St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-24
MIR. M'CARDY's CONFESSION.

MIR. M'CARDY'o CONFESSION,
In one Of the panic stricken editorials
upon the subject of city finances con.
tanned in the Pioneer Press of Yesterday
morning, our eStimabie 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 a desperate re-
lance upon the Juggling ability of Mr..
McCardy, gave the following assurance
to an amused public:
when Mr.. McCardy shall have an op-
portunity 10 dissect the curious financial
statement made up by his gifted predecessor
Ponthar, there will be not much left of it,
Last evenings Dispatch contained
the promised dissection by Mr.. Nc
Cardy, which is, in effect, an attempt to
deny the accuracy of the comparison
made by Mr.. Ponthau between the in
debtedness existing June 6, 1892, the
day upon which the last Democratic
administration turned over the city
government to the Republicans, and the
Indebtedness existing April 10. 1894,
the day of the Ponthan report
Mr.. McCardy's explanation, however,
not only fails to explain, but is a SUBJ
Stantlal 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 in
June, 1892, an item of S64 1.69 inter-
est. thus raising the total Indebtedness
in June to sll PCS, 1886. %. While no eX-
PLANTATION accompanies the insertion of
this item, it is probable it is meant to
refer to the interest past due at the
time the Republicans assumed control
of the city government.
If we be correct in this surmise, is it
not little surprising that so astute a
financier as Mr.. McCardy has failed to
take into consideration the fact that
there is now large amount of past due
interest, with which. III his published
statement of yesterday afternoon, he has
failed to charge the present admins
tration as debt. Deducting from Mr..
MEGA! dy's total Of debt existing in June,
1892, this item of interest, Mr.. McCaruy's
statement agrees with the statement of
the POnthan report within 50, 635. 90.
discrepancy easily accounted for by
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 49,
1894. as shown by that report, was SILL
U48, 20l.23. The total Indebtedness to
that day. as shown by Mr.. McCardy. was
$1l,020,600. 1t will be noticed, however
that in the Popthan report an item OF
$40, l0l.23, live judgments against the
city. appears, while in Mr. McCardy's
statement judgments against the city
are not included. Adding this item
to the total Indebtedness shown by
Mr.. McCardy. we get an aggregate o.
sli,046, 701 %. just $1,000 less than the
Indebtedness shown by the Ponthan re
port. This discrepancy is made up Of
$500 difference in the amounts of bonded
Indebtedness shown and $1,000 differ
eDce IN the amounts of certificates of in
'dsbtednegs outstanding.
IL Ia possible that Mr.. McCardy's