Newspaper of Chicago Daily Tribune, May 28, 1876, Page 1

Newspaper of Chicago Daily Tribune dated May 28, 1876 Page 1
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VOLUME 30, COAL* JXCKAWAjVNA 00 Al, i (jgt quality), for sale at tie following prices Large Egg. - - per Ton. Small Egg, - - 7.50 per Ton. Chestnut, - - 7.75 per Ton.. Lange, 8.00 per Ton.. ROGERS & 0015 144 Market-st. EBASOH OmOES, )$] gSarLl, GREATREDUCTION X 3ST COAL. for the present, an dun Hi further notice, wo ft lelil Vallej Coal Co.’s Coal large egg SMALL EGG - RANGE— ~ CHESTNUT ?•“» SOFT COAL. BEST BRIER HILL $5.00 TSVILMIXGXON 3. .o FOR CASH ONLY. E. L. HEDSTROM & CO., p tv. Cor. Adams and Markct-sts. WiidioninCoai For the present we will sell for cash’.accompa nying the order. p er ton delivered. LARGE EGG $7.50 SMALL EGG - - - *.»O CHESTyUT - - - - 4.*t> RASGE s.qo BRIAR HILL - - - 0.00 IELIEY, SIORIEY & CO., TwTjAXN" oetxc-B, 3,0. 97 WASHOIGTOy-ST. TO KEXT. Millie Dies TO RENT TT<r the TOUSE BUILDING. UJQUIBE OP WILLIAM 0. DOW, Room 10, Tribune Building. Splendid Office to Let. SUITABLE FOR BANKING OR INSURANCE. The hall recently occupied by the * 4 Call ’’ Board, embracing the whole of the main floor of thebuild mg Nos. 119 and 121 LaSalle-st., next south of the Chamber of Commerce. This room is well lighted, has a hish ceiling, and will be arranged with front entrance, vault, and other conveniences to suit the tenant. It will be rented to a desirable tenant on verv favorable terms. Application to examine the premises, ascertain terms, etc., may be made immediately at the office of the BOARD OF TRADE, Chamber of Commerce Building. May 23, 1876. . OFFICES, Fine, large, and woll-liKkted (safs waler-cicsct, and wash-room in each office), in front basement, banking floor, and sec ond story of MASON BUILDING, No. 94 Washineton-st. OWNER, Booms 13 or 18. . For Rent. The 4-story and basement brick build ings, Nos. 262 and 264 Wabash-av., size 40x125, with steam-heating apparatus. Apply to WM. H. SAMPSON & CO., Keating Agency, 144 LaSalle-st. FOR RENT. Five new 2-story and basement stone front houses, southeast corner of Wabasn av. and Thirty-lourth-st., 12 rooms, *UI ntodem improvements, only S4O montn. These houses are in a first-class location. Apply to WM. H. SAMPSON & CO.. Renting Agency, 144 LaSalle-st. BIGHWOOD. HIGHLAND PARK, MEWED, • ' ADD PiAVMA. New etyliph houses. Root for summer or year at nominal price or sale. MEARS & CO.. 48 and 47 Reaper Block. TO RENT. Store No. 100 Statc-st.. size 20x00 to alley. Has two large front show windows and light basement, will rent by month or vear. Will be completed in » few days. Apply at Room 9, 140 Aladison-sU WIRE SCREENS. patentwire WINDOW SCREENS. Best Walnut Screen in the market. Price, 12 to 80 cents per foot. . Saab, HHnds, and Screens can be opened and Hosed without removing the same. Call or send postal card. CHICAGO SCREEN MANUFACTUR ING CO., 35 Ohio-st. MoxjXjXDXZtra-s FOR WIRE SCREENS, Cheap, at the Factory, 3S South Jefferson-st., cor* >er Washington. ■WIRE SCREENS, For Windows and Doors, the cheapest and best, at ge CHICAGO WIRE WORKS, 90 State-st., opposite Held. Letter A Co. 's. (Order early before ihe rash.) DENTISTRY. DR. M. E ASPINWALL, aggtt-v DENTIST, fWKSik Removed from First National Bank H MjJTTy Building to 56 Washington-*!., over lOMage’ft, haring secured great reduction in rent, opposes to make great reduction in pricw. wpecial Haollon to filling and preserviofi tUenatural tecta. Wit itailn ©fit FURNITURE. FBR.SITIRE! SPIEGEL&CAHN 251 & 253 W abash-av., Will offer during this week SPECIAL BARGAINS In Sideboards, Hall Stands. La dies’ Single and Double Ward robes, etc. Our stock of Easels, Pedes tals, Music Portfolios, and Cab inets will be closed out Regardless of Cost! Don’t fail to call on us and get prices before purchasing. FINANCIAL. CINCORPORATED). 121 & 123 Dearhorn-st., Chicago. Loans negotiated with dispatch on Real Estate in Chicago, and improved suburbs, at lowest current rates. * S. CORNING JUDD, President, E. P. HOLLISTER, Gcn’l Manager. HENRY J. GOODRICH, Secretary. XDIIMIE MS^BANI, ClartEßJ W aj,s tf Exclusively a N&yfejjy Savings Bank. 105 Clark-st, Methodist Church Block. Receives Savings Deposits upon interest, subject to the rules, and negotiates mortgage loans for others. fiEMUMMERICM CASK OF CHICAGO. Office, 172 East Washington-st. BRANCH OFFICE. 59 NORTH CLAUK-ST. JUSTUS KILIAE, President. W. J. HALLEH, Cashier. MORTGAGE LQMS At current rates, on Chicago property. J. H. REED, JOHN H- -A-"VE;BrSr, .A.. o. 81 and 83 Washington-et. WANTS Exposition Stock, Merchants’ Notes. v OFFERS Six per cent Missouri Bonds, 6 per cent Chicago Certificates, 8 per cent Weat Park certificates. 7 PER CENT. We will loan $25,000 to SIOO.OOO on business nronertv at SEVEN. On band to loan at 9. 5800, il?SoO. 51.200. 8-->. 300; at 8. $2,000. $2,500 SCCDUER * MASON. 107-103 Dcarhom-et. EDWAED L. BEEWSTEE, DEALER IN NOTES Sz BO3ST3DS.. No. 101 "Washington-st. Good Paper always wanted. general notices. Discount on City Taxes. THE SAFEST INVESTMENT FOR YpUR MONEY IS IN YOUR OWN TAXES, especially when you can get a HANDSOME DISCOUNT. The City of Chicago will, at any time before -Inn el, 1876. borrow from persons owing City Real Estate Taxes for the year 1875 the amount of such taxes, allowing two (2) per cent discount, and after June 1, and prior to July 1, 1870, allowing one-and one half (1 J 4) per cent discount, and will isane voucher* therefor which may he need at once, or held until the owner ia prepared to pay ms other of the Mayor and Finance Committee. Apply to S. S. HAYES, Comptroller. Appy Hoorn 5, City Hall. PASSPORTS OBTAINED. PERSONS GOING ABROAD cm now secure their Passports my oßice, Methodist Church Block, Boom 3, corner Clark ami \Vashim,- ton-sts., Chicago, D| o " ,1“^™“ through the mail. SIMEON United Stales Paseport Officer at Chicago. 111. TO LUMBERMEN. For the celebrated Chapin Shingle apply to w W. CALKINS. Sole Consignee, 230 South Water-Pt- MILLINERY. laflies' Misses’, an! Chilton’s STRAW HATS, 40c JEACJT, AT HOTCMIH, PAIBR & CO.'S. 1 37 & X3O Statc-st. ZOLINE Mixes easily with starch, either hot or cold, girea an extra stiffness, beautiful polish, and pearly whiteness to the fabric. Follow dircct.ons and u-e guarantee it to do as represented. Ask j our drug gist and grocer for ZOLINE. STONE & CO., 131 Lake-at. WATCH REPAIRS •pvrrrTED In the most prompt and careful man nerf All articles perfectly safe in our splendid fire-proof vault*. , „ _ _ HAMILTON, ROWE & CO., CORNER STATE AND WASHINGTON-STS. FINE WATCH EEPAIEIRG A SPECIALTY. THEBESTWOHKMEIf, E. R. P- SHURLY, ax Snath Clark-sl.. opposite SherroanHons^— Jill lillfisirHS euaded to take an inferior articU. Sold by DmggiaU, Shoe Stores, «c some Now York. 159 LaSallc*6t., Chicago^ REED, ZOLIA'E. ItEPAIKING. FETTH^E. CHICAGO, SUNDAY. MAY 28, 1876-SIXTEEN PAGES. PIANOS* A LARGE ASSORTMENT OP THE FAVORITE BAUER PIANOS •m Atreasonabloprices andeasy terms. Every instrument fully warranted for five years. jumm. Corner State and Monroe-sts., PALMER HOUSE. PIANOS itJENT. *1 Fplendld Upright, Square, and Grand \ Pianoa to rent, and rent deducted if pur- chased. LYON & HEALY, State and Monroe-sts, Chicago, General Agents for Stcinway’s Pianos. fiyrr-., mi iPt>nr9Tv The ONLY MANUFAC- ErBrBTrRERs of grand, m HikVh»SP SU« upright, & square PIANOS Who can leeitlimitely place the name “DECKER ” on their waie*. or who have gained a wide-spread reputation, and rendered the same famous. BEWARE OP IMITATIONS. CHICAGO PIANO DEALERS' ASSOCIATION, Northwest corner State and Adams-sts. W. K. Nixon, President. ■ivsiiiiArvcE. EMPIRE Fire Ins. Do. Capital - - - $300,000 Surplus -- - 26,000 UDEWIY, N. S BOUTON, Mitii. Wresitat OFFICES ; 157 and 159 LaSalle-st. real estate. SIOO Lots 30 bv 132 feel at Downer’fl Grove, on C., B. A Q. U. *R. $lO cash: balance S 3 monthly. >0 IN - TEREST ! Liberal terms for all cash. Also very choice lota adjoining above, 575 and SB,->: same terms. ALL high, rich land, near station, sloping southward, giving beautifulview of the village and surrounding country. A RAKE CllAl\Ch for a home or investment. xo CE3STT TBAINS I To and from the city daily. Evening theatre trains. Ac. This charming suburb has now about I,UUU inhabitants, and growing fast, churches, schools, Ac. We have set out about 700 trees this spnng, are laying walks, Ac., Ac. Lots selling rapidly, and prices advancing with improvements. Ihe cheapest FIRST-CLASS property m the market If you buy NOW you are CERTAIN of a LARUE PROFIT, and get choice of lots. Lots shown free. DON'T FAIL to go and sec this before buying eWjwherc. STREET A BRADFORD, 74 East Washington-st. Fir Sale, Eiiaii, ir M. Tho most desirable home ot Washington Heights, being on the highest timbered grounds, and front ing east on Wnahington-av., with casand excellent v/atcr, schools, churches, and waiks; only about 500 yards from ttedepot. ‘W I7 No. 95 East Wagbington-rt. FOR SALE OR EXCHANGE. 40x138, corner State and Harrison-sts. 40x100, s7sLots at Downer’s Grove! Convenient to Station, 10 daily trains, 10 cents fare. Monthly payment*. Shown free. S A. BOLCOMB, Hoorn 0 Hawley Building, Corner Madison and Dearborn-et. Cheap Homes for the People! Sec Suburban column. CARPET CLEANIXtS. OLD RELIABLE EXCELSIOK Carpet Cleaning ani EenoTating Co., ol Sow Tort Carpet, Cleaned and Renovated: ail Spots. Stain,, and Insects removed. Carpets sent for free, and thoroughly renovated when desired, without re movin'" them from the floor. Special rates on lar"c amounts of Carpets. Orders left at our Oftlcc, or by Mail, will be promptly altered to. vnthout regard to weather. EXCELSIOR LAltl Mt. «s R. CO., Raaement 142 LaSalle-st., near Mad Lon. CARPET CLEANING sssss CARPET CLEATONG. Boston Steam Carpet-Cleaning Worts, S. ROTHCIIILD & CO., Proprietors, Office and Works. 44 &40 W. Adams-st. I Chicago. Rranch Office. 103 Twenty-eccond-st. 1 WATCHES, KENDALL, °42 corner Jackson, sells American and Imported Watches cheaper than any house m town. WATCH AND .lEWELKY K EPAIKINO AND MANUFACTURING a specialty. Redoced rates. FOR SAIE* ~~ CHICAGO. A lecture by Hon. John Wentworth, delivered April 7, 1876. with a large amount of covered and interesting matter-; c alfi .°: engraving of author. 56 pages Bvo. Sent by pub- Ushers on receipt jSNTING CO., 244 Illinoia-gt. DYEING AND CLEANING. SHAWLS Of every description cleaned to looker new, and JflO So" ChirkqSß Illinois, and 285 W. Madison-sts. OMATOES. Best Tomatoes, S-ponnd Cans, per doz., $1.50, At HICKSON’S, 113 East Madisou-iU i llßlil |j| s || n f I Y)| qi l § i flilil' i <1 si n 0 <$ CITY .A-G-EHSTTS. W. A. SIMPSON & CO.. 7» ami 81 StAtc-flt. .1. A. KING & CO.. COO West Lake-st. ST VIiK BUGS., 314 Imliana-av. Miss. A. M. FLINt Stale st. KAHN DUOS.. 573 Wue Is!and-av. WOLFF BUGS., 718 Sooth Hftlatcd-St. .1. MENAUD, 187 Archer-av. O. U. KING. 908 West Madlson-st. p. W. WILLIAMS, 147Twenty-serond*rt. PEHLIZHKIMEi: & STEISNSLANU, Knckcr-St. and West lndlanrt-av. MRS. L. M. SCHORR. 203BlueIsland-av. MRS. MILLS, 201 South Haltted-it. K. WALDF.R. 133 M North Clark-st. I. GOODMAN. 300 Archer-av. MRS. L. R. BIRMINGHAM. TOC Cottage Grove-av. C.JEVNE SELLS: A Sugar ? Standard A Sugar..... JO Standard Granulated Sugar JOJ Patent Cut Goaf Sugar ‘ 1 Xew Turkish Prunes Ot Xew Xante Currants.... OS Xew Valencia Kaisins J# Dried lllackticrries - •># Host 3-ponnd Cans Tomatoes, per doz... T.6U liest 3-ponnd cans Peaches, per doz.— 2.a0 Proctor<t Gamble German Mottled Soap. 4.20 Kirk's German Mottled Soap 4.00 We hove lowered the Prices on Fresh Boasted and Ground Cogee from ONK to TWQ CUNTS per '"wc'are the mily Grocers Itonsc In Chicatto who have a complete Steam Coffee and Spice Hill on the premises, and who roast and grind all the BEST grades of COFFEES. Fine Moyune Teas Arriving daily, which are sold at wholesale prices in any desired quantity. Nos. 1 and 3 North 01ark-st., (Next to the Bridge) And No, 16 South Halsted-st. CLOSING-OUT SALE Mis’, lisses’, & Cita’s FINE SHOES, B. B. BEIERMGER’S, Wishing to discontinue this branch of my business, 1 offer the above goods at an IMMENSE SACRIFICE! CALL AND CONVINCE TOPRSELF I BOOTS & SHOES. O. C. OIRBS. HENRY FLORSHEIM, 85 JIADISON-ST., Opposite McVickcr’s Theatro, Has just received a large assortment of Ladies’ & Gents’ Low-Cut Buckle & Tie Shoes, Which will be sold at very low prices. Rare Opportunity. A custom-made stock of Boots and Shoes is to be closed out at a sacrifice at 21 South Clark-st. nvnxjisrcs-ER.’ s laundry SEE OUR REDUCED PRICES 1 Shirts reduced from - -13 cto 10c Draivers reduced from - 10 cto 8c XX. Shirts reduced from -10 cto Sc y. Shirts reduced from - 10 cto Sc HdUfs. reduced from - - 5c to *c W. Vests reduced from - 25 cto ~Oc BABY CARRIAGES at the hedhcbd feices. FLAGS—llnslin, Silk, Delaine, and Bunting. FLAGS—Foreign; all Nation*, J n *' U L Corps, In acts: States and Ter., in sot*, Centennial Shields, for decorating. TOT CANNON, CAP PISTOLS, PAPER CAPS, etc. mm RILING & CO,. 138, 140 & 142 State-st. KENOSHA WATER CURE, KENOSHA, Wis. Recently enlarged and Fine lake view and good boating. ?“. mm i£^ 01 .i c markably cool, and climate dclighttal. Chronic Diseases; Diseases of Nervous system. For circa lara terms, etc., address N. A. PENNOY.LK» ot E. PEXKOYEKi Proprietor. PATTERNS. GBOCEBIES. BOOTS AND SHOES. OF .A.T 128 South Clark-st. LAUNDRY. BABY CABBIACES. WATER CUBE. OUR FINANCES. Consultation of Business Men and City Officers. Explanations by Mayor Hoyne and S. A. Smith. Aid. Pearsons States the Con dition of the City’s Affairs, Whatsit Owes in Certificates, Etc., and What Assets It Possesses. Plans Proposed to Get Out of the Woods—Mr, Anthony’s Resolution. A Suggestion that the Certifi cates Be Made Receivable I'or Taxes. PEIISOXAX, EXPLANATIONS. MESSRS. HOYNE ARP SMITH A conference of prominent business men of the civ; ami members of the City Government was held yesterday morning at the rooms of the Citizens’ Association to take into consideration the financial position of the city. Among those present were Mayor Hoync, Elliot Anothony, Aid. Pearsons, O. 0. Horton, D. D. Spencer, J. K. C. Forrest, C. Ilcnrotin, Nelson C. Luding ton, cx-Ald. Heath, L. B. Sidway, J. C. Haines, Chauncev B. Blair, Sol A. Smith, Marshall Field, James McKindley, M. F. Tuley, Henry Grcenehaum, B, Locwenthal, Henry IV. King, A. H. Keep, Perry H. Smith. Volney C. Turner, Julian S. Rurasey, L. C. B. Freer, John H. Dun ham, J. Irving Pearce, Charles B. Fanvell, Aid. Aldrich, Aid. Throop, George Armour, A. J. Avcrell, John C. Dorc, John B. Drake, and J. Medill. The meeting was called to order by Aid. Briggs, who nominated Mr. Freer as' Chairman. Carried. Mr. J. C. Ambler was elected Secretary. The Chairman then called upon some gentle man to state the object of the meeting. MAYOR HOYNE. Mr. Chairman and Gentlemen: The-object for which this meeting of business men is called together is to devise, it possible, some means of saving this city from going to protest on its paper. I have been informed that I have been charged with forcing the city to go to protest. That I need not say, as a citizen, is utterly false; but lam surprised that an institution of such reputation as the Merchants’ Savings, Loan, and Trust Company, having a piece of paper representing SO,OOO, which it was not necessary to protest to hold anybody liable for, should allow it to go to protest, when the officers must have been advised, I presume, that the Finance Committee, which had just come into power, and were in the midst of confusion, were making some effort to avoid this very contingency. One of the officers of -this bank—the President, Mr. Smith—came to complain to me, as though I was responsible for the paper going to protest. Now, Mr. Presi dent, I am not the man to advise anything that would disgrace the honor or character of the city. I have been pnt in a responsible position, and I am endeavoring to discharge the duties of that position, so far as my intelligence and un derstanding of financial problems will allow me. Perhaps Ido not understand the matter as a financier, but as a lawyer I understand what is legal, and I have no hesitation in saying that this city has been dishonored already and drain ed of its resources through a false system of finance,which, if continued,will utterly bankrupt the city and every man in it. That is my judgment. A false, specious, fraudulent sys tem has been practiced when the Constitution itself prohibits it, and it is utterly untenable. I have taken an oath to support the Constitu tion of this State, and of this city, and to dis charge ray duties in accordance therewith, and while I am in this position, I shall protest against the issue of any more illegal or fraudu lent paper. That is my position, and I wish it distinctly understood; and while it is my posi tion, I wish to ask all the citizens of Chicago whether they cannot furnish the means to save the citv from dishonor or protest. 1\ e are not responsible for this state of things. We have hist discovered a deficit in thcTreasury amount ing to millions. The Finance Committee have got an exhibit of our indebtedness, which shows that everything is exhausted. There is not a single fund whatever that is not robbed; and now, sir, that the question comes up, I may state that $2,800,000 outstanding certificates were issued when it was known that the city was bankrupt, and the resources of the city for one or two .years have been anticipated, when the constitutional limit, beyond which the city should not go to borrow money, had been reached. The question then is this: Shall we now* take up one piece of fraudulent paper and give another for iti It is just as unauthorized and illegal precisely to issue more paper as it was to issue that outstanding. There is no doubt about that being illegal, and yet it has been proposed to mortgage in advance for one or two years the entire revenue from the entire tax-levy to meet our expenses. . ~ But that is not all. It is not merely that the citv has been in an illegal or unlawful and false method of financiering, bnt the certificate sys tem of borrowing money is the apparent source of all the rascality aud fraud which have existed in the city. That systein will account for the extension of Boards and the supernumerary tax-eaters, because, when any one knows that he can get money abroad upon a certificate bearing the seal of the Mayor, he does not care whether the city is plunged into debt or not, or whether the Comp troller is reckless about the city means. Isay that the city has no chance under sucha combi nation, and that wc have been brought to the verge of bankruptcy and ruin by such men as we havl had in office. Two gentlemen came to me the other day and pcrslstwl, with all the per sistence that some men have, that I should back down on this financial question. I cannot do it I stand as a sworn officer, and, sooner thnn cive up my position, I will have to cive up my office to them. I have stated the condition of things. As I said before, there will be a deficit of *3,000,000 in six months. Mr. Grcenebaum—What about THE BACK TAXES 1 Mayor Hoyne—ln the first place, they are in sufficient entirely. Mr. Tuley has made a state ment, which was published this moraine, which he savs of the back taxes of 18i— ISja, IS7-L and 1573, against which the certificates were drawn, that the amount to be collcctedla not adequate to pay them. The Finance Ccm>- mittee have worked for days on this subject, and have ascertained the actual condltionrf affairs, and It is perfectly demonstrated that if we take our present revenue to meet the cer tificates, we will have a deficiency of *3,000,000 before the end of the year. It Is to prevent this result, to devise means to save the city from nrotest, that this meeting is called, and not to advise the city to g“ *°,P rotea^ i S I have been charged with advising. With these remarks, I desire to say that X am perfectly in the hands of the people of Shicagof 1 have no ambition to stay where ! am among a set of scoundrels,—no desire to do »nvthlne nut what is for the best interests of the cityf I here take this position boldly and fearlessly in the face of this people, and I will stand by it. I haye only one thing more to add. With all kindness to this Merdumts Savings, Loan and Trust Company, I must say that it is a remarkable fact that we hear from everynuar ter approval of our effort to save the city from disgrace except from that institution ! can only account for it in oneway,—that they are either deceived or interested. i have attacked the gas bills of the city, and I am sure the.e are men in that institution who arc creating this opinion, to say nothing of the efforts of the Colvin party In this direction. MR. SOL. SMITH. Mb. Chairman; I had not expected to say anything at all, having already expressed my I opinion as to the payment of city certificates; but I want to correct one statement whicp the Mayor has made. He starts oat with saying that the Merchants’ Savings, Loan and Trust Companv protested certificates to the extent of $6,000, which was entirely unnecessary. _ Now, sir, we have certificates sent us from Boston, having several indorsements, and we hesitated and held those certificates until the last moment, uncertain whether we would protest them or not,—whether we would assume the responsi bility of paying the certificates if the holders required it, or protest them.- I saw another gentleman who told me he had certificates that he would be obliged to protest (it was $900), and we went and protested what certificates were sent to us from abroad, and I think any banker would have taken the same course. 1 don’t know why we should have held those. They belonged to other parties. In regard to what Mayor Hoyne says in refer ence to the officers of the Merchants’ Savings, Loan and Trust Company, about a week ago Aid. Pearsons asked me to go—this was when I hesitated—to a meeting at his room that even ing. I went around there and met Mr. Rosen berg and several other gentlemen composing ana while there Mayor Hoyne came in. I expressed myself very freely and said the city should take some course to protect its credit; that the money had not been laid for water, for the protection of our proper tv by the police and firemen, and for the amount of the interest on our debt, and I very frankly stated I thought some course should be devised to pay the certificates, if possible, when they matured. Mr. Hoyne differed with me. I be lieve I left the room and went ont after having said all I had to say. X don’t know that there was anything on the part of Mr. Hoyne, or any body else, certainly 1 intended no Mr. Hovne—Didn’t you. understand we went there for the very purpose of devising some means to rabet those certificates 1 THE INTERVIEW WITH MAYOR TIOTNE. Mr. Smith—l didn’t know the object of that meeting. What Mr. Horne refers to, took place when Mr. Field and I came to his office. Sir. Field came into my office and said, “ Can not some plan be devised to remedy this diffi cultv which has arisen from the appointment of Mr.’Derickson, giving us two Comptrollers? Now, let us go down and see Hayes, and get him to give up his posi tion as Comptroller.” “ Well,” said I, “ you are the man above all others.” We went down and saw Mr. Hayes. We had no idea of seeing Mr. Hoviie there. We met Hayes in his office, and said: “ Von are placed in a position where, we think, you are doing harm to the city by retaining your office. Won’t you resign, and let Dcrickson come in here and act as Comptroller,and relieve yourself of these troubles ? It Is your duty to do any thing and everything that wili remove any ob stacle in the way of having the city affairs go on smoothly,and without coming into collision with anybody.” Mr. Haves, after a long conversation, declined. He would not give up the office. He was placed in a false position. After coming out into the hall, Mr. Field says: “Where is the Mayor’s office ? Don’t you want to go and see the'Mayor?” Wewent in and had a little conversation with the Mavor. I expressed the same views with him that I expressed with the others. We then left. Mr. Hoyne says that the opposition which seemed to come to his administration came from me; and he then said that the opposition had come from gentle men who were interested in these certificates. I had told Mr. Hoyne, when he said something of that kind, that we had not a thousand dollars of those certificates. I told him so the second | time. 1 certainly have an interest in this city,— am something*©? a tax-payer,—and do not wash to throw any obstruction in the way of Mr. Hovne’s course. It bis course is the best, I ' shall cheerfully acquiesce. He has attacked me. Ido not like the position be has assumed in this matter, and I am frank to state that; but I believe his intentions are good, and he wants to do what is best for the Interests of the city But I don’t want him to charge me as wanting to protest this city’s paper when there is no necessity for protesting, and I think it is very unfair. Mr. Hoyne claims I am an advo cate of the issue of certificates. I see Mr. Heath, the Chairman of the old Finance Com mittee, and 1 appeal to Mr. Heath, to Mr. Hayes, to Mr. Colvin, to say if I did not say, “If you continue to issue those certificates I will not be a party to loan you one dollar. If you stop issuing and pay those yon have already issued, and pay off your indebtedness, I will ad vocate every bank to loan you all I can.” GETTING TO BUSINESS. corroboration of what Mr. Smith has said. I don’t suppose this meeting was called lor the Hose of patching up any differences or mis rstandings. Still, I was surprised when I learned that the Merchants 1 Loan & Trust Company was charged with opposing the credit of the city in any way. Mr. Hoyne—l have made no such charges. Mr. Smith —You have made serious charges of discrediting the credit of the city. Mr. C. B. Farwell—l understand tills meeting was allied for devising some means, and not for personal explanations. The gentlemen can ex plain some other time.. Let us hear the means first- Then, if the gentlemen have any quarrels to settle, all right. Mr. Smith—l came here for that purpose. Mr. Hoyne charged certain things to me. Is it not proper for me to get up? MR. ARMOUR— - - It is very necessary, and preliminary to what will come after. Mr. Smith asked me to come around the next morning to a meeting of the Board of Directors on the subject of the city’s finances. He said Hayes had been- around, but he did’nt know exactly what he wanted. I said, “ Can’t you find out what he wants? We court act or do anything until they come down to some figures. What is the use of our meeting unless they know?” He said they didn’t know. Hayes talked abont millions. “Yes,” I said, that s the old story,—millions. But let us change this policy and I will go in the morning, preliminary to the meeting, so as to know and act as Intelli gently as we can when we meet, and sec the Chairman of the Finance Committee, slr. Mc- Crea. I went to see Mr. McCrca.. Before this, I asked Mr. Smith what he proposed to do, and he said, “If there is anything that can be done in reason I am willing to do it; we want to do it* I certainly do.” We agreed that the banka should do all they could if we could only ascertain what was wanted, and the amounts were reasonable.. That’s all I care to say, and I hope we will set the Mayor right with regard to the Merchants-’ Loan and Trust Companv. Mr. Smith—Whatever course can be devised, I will lend my aid to do anything I can. That is what I came here for. I have not come here to discuss this question in relation to what my views are. Anything to save tho credit of the city. THE CITY’S CO3TDITIOH'. ALD. PEAKSOSS was called on to furnish a statement of the city’s condition: Aid. Pearsons—l am not the Chairman of the Finance Committee, bat in tbe absence of the Chairman, Mr. McCrea, I have taken quite an active part in that Committee, not only for the last two weeks, but right along, and I shall not falter. The emergency that we have come to, gentlemen, does not need any side-issues or tbe casting ofinsinuations against one man or an other man. The circumstances of our case de mand bold and prompt action. But I did not rise to make a speech. I rise here to read to yon what is absolutely correct in regard to the city’s liabilities and resources at the present time, and the figures are known generally to all. THE CITY LIABILITIES at the present time are, first, the Relief and Aid Society fund, $75,000; the Burr fund, $38,000, and a little over; certificates maturing between Mar 16 and May 31, $440,000; certificates maturing June 1, $974,000; July, $235,000; August, $70,000; September, $625,000; October 1. $156,000; November, $300,000; June 1, 1877, $184,000; the whole indebted ness maturing between now and June 1, 1877, is $3,101,000. I get this from a printed statement from the Comptroller, and there is no question about it. July 1, 1876, in terest on our bonded debt is $466,000; July 1, 1876, the maturing bonds are $95,000; due em ployes at this time, SBOO,OOO iqorc: vouchers issued, S2CK),OOO; aue for gas, $400,000; due various city special funds, $1,930,000. The figures lam giving arc the liabilities and re sources of the city, to show you where we shall fee if we go along with the city to the Ist day of April, ISiT. I allow $2,500,000 to pay our ex penses to the Ist day of April, .187*. iou cm judge whether that will carry us or not. ihe •whole will make $9,492,000. Now, ON THE OTHER SIDE . I put the resources in this way; Tax-levy ol X£T»p, £5,033,000 J we have collected |ljTO0 4 0Q0, PRICE FIVE CBN 1 leaving to be collected from our tax-1 cry The back taxes and certificates out standing are §3,167,000. I mean by back taxes the personal property taxes, about $1,000,000. The real estate certificates amount to another $1,000,000, verv near. Now, there is $1,300,000 that is appealed to the upper Court, so that we absolutely have back taxes and certificates, $3,167,000. We put down as absolutely doubt ful of this $3,167,000, §2,167,000. You can jndgi* yourselves whether we are right or not. Now, we have bonds. I will pnt down the bonds that mature July 1,1576, as resources, because we haven’t got to pay those bonds until next Julv, and there if a practicability, or it is legal ly practicable, to carrv that over. Now, I put down the certificates due June 1,1577, and liv able from the appropriation and levy of §164,000. Those certificates that are not due until June 1, 1877,1 put down as resources for the sake of thcargument. There is payable before the Ist of April, 1877, certificates to the amount of $2 802.000, and the interest in July and Juno I said to you was $466,000, but you have got to - double that, because the same amount becomes due in January, and that makes $052,000 inter est on our bonded debt. W e owe the cmploves $800,000; .vouchers, $200,000; gas bills. SJOO, 000;. expenses, estimated for this .year, bioOO.- 000, ami I make out that there will bca deficit of $3,093,000 on the Ist day of April, 1877. Mr. Fanvell—You have not given any account ° f Mr. C tax-levy for ISTo is §5,003,- 000. Our tax sale of 1873 does not come until August. It formerly came in March, but there has-been a half-revolution of the wheel, and we i cannot sell onr taxes untU August. You can I draw your own conclusions in regard to that. PROPOSING PLAIN'S. A SPECIAL COMMITTEE. Mr. Greencbaum—l suggest the appointment ol a special committee that will take into con sideration what .can be done, and report at an adjourned meeting. There arc two views of this matter, and I for one wonld be glad to be instructed. One is the legal question that un derlies all this problem, and the other is the financial problem that underlies it all. I would be glad to hear from Mr. Tulcy on the law and from Mr. Blair on the finances. Mr. Farwell —I would like to hear the plan that the Mayor approves. Mayor Hoyne—l wish tq say to the meeting that I have no special plan, except what the Finance Committee, together with other citizens, have proposed. Mr. Farwell—Well, let us have that plan then. MB. ANTHONY’S SCHEME. Mr. Elliot Anthony—l have some resolutions on the subject that were handed me the other evening when I was called to consult with some members of the Finance Committee. The Com mittee wished me to consult with Mr. Tuiey, and to draw the resolutions out in a little more extended shape. We had a consultation hist night, and I have drawn up some resolutions bearing on the subject. I would say that I was requested to make out for this Committee, in accordance with their sort of finan cial plan for the city, and if it is so desired I will present it, so far as drawn, to this meeting. It covers a little more ground than what.wo have been discussing here. I wish to say that I am not appearing as Corporation Counsel at all, but as a citizen. I have not accepted that posi tion vet. The resolutions are: Whebeas, Certificates of Indebtedness to tha amount of nearly $3,000,000 have been issued by the city authorities of the City of Chicago after said city had reached the presented limits “Bowed •bv the Constitution of the State of Illinois and the law "oveming said city, which certificates purport nnoS their face to be an absolute undertaking on tl?e part of said city to pay said amounb. at a ccr tain lime, without regard to any specific fund, ap- or tai-levy provided to meet them, “viIEBEAS, Said certificates have| been issued without warrant of»law and in violation of the Con stitntion of the State, but are ctalmed to represent bona fide debts Incurred for and on behalf of the city, and for which appropriations were made to nay the same, but which appropriations have been snticinated or never collected. or[ if collected, the expenses of unnecessary departments and vast number* of useless employes; and, | Whereas. The entire administration of onrmn nicipid affairs has been characterized by extrava gance and disregard of the principles! of economy, thereby endangering our credit and casting re proach upon our city; therefore, wo do hereby de clare the following aa the true financial policy of * h J«?o»cd, That all useless offices shall be abol ished* all sinecures dispensed with: nil laws and ordinances relating to the collection of licenses and citv revenues to be strictly enforced. Retrench ment of in every one of the departments, ami the enure municipal government administered with efficiency and economy. . Resulted. That we regard the issuing of certifi cates of indebtedness in the manner and form of those recently issued by the City Comptroller, of this city, and now outstanding, without specifying upon their face that they were drawn against any given fund, tax levy, or appropriation, wnen it was well known at the time of the issuing of said cer tifleates that we badreached the conaStutional limit for incurring debts, as illegal and unjustifiable by anv emergency, however imminent, and will not be continued by the present Administration of the CI )?Wc V rX That notwithstanding Bald*certiflcatca have been illegally issued, the Cfty of Chicago w.l redeem every promise that it haa made to its cred itors in good faith, by the payment of every dollar of its indebtedness, including said certificates, at the very earliest period that it can be.done, and that it will not tolerate or allow any repudiation of any just debt in any manner or in any form whatever! 1 Resulted, That the Comptroller of this city be authorized to enter Into an arrangement at onco with the holders of all certificates of indebtedness for the payment of the same, with interest, » a period of three years, paying in fnlk if possible, those which fall dne in June and July next. Resulted, Farther, that, as there are now anco - lectcd taxes to the amount of over one million dol lars, which were levied during the period when the debts were incurred which are now represented by the certificates of indebtedness, and which when collected, should be specially and specifically applied to pay said debts; that the City of Chicago will receive in payment of all. tax:ca for tlSebtcd -1875 and previous years, certificate* of Indebted ness which have been Issued prior to this date, ami Sow ouwwnding, attheir face and accumulated in terest when surrendered to the Comptroller of the “faulted, further. That as the City of Chicago has to-dav In Its possession about 51,000,1X10 irorthof tax certificates, issued to it in its corporate canacitv for property struck off to it by reason of the owners off the same neglecting to pay ‘he taxca lovim) noon said properly, and which property ‘rnSds useenmy for said taxes (said taxes being perpetnal lien upon the same), therefore in order toTai-c funds to pay the certificates of indebted ness tecomln" dne on the Ist and 4th of Jnno next, that thiTcomptroller be directed to forth with "ive public notice that any tax certificate now owncil by the city may be redeemed or purchased at a discount of per cent at any time Pnor to the 3d day of June next. And a like discount be made from the amount of any tax of 1875 and previous vears, if paid before said date. , , „ 1 Resulted, That, as the city is now largely In ar rears to all Us officers and employe, for their sala rics. that, out of the funds now in the City Treas ury, the back salaries of all the offices and em ployes of the city shall be paid np to April 1. 18,l>, and thht tor the salaries of said aty officers and employes accruing subsequent to said time—that the Comptroller be authorized to make a tcmporapr loan sufficient for said purpose,-to he paidl oat of the taxes for 1870-whcn or by the pledging of the tax certificates of the: city , or In such other* manner as he may sec fit to meet ;ho public exigency und relievo the present wants oJ the city employes. Now, Mr. Chairman, I don’t pretend to be a financial man, but I am sufficiently acquitted with the management and administration of tho affaire of the city to know this: that we have in our possession to-day assets of and that some use ean be made of themto avert the calamity which is dreaded. What would an individual Jo if he had *ose «meto to poa scssion in order to save his credit 1 What would Mr. Dunham, Mr King, or any other gen tleman of business experience in this town do ? First, if we could not pay the certificates wo were suddenly called upon to pay, we would sav. Let ns have an extension if we can get it. until we can turn round. Second, let us say to those men who hold the certificates. We have a million dollars of tax-cert 111 cates, which ara the best collateral securities In the world, se cured by property of 100 times the value of these things: let ns take these and hypothecate them for the time being. lam assured and know that we can get money from the banks for this purpose. The tax-certificates that the city holds are by law, It a person wishes, to re deem them, subject to a penaltyof-otolM per ccntrThe question then is whether this penalty should be remitted. If it JVf.A”® been assured a large amoimt of money will flow into the Treasury. One of the members of the Finance Committee does not hold this view, thinking It will be a bad precedent to retnltthe penalty. But this, emergency wmnotoaur within a generation, ripen Into a precedent. I think it would, be a goodjlau to raisa in,«iiqj.itAts.»ereto»»v

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