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

bicago Dailp Teibmne, VOLUME 30. COAL» TACKAWANNA COAL, (Best quality). for sale st the following prices =/ Egg, - - $7.50 per Ton. i Egg, - - 7.50 per Ton. Chestnut, - = 7.'76 per Ton.. Range, - "~ 8.00 per Ton.. | 144 Market-st. (100 Dearborn-st, FBANOH OFFICES, ;772 South Olark-st. GREAT @EDUCTION COAL. ent, and until further notice, For the pres! nt, Al WO Tie Letigh Valley Coal Cos Coal At the following prices per. ton of 2,000 1bs., elivered : screened and ARGE EGG. B RSINGT, oy SOFT COATL. BEST BRIER HILL.. WILMINGTON...... . FOR CASH ONLY. £ 1. HEDSTROM & CO., 7 N.W. Cor. Adams and Market-sts, ReductioninCoal Forthe prescat we will sell for cash ‘accompa- zring the order: Per ton delivered. LARGE EGG - - - $7.50 SHALL EGG - - - 750 CHESTNUT - - - - .95 RANGE - - - - = 8.00 BRIAR HILL - - 5.50 KELLRY. NORIEX & 0. MAIN OFFICE, 97 WASKHENGTON-ST. TO RENT. Desiranle Ofices TO RENT IN THE TRIBURE BULLDING. INQUIRE OF WILLIAM C. DOW, Room 10, Tribune Building. Splendid Office to Let. STITABLE FOR BANKING OR INSURANCE. The ball recently occupied by the ** Call* Board, embracing the whole of the main floor of the build- 2z Nos. 119 and 121 LaSalle-st., next south of the Chamber of Commerce. Thié room is well lizhted, has 8 hizh ceiling, and will be arranged with front entrance, vault, and other conveniences to €uit the tenant. It will be rented toa_desirable teoant on very favorable terms. Application to examine the premises, ascerisin terns, eic. . May be made immediately at the ofiice of the BOARD OF TRADE, Chamber of Commerce Building. May 23, 1870. OFFICES, Fine, larze, and woll-lighted (safe vault, water-clcset, and wash-room in each offico), in front basement, banking floor, and sec- ond story of MASON BUILDING, ‘“Déf&Wlshingten-st. OWNER, Eooms For Rent. _ The 4-story and basement brick build- ings, Nos. 282 and 264 Wabash-av., size 40x125, with steam-heating apparatus. Applyto WM. H. SAMPSON & CO., Renting Agency, 144 LaSalle-st. FOR RENT. Five new 2-story and basement stone- i""“ houres, southeast corner of Wabash- av. aad Thirty-fourth-st.. 12 rooms, all modern improvements, only S40 month. Thego houses are in a fArstclass location. Pplyto_ W, H. SAMPSON & CO., Renting Agency, 144 LaSalle-st. HIGHWO0D, HIGELAND PARK, IDLEWILD, i AND RAVINIA New stylich houses. Ront for summer or year at nominal price or eale. MEARS & CO.. 48 and 47 Reaper Block. et VN FURNITURE. FURMTURE! SPIEGEL &CAHN 251&2563 Wabash-av., SPRCTAL BARCAIIS 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! Dor’t fail to call on us and get prices before purchasing. FINANC e by Jrusw ¢ (INCOTPONATED). 121 & 123 Dearborn-st., Chicago. Loans negotiated with dispatch on Real Estate in Chicago, and improved euburbs, at lowest current rates. ° S. CORNING JUDD, President. E. P. HOLLISTER, Gen’l Manager. HENRY J. GOODRICH, Secretary. Chartered by the \} D State of Dlinois. Exclusively & Savings Bank. 105 Clark-st., Methiodist Church Block. TReceives Savings Deposits upon interest, subject to the rules, and negotiates mortzage loans for others. GERMAN-AMERICAN BANK OF CEICAGO. Office, 172 East Washington-st. BRANCII OFFICE, 59 NORTH CLARK-ST. & JUSTUS KILIAN, President. W. J. HALLER, Gashier. MORTGAGE LOANS At current rates, on Chicago property. J. EX. REED, 81 2nd 83 Washington-et. WANTS Exposition Stock, Merchants® Notes. OFFERS Six per cent Missouri Bonds, 6 per cent Chicago Certificates, 8 per cent West Park Certificatcs. 7 PER CENT. We will loan $25,000 to $100.000 on business grc crty at SEVE On band to loan at9, $800, ,000. $1,200, $2.300: at 8, $2,000, 3! SCUDDER & JASOY, 107-109 EDWARD L. BREWSTER, DEALER 1N INOTES & BONDS, No. 101 Washington-st. Good Paper always wanted. . 3 GENERAL NOTICES. Discount on City Taxes . THE _SAFEST INVESTMENT FOR 'R MONEY IS IN YOUR OWN TAXES, especially hen you can get a HANDSOME DISCOUNT. The City of Chicago will, at any time before June 1, 3876, 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, 1876, allowinz oneand onc walf (133) per cent disconnt, and will issue vonchers therefor which may he need at once, or held until the owner is prepared to pay his other taxes v order of the Mayor and_Finance Committec. Apply 1o s. 5. LAYES, Comptroller, Ttoom 3, City ilall. PASSPORTS ODTAINED. PERSONS GOING ABROAD can now fccnre thelr Passports by cailing at my ofiice, Methodist Chnreh Block, Room 3, corner Clark and Washing- fon-gts., Chicago, Ill., or by addressing me through the mail. SIMEON W. KING, United States Passport Oflicer at Chicago, Tll. TO LUMBERMEN. For the celebrated Chapin Shingle applyto W. W. CALKINS, Sole Consignee, South Water-gt. MILLINERY. Taies’ Misses’, and Children's 40¢c TACH, AT HOTCHKIN, PALMER & C0.5, 137 & 139 State-st. TO RENT. Store No. 109 State-st., size 20590 to alley. Mas “.}; large front show windows and light basement. il reat by month or ear. " Will be completed in ew days. Appiy at Room 9, 140 Madison-&t. 11. 0. STONE. WIRE SCREENS. PATENT WIRE WINDOW SCREENS. Best Walnut Screen in the market. Price, 12to cents per foot. gseh. Blinds, and Scrcens can be opencd and ved without removing the same. Call or send Ninlcard, CHICAGUSCREEN MANUFACTUR- NG CO., 35 Ohio-st. MOULDINGS FOR WIRE SCREENS, Theap, at th - ser Washin, gio F":mry. 38 South Jefferson-st., COT- WIRE SCREENS, For Windows and Doo: rs, the cheapest and best, at %: CHICAGO WIRE WORKS, BOSI‘;IQ- st., opposite 1d, Leiter & Co.'s, (Order early before the rash. ) ZOLINE 3Mixzes easily with starch, either hot or cold, gives 2o extra stiffness, beautiful polish, and pearly \hiteness to the fabric. Follow dircctions and we suarantec it to do as represented. Ask your drug- gist and grocer for ZOLINE. STONE & CO., 131 Lake-st. WATCIl_REPAIRING. EXECTTED in the most prompt and careful man- ‘X1l articles perfectly safe in our eplendid fire-proof vaults. TON, ROWE & CO., CORNER STATE AXD WASHINGTON-STS. FINE WATCH REPAIRING ASPECIALTY. THE BEST WOREMEN. E. R. P. SHURLY, 55 South Clark-st., opposite Sherman House. DENTISTRY. P DR, M. H ASPINWALL, DENTIST, RemoveD from First National Bank 8 Building to 56 Washington-st., over otsage’s, having sccured great reduction in rent, Woposes tomake great reduction in pricee. Special Miaation to filling and preservipg thenatural tecth. m gloss to ladies’ and Children’eshoes than any other dressingz. JELTINE. Ask for JETTINE, and_do pot be per- AR R A A 'Evi‘m an 3 suaded to_take an ore permanent inferiorarticle. Sold by Drugeists, Shne Stores, &¢ ‘Will offer during this week STRAW HATS, ! CHICAGO, S ] PIA}VDS- | ALARGE ASSORTMENT OF THE FAVORITE BAUER PIANOS Atreasonable prices and easy Cerfi:u. Every instrument fully warranted for five years. JULIDS BAUER & €0, Corner State and Monroe-sts., PALMER HOUSE. FOR PIANOS gy, 100 Splendia Upright, Square, and Grand MIPU) Pianos to rent aad rent deducted if pur- LYON & HEALY, State and Monroe-sts, Chicago, General A;‘fn!n for Steinway's Planos, The ONLY MAN' C- @E CKE%E;;:.%&;&; BRo=lR rravos Who can lezitimately plice the name **DECKER " on their waie-. or who have muined a wide-spread reputation, und rendered the same famons. BEWARE OF IMITATIONS. CILICAGO PIANO DEALERS® ASSOCIATION, Northwest corner State and A dnms-stn. Fire Ins Capital - - - $300,000 Surplus- - - 26,000 A A DEWEY, |N.S BOOTON, President, Vice-President. OFFICES: 1_57_:11141 159 LaSalle-st. “REAL ESTATE. $100 L.ots 30 by 132 fect at Downer's Grove, onC., B. " R. R. $10 cash: balunce 85 monthly. NOIN- TEREST ! ° Liberal terms for all cash.” Alsa very choice lots adjoining above, 75 and $85: same terme. ALL high, rich land, near station, sloping southivard, giving beautiful view of the village and surronnding country. A RARE CHANCE for a home or investment. 10 CENT TRAINS! To and from the city daily. Evening theatre trains. & This charming subarh has now about 1,000 inbabitants, and_growing fast, churches, schools, fe. We have set out about 700 trees this spring, are laying walks, &c., &c. Lots sclling rapidly, and prices advancing ith improvements. ~ The cheapest FIRST-CLASS property in the market, ¥f you buy NOW you are CERTAIN of 8 LARGE PROFIT, and get choice of lots. Lots shown frec. DON'T FAIL to go and sec this before buying STREET & ERADFORD, 74+ East Washington-st. For Sale, Exchang, or Rent. The moet desirable home at Washington Ieights, Teinie on the highest timbered grounds, and front- ing east on Washington-av., with gazand excellent Whier. schools, churches, and waiks; only about 100 yards from the depot. _For particulars apply CHAS A. KERFOOT & CO.. el ‘here. No. 95 Enst Washington-st. I;GR SALE OR EXGHANGE. 40x138. corner State and Harrison.s| 40x100, P. O'NEILL, 182 State-st. $75 Lots at Downer’s Grove! Convenient to Station, 10 daily traine, 10 cents fare. Monthly payments. Shown free. 5. A. BOLCOMB, Room 9 Hawley Building, Corner Madison and Dearborn-gt (heap Homes for the People! C. GIBEBS. Fourth-av. OID TRELIABLE EXCELSIOR Carget Cleaning and Renovating G0, of New YOrk. Carpets Cleaned and Renovated: all Spots, Stains, and Ineects removed. Carpets sent for free, and fhoroughly renovated when desired, without re- oving them from the floor. Speeial rates on Jaree smounts of Carpeta. Orders Ieft at our Office, or by Mail, will be promptiy attended to. without Togard to 'weather, ENCELSIOR CARPETC. & R°C0., Tasement 142 LaSalle-st., near Madicon. MAY 28, 1876—SIXTEEN PAGES. g0, 111, 168, -st., Cht 15011 5 West Mad 3 holesale and Retail at No, 2: Ifnquostbnn,bly tho BEST PAPER PATTERNS in the MAREET, General Western Agents for thoe McCall's Celebrated AGENTS | WANTED. | W C. A. VOSBURGH. & CO. CITY AGENTS. A. SIMPSON & CO.. 7 and A1 State-st. G & CO., 600 West Lake-st. © 314 Wost Indiaua-av. NTL 1276 State-st. s Bte lstand-av. 718 South Halsted-st. RD, 187 Archer-av. + Madison-st Twenty-second-st. LIZHE STERNSLAND, Rucker-st. and West Indiapa-av. MRS. L. M. SCHORR, 203 Bluc Island-at. South Halsted. WOLFF I J. MEN 0. I KING, 838 W B. W. WILLI, Cottage Grove-av. GROCERIE: SELLS: A Sumaricceaceonn = Standard A Sugar. 1 Standard Granulated Sogar 103 Patent Cut Loaf Sugar.. 1 ew Turkish Prunes 07 New Zante Currants.. 08 New Valencia Raisins. +12 Dried Blackberries.. 3 12} Rest 3-pound Cans Tomatoes, per doz. 60 Best 3-pound cans Peaches, per doz. ... a0 Proctor & Gamble German Mottled Soap. 4.20 Kirk's German Mottled Soap. . .05 We have lowered the Prices on Fresh Rnasted and Ground Coffee from ONE to TWQ CENTS per ound. - o P¥e are the only Grocery Touze in Chicago who have a complete Steam Coffce =nd Spice Mill on the premises, and who roast and grind all the BEST grades of COFFEES. Fine Moyuné Teas Arriving daily, which are so1d at wholesale prices in any desired quantity. : Nos. 1 and 3 North Clark-st, (Next to the Bridge) And No, 16 South Halsted-st. BOOTS AND SIEOES. CLOSING-0UT SALE Taties’, Misses’, & Children's FINE SHOES, AT B, 1. EEIERDINGER'S, - 128 South Clark-st. Wishing to discontinue this branch of my business, 1 offer the abovegoods at an. IMMENSE SACRIFICE! CALL AND CONVINCE '\'O_UIE'EE_LPX BOOTS & SHOES. HENRY FLORSHEIM, S5 MADISON-ST., Opposite McVicker's Theatro, Has just reccived a large assortment of Ladies’ & Gents’ Low-Cut Buckle & Tie Shoes, Which will be sold at very low prices. CARPET CLEANING AND RENOVATING WORKS, 943 Wnbash-av.. mear Tienty-first-st. Eetablished 1871 Fitting and relaying a speciaity. Feathers and hair reno- vated. PHILLIPS & GARNETT. CARPET CLEANING, Boston Steam Carpet-Cleaning Works. 5. ROTHCHILD & CO.. Proprietors, Office and Works, 31 & 46 W. Adams-5t. | chicago. Branch Oftice, 103 Twenty-second-st._{ 20- WATCHES. KENDALL, - 242 State-st., corner Juckson, seils American and Tmported Watches_cheaper than any house in town. . WATCH AXD JEWELRY REPAIRING AND MANUFACTURING a specialty. Redaced rates. FOR: SAL] FEARLY CHICAGO. Alecture by Hon. John Wentworth, delivered April 7, 1876, with 8 lnrge amount of newly dis; covered and interesting mattery also, steel Coraving of author. 56 pages Svo. Sent by pub- listiers on recelpt of price. 53 conts. FERGUS PRINTING CO. 244 Tllinoi DYEING AND CLEANING. of evory description cleancd to look ke e, and e otic CHW 3}15 Snoz:L glark.lfifi Tllinote. and 265 W. Madison-sta. ATOES. Best Tomatoes, 8-pound Cans, per doz., $1.50, At HICKSON'S, 113 East Madison-st. Rare Opportunity. A custom-made stock of Tioots and Shoes is to be closed out at a sacrifice at 21 South Clark-st. LAUNDRY. MUNGERS LAUNDRY. SEE OUR REDUCED PRICES! Shirts reduced from - - 13cto 10c Drawers reduced from - 10cto 8¢ TU. Shirts reduced from - 10cto 8c N, Shirts redwced from - 10cto 8¢ ‘Hdl:fs.veduced from - - 3cto 4c . Vests reduced from - 25¢ to 20c BABY CARRIAGES. BABY CARRIAGES AT THE REDUCED PRICES. FLAGS-~Mauslin, Silk, Delaine, and Bunting FLAGS-—Forelgn; =2ll Nations, in_sel Army Corps, In set! tates and Ter., In sots; Centennial Shields, for decoratins. TOY CANNOY, CAP PISTOLS, PAPER CAPS, etc. VERGH0, RUHLING & G0, 138, 140 & 142 State-st. WATER CURE. A A AR A e A RO KENOSHA WATER CURE, KENOSHA, Wis. Recently entarged and improved. Fine lake view and good boating. ~Summers re- arkably cool, &nd climate delightful. Chronlc Diseases; Diseases of Nervous System, For circu- torme, etc., address N. A. PENNOYER, ., Physician or E. PENNOYER, Proprietor. “With all OUR FINANCES. Consultation of Business Men and City Officers. Explanations by Mayor Hoyne and S. A. Smith. Ald. Pearsons States the Con- dition of the City’s Affairs, What Tt Owes in Certificates, Et(.)., 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 for Taxes. PELSONAL EXPLANATIONS. MESSRS. HOYNE ARD SMITIL A conference of prominent business men of the city and members of the City Government was held yesterday morning at the rooms of the Citizens' Association to take into consideration {he financial position of the city. Among those present were Mayor Hogme, Elliot Anothony, Ald. Pearsons, 0. 0. Horton, D. D. Spencer, J. K. C. Forrest, C. Henrotin, Nelson C. Luding- ton, ex-Ald. Heath, L. B. Sidway, J. C. Tiaines, Chauncey B. Blair, Sol A. Smith, Marshall Field, James McKindley, M. F. Tuley, Henry Greenebaum, B. Locwenthal, Henry W. King, A. L. Keep, Perry H. Smith. Volney C. Turner, Julian S. Rumsey, L. C. B. Freer, John H. Dun- ham, J. Irving Pearce, Charles B. Farwell, Ald. Aldrich, Ald. Throop, George Armour, A.J. Averell, John C. Dore, Johu B. Drake, and J. Medill. L The meeting was called to order by Ald. Briggs, who nominated Mr. Frecr as Chairman. Carricd. Mr. J. C. Ambler was clected Secretary. The Chairman then called upon Some gentle- man to state the object of the meeting. MAYOR HOTNE. MR. CHATRMAN AND GENTLEMEN: The-object forwhich this meeting of business men is called together is to devise, if possible, some means of saving this city from going to protest on its paper. I have been informed that I have been chiarged with forcing the city to go to protest. That I need not say, as s citizen, is utterly false; but I am surpriscd that an institation of such reputation as the Merchants® Savings, Loan, and Trust Company, having a plece of paper representing §6,000, which it was not necessary to protest to hold anybody lisble 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 themidst of confusion, were making some cffort 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. Ihave been put 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 I do not understand the matter a5 a financier, but as & lawyér I understand what is Jegal, and 1 have no liesitation in saying that this city has been dishonored already and drain- ed of its resources through s 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 hins been practiced when the Constitution itself prohibits it, and it is utterly untenable. Thave taken an oath to support the Constitu- tion of this State, and of this city, and to dis- charge my dutics in accordance therewith, and while I am in this position, I shall protest against the issue of any more illegal or fraudu- 1ént, paper. Thatis my position, and I wish it distinetly understood: and while it is my posi- tion, 1 wish toask allthe citizens of Cgimgo whether they cannot furnish the means to save the city from dishonor or protest. Ve are not responsible for this state of things. We have just discovered a deficitin the Treasury amount- ing to millions. The Finance Committec have got an exhibit of our indebtedness, which shows Bhat, everything is exbausted. There is nota single fund whatever thatis not robbed; and now, sir, that the question comes up, I may statethat $2,800,000 outstanding certificates were jssued 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 m(mcg‘. had been reached. The question then is this: Shall we now take up one piece of frandulent paper and give another forit? Itis just as unauthorized and illegal precisely to issue more aper as it was to issuc that outstanding. There is no doubt about that being iliegal, 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 cxtpcnses. But that {s not all. It is not merely that the city has been in an illegal or unlawful and false Tcthod of financicring, but the certificate sys- tom of borrowing money is the apparent source of all the rasculity aud fraud which have oxisted in the city. That system 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 Sfagor, he does not_care whether the city is plunged into debt or not, or whether the Comp- troller is reckless sbout the city means. I sa that the city has no chance under such a combi nation, and that we have been brought to the verge of bankruptey, and ruin by such men as we have had in office. “Two Fanflcmen came to me the other day and persisted, with all the per- sistence that some men have, that 1 should back down on this financial question. I cannot doit. Istand as a sworn officer, and, sooner than give up my position, 1 will have to giveup my office” to them. I bave stated the condition of thin%s. As I said_before, there will be a deficit of $3,000,000 in six months. Mr. Greenebaum—What about THE BACK TAXES? Mayor Hoyne—In the first place, they are {o- suflicient entirely. Mr. Tuley has made a state~ Hent, which was published this morning, in Fhich he says of the back taxes of 1873, 1873, 1574, and 1873, aguinst which the certificates were drawn, that the amount to be collccted is ot adequaté to pay them. The Finance Com- mittec have worked for days on this subject. and have sscertained the actual condition of Affairs, and it is perfectly demonstrated that it we take our present revenue to meet the cer- tificates, we will have a deficiency of 33,000,000 before the end of the year. It is to prevent this result, to devise means to save the city from this _ meeting ed, desire to say that I am in the hands of the people of 1 have no ambition to stay where I a set of scoundrels,—no desire to do ut what is for the best interests of the city. I here take this position boldly and fearlesely In the face of this people, and T will stand by it. I have only one thing more to add. Kkindness to this Merchants’ Savings, Loan and Trust Company, I must say that itis & remarkable fact that we hear from every quar- ter approval of our effort to save the city from Sisgiace except from that institution. 'I can only account for it in one way, —that they are ORber deceived or interested. I bave attacked the gras bills of the city, and I am sure there arc men'in that institution who are creating this erfectly icago. am amon, anything opinfon, to say nothing of the efforts of the olvin party in this direction. . MR. SOL. SMITH. MgR. CrArraAN: I had not expected to say anything at all, having already expressed my opinionas to the payment of city certificates; but I want to correct one statement which the Mayor hns made. He starts out with saying that the Merchants’ Savings, Loan and Trust Company protested certificates to the extent of $6,000, which was_entirely unnecessary. Now, sir, we have certificates sent us from Bostom, baving several indorsements, and we hesitated and lield those certificates until the last moment, uncertain whether we would protest them or not,—whether we would nssume the responst- bility of pny!n‘% the certificates if the holders required it, or protest them.. I saw_another geutleman 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 X think any banker would have taken the same course. Idow’t lmow why we should have held those. They belonged to other parties. In regurd to what Mayor Hoyne says in refer- ence to the officers of the Mérchants’ Savings, Loan_and Trust Company, about a week ago Ald. Pearsons asked me to go—this was when I lesitated—to & meeting at his room that even- ing. I went around there and met Mr. Rosen- berg and several other gentlemen composing the Committee, ana while there Mayor fioo_vnz- came in. I expressed m{sell very freely and said the city should take some course to protect its credit; that the money had not been paid for water, for the protcction of our proper- ty h{' the police and fircmen, and for the amount. of the interest on our debt, and I very frankly stated I thought some course should be deviscd topay the certificates, if possible, when they matured. M:. Hoyne differed with me. Ibe- lieve I left the rooin and went out after having said all I had to say. [don’t know that there was anything on theé part of Mr. Hoyne, or any- body else, cértainly I intended no— Mr. Hoyne—Didn't you understand we went there for the very purposeof devising some means to méct those certificates 2 THE INTERVIEW WITH ¥AYOR FOTNE. Mr. Smith—I didn’t know the object of that meeting. What_Mr. Horne refers to, took lace when Mr. FieldandT came to his office. Mr. Field came into my office and said, * Can- Rot some plan be devised to remedy this diffi- culty 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 a5 Comptroller.” ¢ Well,” eaid I, 4 you are the man above all others.” We went aown and saw Mr. Hayes. We had no idea of sceing Mr. Horne there. We met Hayes in his office, and said: * You are placed in a position wheré, we think, you are doing harm to the city Dby retaining your office. Won't Jou Testan, and_let Derickson come m here and act as Comptroller,and relieve yourself of these troubles? It is your duty to do any- thing and cvcrychin? that wili remove any ol stacle in tlie way of having the city affairs go on smoothly,and without coming into collision with -| anybody.” Mr. Hayes, after a long conversation, declined. He would not give up the office. He was placed in a false position. After coming out futo” the hall, Mr. Field says: *“Where is the Mayor's office? Don’t you want to go and sce the Mayor?” We went in and hm{’l\ little conversation with the Mayor. T 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 thea gaid 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. I certainly have an interest in this city,— am something ‘ol a tax-payer,—and do not Wish $o throw any_ obstruction in the way of Mr. Hoyne's course. If his course is the best, I “shall cheerfully acquiesce. He has attacked me. I do not like the position he hus ‘assumed in this matter, and I am frank to state that but I believe his {ntentions are good, and he wants to do what is best for the interests of the city. But Idon’t want him to charse me as wanting to protest this dt{'s paper_when there is no necessity for protesting, and I think it is very unfuir. ‘Mr. Hoyne claims I am an advo- cate.of the issue of certificates. I sce Mr. Henth, the Chairman of the old Finance Comn- mittee, and I np‘mfl to Mr. Heath, to Mr. Hayes, to Mr. Colvin, to sayif I did not say, “Tf you continue to issue those certificates T will not be a party to loan you one dollar. If {on stop issuing and pay those you have already fssucd, and pay off your indebtedness, T will ad- vocate every bank to loan you all T ean.” GETTING TO BUSINESS. George Armour—I wonld just say a word fn corroboration of what Mr. Smith hes said. T Gon't suppose this meeting was called for the purpose ‘of patching up any difercnces or mis- Pnderstandings. Still, 1 was surprised when T learncd that the Merchants' Loan & Trust Company was charged with opposing the credit of the city In any way. 2 Mr. Hoyne—I have made no such charges. Mr. Smith—You have made serious charges of discrediting the credit of the city. Mr. C. B. Farwell—I understand this meeting was called for devising some means, and not for personal explanation The gentlemen can ex- lain some other time.. Let us hear the means rst. Then, if the gentlemen have any quarrels 10 settle, all right. Mir. Smith— came here for that purgose. Mr. Hoyne charged certain things to me. it not proper for me to get up? MR. ARMOUR— ~ E It is very necessary, and preliminary to what will come after. Mr. Smith asked me to come around the next morniong to o mectlnf of the Board of Directors on the subject of the city's finances. Hc said Hayes had been: around, but e did'nt know exactly what he wanted. Isaid, & Can’t you find out what he wauts? We canit act ordo anything until they come down to fome figures. ~What is the usc of our meeting _unless they know?!” He said they didn’t know. Hayes talked about millions. ‘“Yes,” I said, *that’s the old story,—millions. But let us change Dolicy and I will go in the morning, prelfinin Do thie mecting, 50 as to know and act as intell Ecmly as we can when we meet, and scc the hairman of the Finance Committce, Mr. Me- Crea. Iwent to see Mr. McCrea.. Before this, Y asked Mr. Smith what he_proposed to do, and e said, ©If there is anything that can be done in reason I sm willing todo it; we want to do it; I certainly do.” We agreed that the banks 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 T hope we will set the Mayor right with regard to thie Merchants’ Loan and Trust Company. Mr. Smith—Whatever course can be devised, 1 will lend my aid to do snything I can. That is what I came here for. Ilave not come here to discuss this question in relation to what my viewsare. Anything tosave the credit of the city. THE CITY’S CONDITION. ALD. PEARSONS wascalled on to furnish a statementof the city’s condition: Ald. Pearsons—I am not the Chairman of the Finance Committce, but tn the absencc of the Chairman, Mr. McCrea, I have taken quite an active part in that Committee, not only for the Jast two wecks, but right along, and I shall not falter. The emergency that we have come to, gentlemen, does not necd any side-issues or the casting of insinuations agalnst onc man or an- other man. The circumstances of our case de- mand bold and prompt action. But I did not rise to make 3 speech. I rise here to read to yon what is absolutely correct in regard to the city’s labilitics and resources at the Traszm. time, and the figures are known. Iy to all. THE CITY LIABILITIES at the present time are, tirst, the Relief and Afd Society fund, $75,000; the Burr fund, $35,000, and a little over; certificates maturing between May 16 and May 81, $40,000; _certificates maturing_Junc 1, $674,000; July, $235,000; ‘August. $70,000; September, $625,000; October $156,0005 Sovemher, $300,000; June gencral s 3 1, 187, $184000; the whole indebted- ness _ maturing between now and June 1, 1877, is $3,101,000. I get this from & printed statement from the Comptroller, and there is no question about it. July 1, 1876, in- terest on our bonded debt is $468,000; July 1, 1876, the maturing bonds are $85,0005 due em- fsl:yu at this fd.me‘:i $500,000 more; vouchers ucd, $200,000; due for gas, $400,000; due various_city pecial funds, $1,950,000. The fizures Iam giving are the liabilities and re- sources of the city, to show you where We shall Be If we go along with the city to the 1st day of April, 1677, L allow $2,500,000 to_pay our ex- ‘penses to the st day of April, .18i. You can Jug hether that will carry us or not. The Fehole will make $9,492,000. “Now, 2 nut the resl)h' THE (()rl’llll SIDE Taxd 1 put_the resources {n this way: Tax-levy of 155, $3,093,000; we bave collected $1,700; PRICE FIVE CENTS, lenving to be collected from our tax-l £3,372,000. The back taxes and certificates o?l’t’- standing are $3,167,000. I mean by back taxcs the personal property taxes, about $1,000,000. The real estate certificates amount to_another §1,000,000, very near. Now, there is $1,330,000 that is :\gpen.lcd to the upper Court, so that wo absolutely have back taxes and certificates, £3,167,000. We put down ax absolutely doubt~ ful of this £3,167,000, $2,167,000. You can judzw yourselves whether we are right or not. Now, we have bonds. I will put down the bonds that matare July 1, 1576, as resources, becatse we haven’t got to pay those bonds until next July, and there i a practicability, or it is legal- Ly practicable, to carry that over. Now, I put own the certificates due June 1, 1577, and pay- able from the appropriation and levy of 1876, $184,000. Those_certificates thatare not duc \ntil June 1, 1677, I put downas resources for the sake of theargument. There is payable before the 1st of April, 1877, certificates to the amount. of $2.802,000, and the nterest in July and June T said to you was $466,000, but you have got 10 ~ double that, because the same amount becomes due in January, and that makes $532,000 inter- est on our bonded debt. We owe the emploves $800,000; youchers, $00,000; gas bills, $i00, 000;. expenses, estimated for this vear, $2,500.- 000, and T make out that there will be a deficit of 3,035,000 on the Ist day of April, 1877. Mr. Farwell—You have not given any account of the levy of 1876. Mr. Pearsons—The tax-levy for 1875 is $§5,003,- 000. Ourtax sale of 1575 does not come until August. It formerly came in March, but there ‘as been a half-revolution of the wheel, and we cannot sell our taxes until August. You can draw your own conclusions in regard to that. PROPOSING PLANS. A SPECIAL COMMITTEE. Mr. Greencbaum—I suggest the appointment of a special committee that will take into con- sideration what can be done, and report at an adjourned meeting. There are two views of this matter, and I for one would be glad to be instructed. One is the legal question thas un- derlics all this problem, and the - other is the financial problem that underlics it all. Iwould be glad to hear from Mr. Tuley 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—I wish tg say to the mecting that I have no special plan, except what the Finance Committee, together withothercitizens, have proposed. Mr. Farwell—Well, let us have that plan then. MR. ANTHONY'S SCHEME. Mr. Elliot Anthony—I 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 consilt with Mr. Tules, and to draw the resolutions out in a little mo:e extended shape. We had a consultation last 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 accordance with their suggestions,a sort of finan cial plan for the city, and if itis so desired I \¥ill present it, so far as drawn, to this meeting. 1t covers alittle more ground than what wa have been discussing here. 1 wish to say that T am not appearing a8 Corporation Counsel at all, but as a citizen. I have not acecpted that posi- tion yet. The resolutions are: WHEREAS, Certificates of indebtednees to the amonnt of nearly $3,000,000 have been issucd by the city authorities of the City. of Chicago after said ity had reached the prescribed limits “allowed -by the Constitation of the State of Illinois and the law governing said city, which certiicates parport \ipon their face to be an abeoluté undertaking on tite part of aaid city to pay said amounts at a “cer- tain time, without regard to any specific fund, 3p- pronriation, or tax-levy provided to meet them; an \wirEnEAs, Sald certificates have| been issned without warrant ofslaw and in violation of the Con- stitution of the State, but are claimed to represent bona fide debts incarred for and on bebalf. of the oity, ‘and for which appropriations were made 1@ D3y the same, bat whu:hagpmpnnl ms have been anticipated or mever coll ected, or{ if collected. everapplicd to_the paymentof said debta; and WHEREAS, Larse sams of money collected from the pcople have been atolen from the ublic treas- nrygy faithless officers, or squanderéd in defraying The ezpenscs of aunecessary departments and vast numbers of useless ,emplnses: and, Wrereas, The entire administration of our mn- nicipal affairs has been characterized by extrava- Fance and disregard of the principles) of economy, lereby endungering our credit and casting re- Droach upon our city; therefore, wo do hereby de. Flare the following 28 the true financial policy of thiscity: ! ‘siesviced, That all useless offices shall be abol- ished; il sinecures dispensed with: all laws and ordinances relating to the collection of liccnses and City rovenues to be strictly enforced, Retrench- ment of expenses in every one of the departments, and the entire municipal government & istered with efficicncy and economy. Resolced, That we rezard the issning of certifi- cates of indebtedness in the manner and form of those recently issued by the City Comptroller of this city, and now outstanding, withont specilying Rpon thei face that they werc drawn aguinst any Eheen fund, tax levy, of appropriation, when it was Well known at the time of the issuing of eaid cer- tificates that we had reached the constitutional limit for Incurring debts, as illegal and upjustifiable by 2y emergency, however imminent, and will not e continaed by the present Administration of the City Government. esolced, That notwithstanding have been illegally issued, the City of Chicago wil Fadeem every promise that it has made to itacred- 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 tolerute or allow any repadiation of any Just debt in any manner orin_any form whatever.1 ‘Jtesolted, 'that the Comptroller of this city be authorized to enter into an arrangement at once With the holders of ali certificates of indebtednesa for the payment of the same. With interest, within a period of three years, paying in full, if possible, those which fall due in June and July next. . Resolved, Furiher, that, 88 there are now ancol- Jected taxes to the amount of over one million dol- lars, which were levied during the period when tha debis were Incurred which are now reprusentcd by the certificates of indebtedness, and which taxes, when collected, should be specially and a) ecifcally applicd to pay 8aid debts; that the City of Chicago 2P receive in paymentof ail taxes for the year 1875 and previous years, certificates of indebled- ness which have been issued prior to thia date, and now outatanding, at their face and accam ulated in- tereat when surrondered to the Comptroller of the city. Jguolted. further, That as the City of Chicago has to-day In Its possession about $1,000,000 orth of tax certificates, issued to it in its corporato capacity for property struck off to it by reason of the owners of the same neglecting to pay the taxes Jovied upon waid property, and which property Lihnds as secunity for said taxes (said tazes beiuz Derpetual lien upon the same), therefore in order To raixe fands to pay the certificates of indébted- hess becoming dne on the Iat and th of June pest, that the Comptroller be directed to forth- With sive public notice that any tax certificate now owned by the city may be redeemed or purchased at a discount of — per cent at any time prior to the 3d day of June nest. And a like dissount be made from the amonnt of any tax of 1875 aad previous years, if paid before said date. “Resoired, That, as the city is now largely in ar- rears to all its officers and cmployes for thelr sala- ries, that, out of the funds now in the City Treas- ury, the back salarics of all the officess and ployes of the city shall be paid up to April 1, 187 ind thht for the aslaries of sald city officers and employes accraing subsequent to said time—that the Comptrolier b anthorized to make a temporery Toan suilcient for eaid purpose,-to be paid out 6f the taxes for 1876—when collected; or by the pledging of the tax certifcates of the city; orin uch- other manner as he may see fit to meet the public exigency und relieve the present wants of the city employes. E Now, Mr. Chairman, I don't pretend to be a financial man, but I am_ sufficiently acquainted with the management and administrztion of the affairs of the city to know this: that we have in our posscssion to-day assets of very great value, and that some use can be made of them to avers the calamity which is dreaded. What would an individual do if he had those Isseu_inb.ls“pus- session in_order to save Lis credit? What Srould Mr. Dunham, Mr King, or any other gen- tleman of business expericnte in this town do ¥ First, if we_could not pay the certiticates wa were'suddenly called upon to pay, we would say, Let us have an extensfon if we can getit. until we can turn round. Second, let us say to those men who hold the certificates. We havs ~million dollars of tax-certificates, which ara the best collateral securities in the world, sc~ cured by property of 100 times the value of these things; let us take these and hypothecata them for the time being. Iam assured and know that we can get money from the banks for this purpose. e tax—certificates that the city holds are by law, if a person ‘wishes to re- deem them, subject to a penalty of 25 to 100 per cent. ¢ question en i3 whether this nalty should be remitted. It it is, I have cen assured a large amount of money will flow into the Tmuur{. One of the members of the Finance Committee does not hold this view, thinking it will be & bad precedent to remit the penalty. But this emcriency will not. occur rithin a generation, and. don’t think it will ripen into a precedent. L think it wonld be a Zood _plan to ralss manqy it we Weré {osa-: safd”certificates