St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-24
M'CAR0Y C0NFESSES
Ee Attempts to Answer the
Democratic Committee,
Gut Does Not Explain His
Financial Juggling.

In one of the panic-stricken editorials
upon the subject of city finances con.
tanned In the Pioneer Press of Yesterday
morning. our estimable contemporary,
apparently suffering acutely. under the
consciousness of its own inability to re-
fute the statements made in the Pom
than report contained in Sunday morn
ing's GLOBE, and with desperate re-
lance upon the Juggling ability of Mr..
McCardy. gave the following assurance
TO an amused public:
When Mt. McCardy shall have an op-
portunity to disseet the curious financial
statement made up by his gifted predecessor
Ponthan, there will tie not much left of it"
Last evenings Dispatch contained
the promised dissection by Mr.. Nc
Cardy, which is, in effect, all attempt to
deny the accuracy of the comparison
made by-Mr. Ponthan between the in
Gel tedness existing June 6, 1882, the
day upon which the last Democratic
administration turned over the city
government 10 the Republicans, and the
Indebtedness existing April 10. 1894,
tile day of the Ponthan report.
Mr.. McCardy's explanation, however,
not only fails to explain, but is sub
stantial confession of every essential
statement made upon this subject in the
report referred TO-. - .---.--
Mr.. McCardy adds to the Indebtedness
Shown by the report to have existed i'm
June, 1892, an item of s64.4l1.69 inter-
est. thus raising the total Indebtedness
In June to 81, 26S, 1882 While no ex-
PLANTATION Accompanies the insertion of
this Item, tits probable it is meant to-
refer to the interest past due at the
time the Republicans assumed control
of the city government.
Ii we be correct in this surmise, is II
not little surprising that so astute
financier as Mr.. McCardy has failed to
take into consideration the fact that
there is now large amount of past due
Interest, with which. IN his published
statement of yesterday afternoon, he has
failed to charge the present admins
tration rs debt. Deducting from MIR.
MEGA: dy's total Of debt existing in June.
lS93. this item of interest, Mr.. McCardy's
statement agrees with the statement of
The Ponthan report within %, 90,
a discrepancy easily accounted for bv
the tact that the figures of the Ponthan
report were made up to June l, 1892.
while Mr.. McCardy's figures are appar-
emily made to June 6. 1892.
Mr.. McCardy'S statement of the CITY
Indebtedness. existing April 10, 1894,
corresponds substantially with the state
ment contained in the Ponthan report.
The total city Indebtedness April 10.
1891. as shown by that report, was Sill.
O4S, 2U1.23. The total Indebtedness to
that day. as shown'by Mr.. McCardy, was
Sll.O20,GO0. 1t will be noticed, however.
that in the Ponthan report an item of
s2G, lOl.23. live judgments against the
city. appears. while in Mr.. McCardy's
statement Judgments against the citv
are not included. Adding this item
to the total Indebtedness shown by
MIR. McCardy. we get an aggregate of
81 ,O46, 70l %, just 81, 500 less than the
indebtedness shown by the Ponthan re.
port. This discrepancy is made up of
s5CO difference in the amounts of bonded
Indebtedness shown and S1,CCO differ
ence In the amounts of certificates of in
deDtedneSS outstanding
1t is possible that MIR. McCardv,s
books, when examined by MIR. Ponthan
and Mr.. Franzen, at noon upon the 19th
OF April, were incorrect: or it NAV he that
the explanation lies in the fact that be-
tween noon and the close of business
upon that day $1,000 of debt was paid
from the city treasury. In any event.
the discrepancies to which we have
called attention are ridiculously imma-
terial.
MIR. MoCardy's statement is. in ALI ,e.
spects, asubstantial admission of the cor
RICHNESS of the figures contained in the
Ponthan report. Why Mr.. McCardy
Should have charged the Democratic adj
mlnlstration with past due interest and
has declined to make a corresponding
charge against his own administration.
ana why he has overlooked with such
cool indifference the existing records
In the office of the clerk Of the district
count, and chosen to omit the snbstan-
tlal Item of s26. 10l.23 Of judgments, are
ihihgs which no one but Mr.. McCardy-
VINO is, by the way, responsible to the
public for the statements which he
makes, not as an individual, but as a
city tflcial-can satisfactorily explain.
In hne. the only real attempt at an
answer TO the statements contained i'm
the Ponthan report that tue Republic
ans have attempted to put forth thus
far is a weak insistence upon the asser-
ton that tax levy certificates are only
short time notes, which will undoubt-
edly soon be paid out of incoming taxes.
Exactly why Mr.. McCardy and his Re-
publican associates should consider a
short time ,nOtela less serious indebted.
ness than long time note it is difficult
to understand. In the mercantile world
an Indebtedness which is shortly to be-
come due is considered rather more
serious torn of Indebtedness, and one
fraught with more serious peril to the
debtor, than is an indebtneSs maturing
in the Indefinite future.
Certain it is. by Mr.. McCardy's own
admission, that the city does owe this
amount on these certificates. and that
the money obtained for their sale or me-
COLLATION. has gone into the city treas
ury, and has either increased the mu-
nIcipal assets or diminished the mu-
nlcipal Indebtedness. In his statement
OF cash he necessarily takes credit for
tie proceeds Of these certificates Of in
dcbiedness. No adequate reason has
thus far been given why he should not
Ne charged Wjtb tie amount of the liza.
Willy IDYo.Yed IN their issue.