Year: 1876

1t has been stated in the official organ of


the city that the Comptroller has not been


successful in the negotiation OF loans in Now


York to take up tbs outstanding certificates
| of indebtedness, the legality of which has


been questioned. 4 portion of this pape,


natures in April, and tho rest at intervals up


to the 1st of June. An objection seid to


have been urged by the New Torkers is, that,


if the validity Of these certificates be beyond


all doubt, and their payment an absolute Ger


tainty, why, do not the Chicago banks show


their faith in the paper BY advancing some Of
the money? OF the whole amount Of Ger
| ti6cates outstanding, over three millions are


held in New York City, and the Comptroller
was asked why he did not have some of the
! loan taken at home. It is, however, denied
that A1r. HAYES has sent any such report as
that published in the corporation ncus-


paper; but some Of those best acquainted


with the affairs OF the city think


such contingency is quite possible.


The question Why the banks Of this city do


not take this loan is pertinent one, and


ono which the banks can hardly avoid an


swering. We all know that, whether the


certificates be legally issued or not, they are


to be paid On that point there is no differ


ence Of opinion. The managers of the banks


are aware Of this, and know that the tax to


pay these certificates has been levied. But,


before taking this loan, there will probably


be stipulation t1at the outstanding and


uncollected taxes shall be applied, rs fast as
collected, to the payment of these certificates,
and that, to enable the city to do this, there
shall be q reduction Of public expenditures
to the lowest sum, and some ASSURANCE given
that the Government is to be conducted in
reputable manner.


The fact is, the City Government of Chi
cago has lost the confidence Of the reputable
people; the belief is general that it is ad-
ministered in tho interest Of the tax-eaters,
bummers, and criminal classes, for personal
profit, and not with reference to the public
interests. Look at the disgraceful dis
closure Of half q dozen Aldermen,
p-oprietors Of drinking saloons, and run
ming them without having paid any
license since last July, actually defraud-
ing the City Treasury out Ct its lawful
revenue. Public confidence has been de-
pending on the election of new City Gov
ernment in April but the al interim Mayor
puts quietus on that measure by refusing to |
resign. and dedes the Council to order o |
special election. Thus the embarrassment of |
an usurping Mayor is added to the other
troubles Of the City Comptroller in meeting |
the public liabilities. AL the advantages to
result from the election Of new City Govern |
mont are lost by the continuance of the
Mayor, with all the odium and contempt which
attach to the old City Government. It is like
patching an old coat with new cloth; like
putting new bottom to IN old, burnt-out
pot or kettle. The peremptory manner in
which the ho1d-on Mayor spurns the unani-
nous public wish to have an election for IN
entirely new City Government but confirms
the general impression that all tho advan-
tages of new election will be defeated. It
is desirable, however, that the credit Of the
city shall be maintained, and the banks Of
Chicago owe it to the integrity OF the COM
munity to evidence their faith by taking
large part of the loan. But it is not likely
That they will do so if the mere purpose is to
grant new license to reckless expenditure.
and to the issue Of new debt obligations by
The million There must be stop put
to the issue of these certificates Mt some
time. Temporary loans which grow in magni-
tude every six months are not the kind Of pa
per which we1l-managed cities should put on
he market When notes are offered for re-
aeva for larger sums than the. original