The sun., 1895-01-06

body has now the impudence TO declare ant
publish that tour municipal rulers" " arr
responsible for the degradation which will
be due to IL alone IL its worthless undertAk
ing be carried out, with the inevitable con
sequence of exhausting the constitutions
borrowing capacity OF the city
As It has been during the last six years
the credit OF New York has been without
stain and without doubt ain the leading
money markets OF the world" but the pos
sibility that it will be put to the unexam.
pied strain for which the Chamber of Com.
merce Is originally responsible. has already
created justifable misgivings as to its
security and tended to lower its unexcelled
eminence the world over. II the city shall
actually go ahead with this crazy scheme,
conceived and fostered by the Chamber OF
| Commerce, II will assume an obligation so
great and so illimitable that its credit must
suffer in the estimation Of every investor.
1t is false. also, that the credit Of the
State and nation has been impaired "by
reason of the maladministration that has
for a quarter of q century characterized the
Government of the metropolis Of the United
States" The public credit has been higher
during that period than oyer before. 1t Is
true that of late years American credit has
suffered grievousiy in the leading money
markets of the world" and American
honor is jeered and scoffed at" in them ;
but it has not been because OF
the revealed character of our mu-
nicipal rulers" The city has met all its OBJ
legations promptly and honorably. The
unquestionable disrepute is due to the
revealed character" of members Of the
Chamber of Commerce and their associates
in the outrageous maladministration of pri-
vate trusts committed to them as the man
ayers of railroads, and other business and
financial enterprises. American honor has
been tarnished by the piratical career Of the
fugitive HENRY WILLARD, the proprietor of
the Erentng Post, by the fiagrant dishonesty
of the management of the Atchison, Topeka
and Santa Fe Railroad, and by the treachery
of many other false private trustees.
During the last twenty-five years the
credit of both the State and the nation has
advanced to the highest elevation it ever
reached, an eminence not overtopped in
all civilizations and il now the Fed
eral credit is passing under cloud,
the calamity is largely due to the
course of members of the Chamber Of
Commerce in approving, applauding, and
assisting the Federal Administration in
at least the moral violation of law by bor-
rowing 500, 900, 900 for it's general deficit
under the false pretence Of replenishing the
gold reserve, and under q forced and unius-
tifable Interpretation Of the authority
granted it by Congress in an act many years
old, (which was passed for radically different
purpose, and with wholly distinct and con-
trary intention. That deficit is the direct
consequence of a perfidious policy Of
legislation pursued under the impulse
of politically treacherous Administra-
ton, against which this trucking Chamber
has not dared to utter word of protest.
The Federal credit will suffer still more
acutely and dangerously if that purblind
and reckless Administration shall succeed
in its purpose of bullying into enactment
the now pending Currency bill, against
whose inevitable mischief pretentious
committee composed of so-called financiers
of the Chamber of Commerce, and appointed
especially to deal with the subject, has not ut
tered any warning American securities are
also suffering in both domestic and foreign
estimation because this Administration sue
ceeded in pushing through Congress an
iniquitous un-American, and distinctly un-
Democratic law subjecting corporations to
special extortion in defiance of the Con-
sttution and the public welfare. This in
famous income tax was imposed against the
almost unaided Democratic opposition of
that organization, from which came the mu-
nicipal officers denounced by this Chamber
as responsible for lowering our credit in
the estimation of foreign investors"
The Chamber of Commerce deserves no
respect from the people of the city Of New
York more particularly, for it has deceived
and wheedled them with it's fragrant mis-
and false pretences.