New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-11-06
OPEN SATURDAY EVENINGS.
HURTING BROOKLYN'S CREDIT
RECKLESS CITY FINANCIERS.
ILLEGAL ISSUE OF TAX CERTIFIcATEs-How
THE RLUNDER WA: MADE.


THE BLUNDER WA: MADE.
Another instance OF the shameful mismanagement
OF the financial affairs OF the city Is shown by the
tangle into which Controller Jackson and Corpora
lion Counsel jerks have involved the city by an IL
Legal Issue OF tax certificates. When Mayor Chaplin,
whose experience State Controller led him 10 thlns
that he was great fnancer, at the head OF the
city government ne and Controller Jackson managed
a sale of city bonds 80 that there were no bids, ana
the city had great difficulty In getting the money {"
pay for property needed In Bridge improvements
Now the Controller guided by the advice OF Corpora
on Counsel jerks. issued tax certificates to run
for three years when the law only authorizes them 10
run for one year. dlsgIacng the city's credit
A question has arisen In regard TO the validity Of
the issue OF 81 100000 OF tax certificates by the city,
They were issued in former years, 10 run for three
years but after the award had been made 10 the sue
cessful bidders they discovered that the law did not
permit the issuance OF tax certificates for more than
one YEAR This law passed by the Legislature
last winter but Its existence was not known 10 Con-
troller Jackson and Corporation Counsel jerks The
latter has been so busy making campaign speeches
that he has not found time evidently to inform HIM
self OF the law.
The issue was awarded as follows; 10 the DRY
Deck savings Bank OF New-Yorl 100000; TO the
Kings County savings Institution, $4,000, TO the
Williamsburg Savings Bank 100000 TO the Dime
Savings Bank, OF Williamsburg. $4,000. The DID
Of the Dry Dock Bank was In behalf Of Itself ana
the Greenwich savings Bank, and before they TOOK
the certificates counsel informed them OF the Law
and notice was given to the city authorities OF the
matter on Monday. IL referred 10 Mt JeAKs' Uus
he has not We, written and opinion regarding IT,
Counsel for the banks hold that while the issue iof
one wear might be legal that for three years was
NOT and that there was grave doubts whether me
certificates could run for that period; ad ndw,.ss
given T. refuse take the aSards unless eohpehe1
10 by the courts. .-,- Nab
President Rhoades OF the Greenwich savings DANE,
sod Yesterday that the refusal take the ceruhcaes
was not "A reflection upon the credit OF Brooklyn uu'
simply due TO doubt regarding the validity Vi .he
issue The act OF LEGISLATURE was passed dst WHIT
and Controller Jackson surprised 10 learn OF II;
The CORPORATION Counsel, whose GUY II was 10 va
him OF H. had not done aud appeared SurpTIi,ern
10 learn OF thp act. President Nils, OF the Dry Doeh
Savings BanA said the matter was simply N aDesa hn
II the issue Vas valid the certificates would o.
at once The Tegi stature passed 81 many hhhhs
laws that IL was almost impossible to keep ra'A VI
them. ,.,, -, c.rrc.
Rank ,,J his institution had taken the certificates
and had no doubt that they were good lnVes'mens
II the issue Is declared 10 be invalid II may cause
10 the city finances Tor THIS month"; az
the nancy from the tax certificates Is needed "
carry on The financial interests Of the city unnl nv
,oxes are collected As these will come In on Deem
Der the delay will be brief Last year the hnan.,S
authorities of the city could not sell per cent BriGgs
bonds and the rate was raised Ia per cent. Ihs
question OF the proportion Of the deot on me cou's
allowed by law raised In the sale OF county oonu,
the East River savings Bank has not yet been se'S
and Is In the courts.