Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1895-07-27
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"REFORM" IN NEW YORk.

The following from Town Topics of
New York explains itself:
The financial result of the reform
spasn IL shown In the outcome of the
effort of Comptroller Fitch to sell city
bonds bearing interest ut 3 per cent In
gold. The Comptroller offered S2.1IG..
$40 worth of these bonds. ana bids FOR
only S2.256.371 were received. This
leaves nearly S5OO.OOO worth Of the city
securities that nobody wants even at
the low figure OF 1O1.O1 per cent pre-
MUM. which was the highest bid. The
daily papers take little notice of this
failure to place the gold bonds of New
York. They say casually that It Is
''unusual:" but they do not realize that
1t il unprecedented. The enormous
Increase In the expenditures Of certain
departments and the consequent In.
crease Of the rate Of taxation for the
next financial year have alarmed In.
vestors. They believe that the outcome
will be an empty treasury. delay In the
payment OF interest and possibly rcpu.
diation. They think that bonds issued
to provide for unauthorized expendi.
lures may be declared Illegal by the
courts. They dread some municipal
catastrophe. they know not what OK.
actly. as the consequence of the ere.
form" upheavals. I do not share In
these alarms: but they are worth put.
ting upon record as warning to those
that are now engineering the reform
movement. Capital Il always timid;
but never before. even when Tnmmany
was at Its worst and Tweed was throw.
Ing away money like dirt. have capital.
lists displayed any fear that the city
would not he able to meet all lts bond.
ed Indebtedness In full. Money talks.
and the $5OO.OOO of untaken bonds tell
the Performers In unmistakable tones
to be less reckless. less extrrvagant,
less arbitrary.
The amount Of city taxes assessed
for this reform year II $37. 416.9NpO.
an increase of $2.412.1O3 over the last.
or Tammany. year. anu the Board Of
Aldermen II sure to make II ut least
2,JOO.OOO to cover omitted npproprin.
lions. Last year the Performers" rush.
cd en- mnsse into the city departments
and began to look In safes. closets and
drawer under chairs. tables and ear.
pets. here. there. AMI everywhere. for
the millions Of dollars that the Tam.
many leaders and officials were report.
ell to have stolen from the city treas.
ury. They did not find any stolen mon
ey: mp to this date they have been una
BILE to discover the slightest particle
Of proof that any money was stolen.
Now. when the Performers" have to be
paid. II seems that they cost the city
%. 100000 more per annum than the nj.
legged Tammany robbers. ! do not say
that this II an argument against 're-
fOrm:" on the contrary, I was ere
former" last year. and nm still proud
Of It: but the figures have their NOR.
ais. They prove that one party II JUST
about az honest as the other: that u
new broom IL more expensive than the
old one. ana that the taxpayers have
tOfOot the bills for ineXperlence. Wheth-
or It IL worth x3,JOO.OOO year to get
rid Of Tammany II u question that can
better be answered after the next cleo
ton. when the taxpayers may decide
to bring Tnmmany back. But In that
case We may be sure TINT another 49,.
5OO.OOO will be added to the following
budget to make up for the losses Of the
Tammany OfficehOlders during the "re'
form" period.