Treasurer shall make his
deposits and direct his drafts under the
general supervision and control of the
Board of Finance"
sAnd again, under section / of an act
approved March 4, 1877, is this:-'It shall
be lawful hereafter for the Board of
Finance OF other board or department
having charge Of the finances of auy city
to prescribe by resolution the mode ana
manner of payment OF all interest on
bonds, registered or coupon. or upon any
other class or character of Indebtedness.
PLAIN AND CLEAR.
'The duties Of the Treasurer appear to
be very plain and clear. But in addition,
under section l29 of the charter of 1871,
these words appear Hereby COM
s.sitted to the Board OF Finance the gen.
eral management and care OF the
finances of said city. and the several de-
partments thereof among which, no
doubt. IS included the Ireasurer's office.
This being the case, the press and the
public can judge for themselves. AS to
Clukluk Il uuu OBSERVATION-DISCLOSURES. bHGtf QQ-
ties are defined in many acts Of the Legis-
lature. They are compelled by some act
to make reports every six months. and BIZ
others once year, and Finance commit
tees possess tie power to inspect their
books, vouchers and other transactions
under some acts. Circumstances might
arise where the Board of Finance would
have TO act, as for instance, say the Sink
ing Fund Commissioners had a
surplus in their possession after
the payment OF due bonds and
interest. Then the Board of FL
nance would have by resolution to
appropriate 1t to some other sinking
fund. Section 16 of the charter of 1889
gives all the power now invested or exer-
cised by any finance COMMITTEES Of any
Board OF Aldermen or Common Council,
or by any Board of Aldermen or Common
Council, or any other duty connected
with the financial affairs of the city as
the Board of Finance, aud these duties
could not be performed by that
body unless the city officials per-
torn their duties, including the
furnishing OF proper information
Notwithstanding the opinion of M.
HogeDcnmp aud the Treasurer the MEM
bers Of the Board Of Finance are OF tue
opinion that to them alone Is given the
control ana management of the finances
of tine city and every department thereof,
and under such q provision no depart
Inent can escape. IL Is no doubt very dis
agreeable to many Of our city officials TO
have to perform any du fy that NAV be ex-