Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-08-29
WHAT THE MAYOR SAYS

In Regard to the Insinuation That
There Was Any Money in 1t
for Himself or Sargent d Co.
Through the Use OF the Money
Loaned to the City by individuals of
Late-About sixty thousand Dollars
Put Into Circulation by tho Mayors
Plan.
Last evenings Union called in question
the philanthropy of Mayor Sargent In ref
erence to his plan for borrowing funds
from the people az loan for the city OF
New Haven, and added:
'The niger in the wood pile was reveal
ed last week when Mayor Sargent, who
had deposited the money received WITH Il:
G. Stoddard, city treasurer and president
of the New Haven County bank, approach
ed Treasurer Stoddard and asked for cur
rency. Stoddsrd was agreeable and $l4,-
900 was counted out of the funds which
were loaned the city and was taken by
Mayor Sargent, the mayor giving oerti-
fed check on Sargent & Co., the manu-
featuring concern, as security for the
sum.
A few days ago there was runor that
Sargent & %. would be compelled to run
on shorter hours because they were handt-
capped in their efforts to get sufficient cur
renoy to pay off their help on regular pay
days. One of the Sargent's went to New
York Just previous to this announcement
to get money, but came back and reported
that currency was at discount of from 2
to 4 per cent month. They were in q
quandary and precipitately gave out the
information that consequent on the imam
cial stringency stoppage of the big works
was probable.
Meanwhile Mayor Sargent, who Is presi-
dent of the Sargent company was not idle.
Rumor had it that he lay awake o'nights
over the situation. At any rate he evolved
a course out of the difficulty in which his
| mandatory found itself. His relief was
| none the less than the money borrowing
| scheme which is now in operation. Suf-
| foe 1t to say the scheme began to work.
! posted it with President Stoddard's bank.
When sufficient had been collected the
mayor waited on Treasurer Stoddard and
asked If he could get loan Of some of the
| money, as he needed it with which to pay
off at his factory. Stoddard thought he
could spare the currency, and the loan and
| certified check. as before stated, sealed the
| bargain"
Mayor Sargent was interviewed last even
ing by COURIER reporter regarding the
above story which embodies rumors thai
have been floating about Getty for severa
days. The mayor promptly and genislly
responded, producing vouchers to corrobor
| ate his statements.
Said the mayor: Here are the facts on TIL
case and am glad to lay them before tn
public. Ny first deposit of this loan money
| was made, as you see here, August Fl
/ Tho ia aonrnaifod OF <ha ~
bank with the treasurer of the city of New
Haven, Mr.. E. g. Stoddard. My first de
post was the sum of $30,331. Mr.. Stod
dard had been away from the city and hai
Just returned. He came up to the City hal
to zee me In his official capacity ant
at the same time being interested in seeing
| the greenbacks come in. Now $4,000 O.
the money I had received in the city LOAF
was In small bills. told Mr.. Stoddard
was ready to make my first deposit of thil
money. asked him If he wanted all thos
small bills. He said his bank was In no neet
of them, its deposits being so largely from
merchants, and 1t having but few pay roll
for manufactures TO make up. I told hin
the City bank, which has number of pa
rolls to care for, and that bank woul,
therefore be glad to receive such mass O
small bills. I suggested that give him th
City bauk's certified check for the $14, 900
He assented, saying it was perfectly agree
able to him. That arrangement woul
entirely suit him. So deposited the $14
600 in small bills in the Cit
bank and took certified check thsrefo
which with the rect of the bills, which wer
of large denomination, and various check
which had received, making the $50, 33
in all, deposited in the County tank
Since then I have deposited almost daily i
the County bank the amounts received fo
the fund. So much for that story.
Up to date by my plan Of raising fund
through loaning money to the city hav
been the means Of putting into oiroulatio
nearly $50, 900, largely in small bills. Sal
gent & Co. have not profted by 1t an
, more than the rest of the manufactures
| SO much more money has bsen got int
! circulation, that is all. And by the way
. although have the honor to occupy ii
honorary position of president of the Sa
gent company, very seldom nowadays 6
8 the factory. I have not set my foot on Il
r Sargent factory premises in the last tv
| months