Year: 1872

and Its E6oct on tho Progress OF tine


City-ComptrolIer Green's Incompe-


tency.


We are quite willing to acquit Comptroller
Green of any felonious designs upon the city
treasury We are prepared to concede his
integrity in the matter of dollars and cents,
and to admit that he is incapable Of forging
city warrant or stealing any portion of the city
funds. We have not 80 poor an opinion OF
the people of New York as to regard him in
this respect an exception to other reputable
citizens, and we cannot applaud the judgment
or good taste of those who deem it necessary
to continually blow their rams horns in the
public places and proclaim over and over
head. Nor can we, as public journalists
allow this loudly -heralded reputation to deter
us from examining the Comptroller's public
acts or from censuring his official conduct
where censure is deserved We see no reason
why Mr.. Green should be exempt from criti-
cism in his official capacity any more than any
other public officer. When the policy he pur
sues is detrimental to the public interest it is
the duty of the independent press to expose
and denounce it, and Mr.. Green can no
longer evade reckoning with the people by
the worn-out cry that he is being assailed only
because of his superlative honesty.


We have called upon Comptroller Green to
explain why in the first place he stopped
the payment Of interest by the banks
holding the city deposits in the manner inau-
gurated by Chamberlain Sweeny, continued
by Chamberlain Bradley and pressed upon
his approval by Chamberlain Palmer, and
why, in the second place, he neglected to en-
force upon the banks the rule he himself laid
down for the crediting of the interest to the
several funds, and for monthly report of
the amounts SO credited, if he believed this
plan to be legal and practicable. The story is
a simple one and cannot be befogged by side
issues. Before Chamberlain Sweeny took
Office any interest that might be allowed by
the depositary banks, or any profit that might
accrue from the custody Of the city and
county funds, went into the pocket of the
Chamberlain. The balances in the treasury
were kept at o very high figure for the profit Of
that officer, and upon nearly the whole Of these
large balances the taxpayers were paying seven
per cent interest. The abuse was loudly
denounced by the press and the people, and
Chamberlain Sweeny, upon taking Office, an
nounced that the banks holding the city and
county moneys would be required to pay to
the city treasury four per cent interest
thereon in lieu Of simply paying the expenses
of the Chamberlain's Office. The amount
thus received was paid to the Chamberlain and
by him placed to the city's credit as a separate
fund This reform secured double advzn-
tage to the taxpayers. As the Chamberlain
was no longer interested in the deposits, and
as it was not desirable that the city should pay
seven per cent interest and receive back four
per cent, the balances were kept at low
figure. Nevertheless, the fund thus handed
over to the city by Chamberlain Sweeny and
his immediate successor for interest received
from the banks amounted to nearly five hum
dred thousand dollars. II the old system had
been pursued and the treasury balances kept
up to the old standard, Chamberlain Sweeny
could have pocketed million dollars during
his term of Office.


When Mr.. Palmer became Chamberlain he
proposed to keep up the practice pursued by
his immediate predecessor. The law Of 1866,
chapter $685. did not require the banks of de-
, post to pay interest on the city and county
moneys, or make any provision for its receipt
by any city officer; but it did give the Cham
berlain the power to appoint and dismiss at
his pleasure deputy chamberlain and clerks,
and to fix their salaries, and it required the
banks holding the deposits to pay those
salaries and the rent Of an office proper.
tionately to the balance held by each. The
; arrangement inaugurated by Chamberlain
, Sweeny, and which Mr.. Palmer desired to
continue, was that the banks should pay four
per cent interest on deposits in lieu OF these
salaries and rents. 1t was competent for the
.. Chamberlain and the banks to make this COM
promise, and when the amounts were paid to
the Chamberlain every month he made a
! public statement thereof to the Comptroller,
and paid the sums over to the credit
of the city, The money thus received
went to the general fund, was
used for contingent expenses, we pre-
sumo, and thus was just so much
profit or saving to the taxpayers. Comptrol-
Ter Green, however, in December last, refused
to receive the money any longer, and addressed
a letter to the Broadway Bank, the designated
depositary of the city and county moneys,
forbidding that bank to pay the Chamberlain
any interest whatever, directing that the
interest accruing on the daily balances should
be placed at the credit Of each account, and
that the amounts thus credited should be
reported each month to the Comptroller. The
bank was further notified that no payment of
interest would be sanctioned by the Comp
troller, except made on warrant, signed by the
Comptroller and Mayor, and, where necessary,
by the Chairman of the Board of Supervisors