New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-04

MANY METHODS OF JUGGLING WITH BONDS
CONTROLLER FITCH ISSUES A REPLY
TO THE MAYOR AND WRITES A LET
TER TO THE TRIBUNE.
Business men and taxpayers in every part OF the
city were talking yesterday about the message
which Mayor Strong to the Board OF Alder
men on Tuesday. There apparent In the talk
a feeling OF admiration for a Mayor who would
come out and tell the truth boldly and also feel
ing of disgust with the Tammany officials who
had been fooling the people into the belief that
low tax rate was proof that the city affairs had
been conducted honestly. Many Of the most INTEL
lgent men in the city declared yesterday that the
charge made by members of the Chamber Of Com
last fall, that the Tammany officials were
resorting 10 the trick OF raising the assessed vau-
alton OF real estate in the city in order TO keep
down the rate, TO be true, In the light
OF Mayor Strongs plain message describing the
System Of financial juggery'
To all the talk about official corruption in the
city the Tammany leaders had one reply: Look
az the tax rate" When citizens expressed curioS-
ity as to the by which the Tammany chiefs
had suddenly grown enormously rich, the Tam
many reply was: Look at the tax rate. That
shows that the city government is being run hon
estly and economically" Richard Croker was
city while he. az the boss Of Tammany was the
citys "uncrowned king Mayor Gilroy gave out
long interviews in which he declared that the low
tax bills should satisfy the people of the city with
the Tammany administrations
Now It is believed Judging by the talk about
town yesterday. that during the Tammany admin
istra tons the city finances have been jugged sc
a virtually 10 conceal a deficiency Of nearly SZO,
600 00O whicn the people Of the city will have tc
pay and which will swell the tax rate under the
reform administration. The part played by Con-
troler Fitch in the jugglery was spoken OF yester-
day as having been made plain by the Mayor from
reports submitted by the Controller himself in re-
sponse 70 the Mayors demands for specific infor-
nation The Controller was in state Of mind
yesterday when ne read the Mayors message, and
he busted himself in the preparation Of what he
declared would be both an explanation and re-
ply but the statement Of the situation which had
teen made by Mayor Strong regarded by citl-
zens generally unanswerabe. When the peo-
pie Of New-York elected bank president Of recog-
nized ability and honesty in financial matters as
the Chief Magistrate II the city. it said they
had protected themselves against further Jug
glery
Mayor Strongs message 10 the Board Of Alder
men was the theme Of considerable talk and dis
cussion in the banking community yesterday
and praise for the Mayor was heard in every
banking house in Wall Street and its vicinity.
Probably no set OF men I'm the city gave the
Mayors message more careful consideration and
study than the bankers. for II presented TO them
an unusual amount Of interest not only on ac-.
count Of it's disclosures. but also because II was
n message prepared by a man whom they knew
Understood what he talking about. The fact
that Mayor Strong has been a banker OF promi-
| foJ oh Wit
ing his message. and they were all pronounced In
their opinions Of the thoroughness Of his work
in exposing the rotten financial methods Of Tam
many Hall
While the bankers had known that Tammany's
, financial methods were not in strict line with the
regulations of business. It was not thought that
such p colossal system Of financial jugglery had
been going on. and the deeper the message was
studied the more amazed were the men In the
banking community The facts which the Mayor
| has learned from the figures Of the Controller
show such a vast system OF plunder and Doodle
for the Tammany officers and such vicious at
tempts 10 deceive the taxpayers that the bankers
of this city who have been sufferers from the
defalcatons of dishonest employees. are led TO say
that Seely and his class were as nothing COM
| pared to the robbers OF Tammany Hall. one
weU-known banker said yesterday, n speaking
Of the exposures that he Lad seen and read
OF the methods Of defaultng bank employees but
he had never seen or read OF any more gigantic
fraud than that exposed in detail by Mayor
Strong Of the previous municipal adninlsua-
ton.
The claims AGAINST the city for which bonds
| have not been issued, amounting TO nearly w.
600 600 which must increase the bonded indebted
ness for the year 1885, presented at once 10 the
practIsed eyes Of New-York bankers the wicked
| endeavor of Tammany to make the public believe
that the city's debt had not been increased
under Tammany's administration.
The bankers considered the Mayors message
| an admirable and explicit presentation or facts
| which will prevent the public from making any
mistake in pacing the blame Tor the great m
crease in the citys debt at the end OF this year.
and they expressed their satisfaction az the
| splendid way in which the Mayor disclosed TAM
manys trick of lowering the tax rate by increas-
| Ing the valuation.
THE CONTROLLERS ANSWER.
| Controller Ashbe F. Fitch last evening made
| public his reply to certain statements IN Mayor
| strong's message to the Board Of Aldermen. Mr..
Fitch said:
| The MAYORS message is made up OF two parts. one
OF them consists of the statements prepared Tor MIN
with great care by this department which are cor
rect The part consists OF two or three state
| ments OF his opinions. which, 50 far as 'hey re".e
| 10 the Finance Department and It's work. are 'ur'-
ousv Incorrect; for instance he has taken my state
| men, Of the forty-nlne items amounting TO s'o2e-
GIG IS of bond and stock authorized by the CommlS-
sloners OF the Sinking Fund and the Board OF Esti-
| mate and Apportionment which remain un'ssue'
| December 81 1885, and announces that these stocks
and bonds remained unlssued because every technical
suberfge WAS ayailei OF TO prevent their issue IN
| order 10 make some moral or political effect Ihe
fact is and 1t is well known, for instance. to the
Corporation Counsel and TO everybody who is at all
familiar with these matters. that these bonds and
stocks remained unlssued because the work for
which they were pay had not been done Inc
| has
Of municipal contracts that before liability shall be
entered INFO there must be sufficient appropriation
applcable thereto When the action OF the Board OF
Estimate and Apporonment is required 10 enable
the Controller issue bonds. resolution authorlz-
ing the issue is adopted before the contract Is en-
h-...i nla afih 40