Year: 1873

suspicious matter-an immediate clearing up
of this mystery. The Comptroller's Office is
filed with the employees of Connolly, with
men trained in the school of Watson.
These employees were all legislated out OF
office by the charter on the LIST day OF last
May They have never been reappointed by
Comptroller Green as required by the charter,
and hence are not officers of the city govern
ment. Any one of them might be guilty Of
malefeasance and defy the consequences, for
they are not legally city officials. With these
facts before them the people have right to
insist upon the production of the missing
bonds or the prompt suspension and sub
sequent removal of the Comptroller. If any
explanation can be made, if the Commissioners
are in error, if the bonds have been legally
taken from the sinking fund and disposed of
in any way, we must know the fact at once,
and the proof must be clear and indisputable.
The department which oppresses the just
creditor of the city and causes unnecessary
distress to the laboring classes cannot
afford to remain for single day under
the suspicion of loss of $94, 600 of the public
treasure. The statement of the Commissioners
of Accounts is distinct There should be in
the custody of the Commissioners of the Sink
ing Fund s23, ,332, 900, according to the records
of the Finance Department. There is in their
possession only $23, 23S, 900. On scrutinizing
the accounts eight bonds are found charged
as being held by them, which are missing
from the box in which all their securities are
deposited These bonds amount in the total
to the exact discrepancy-namely, $94, 900.
We repeat that the apparent defalcation must
be cleared up before tomorrow morning, and
if this should not be done Mayor Havemeyer
will be held responsible by the people if he
do not take immediate steps for the protec-
ton of the public treasury.


Another development which we trace in the
report is open to grave suspicion. 1t bears
upon its face the impress Of official looseness,
if not of official dishonesty. On March 49,
1872, the sum Of 100000 was by
resolution taken from the Sinking Fund
for the use of the city government, to be
replaced by city bond for the same amount,
which bond the Comptroller was authorized to
issue in one sum. No bond appears bearing
that date but bond for the amount,
500, 000 issued on June 81, 1873, is found in
the sinking fund, to make up the sum taken
out of the fund on March %, 1872. For
one year and three months, therefore, as it
would appear, the Sinking Fund must have
been left with deficiency Of one hundred
thousand dollars, and must have lost the in
terest on that amount But the Commissioners
of accounts do not go far enough. They should
examine and report whether any interest on
such bond was actually paid between March,
1872, and June, 1873. If so where was
the bond in the interval, and why was it re-
placed by new bond just at the time the
Commission was appointed and an investiga-
ton of the Sinking Fund securities was anti
cipated? Under the old regime we might sus-
pect that the bond had been issued, and, in
stead of being placed in the Sinking
Fund, had been used for illegitmate purposes.
With money worth sixteen per cent per an
mum, the snug sum of twenty-five thousand
from the amount Of one hundred thousand
dollars in fifteen months. bond that had
been hypothecated would bear evidence of its
hypothecation upon its face and could not
have been placed among the Sinking Fund
securities without exposing the fact. Of
course no such suspicion could attach to the
present Comptroller, but why do the Commits
sioners of Accounts stop short, and fail to tell
us whether the interest on one hundred dol
lar bond, alleged to be in the Sinking Fund,
was paid between March, 1872, and June,
1873? Mayor Havemeyer should call upon
them for this information. If the interest
was paid, by what right was it paid on bond
not in existence? If it was not paid, by what
right was the Sinking Fund, sacred trust,


deprived Of the interest?


The condition of the Finance Department


is now officially before the people. It's man
agement is shown in the Commissioners


report it needs no comment from us-bonds


issued for millions of dollars, without check


or registration, merely by the filing up and


signing of sheet Of paper accounts cover


ing millions entered in blotters, no ledgers


kept, and bonds, vouchers and claims only to


be traced by wading through piles Of confused


documents payments and cancellations simply


marked in red ink against the various sums


wherever they happen to be entered bonds


of the same issue for the same amounts, bear


ing the same numbers, and thus renderd un-


traceable This is q specimen of the fnan-


ceering ability which has rolled up our


debt to its present enormous proportions


and which renders it almost impossible


to trace out how much We really owe in the


shape of unsettled claims. It is time that the


city should be protected by some means


against the consequences Of this gross incom-
! petency il its financial management, and


should have some enterprise and capacity in


fused into it's government While our debt and