The Financier [141]
how quickly the newspapers, and even the Citizens' Municipal Reform Association, adopted the argument that Cowperwood was largely, if not solely, to blame. Stener had loaned him the money, it is true--had put bond issues in his hands for sale, it is true, but somehow every one seemed to gain the impression that Cowperwood had desperately misused the treasurer. The fact that he had taken a sixty-thousand-dollar check for certificates which were not in the sinking-fund was hinted at, though until they could actually confirm this for themselves both the newspapers and the committee were too fearful of the State libel laws to say so.
In due time there were brought forth several noble municipal letters, purporting to be a stern call on the part of the mayor, Mr. Jacob Borchardt, on Mr. George W. Stener for an immediate explanation of his conduct, and the latter's reply, which were at once given to the newspapers and the Citizens' Municipal Reform Association. These letters were enough to show, so the politicians figured, that the Republican party was anxious to purge itself of any miscreant within its ranks, and they also helped to pass the time until after election.
OFFICE OF THE MAYOR OF THE CITY OF PHILADELPHIA
GEORGE W. STENER, ESQ., October 18, 1871. City Treasurer. DEAR SIR,--Information has been given me that certificates of city loan to a large amount, issued by you for sale on account of the city, and, I presume, after the usual requisition from the mayor of the city, have passed out of your custody, and that the proceeds of the sale of said certificates have not been paid into the city treasury.
I have also been informed that a large amount of the city's money has been permitted to pass into the hands of some one or more brokers or bankers doing business on Third Street, and that said brokers or bankers have since met with financial difficulties, whereby, and by reason of the above generally, the interests of the city are likely to be very seriously affected.
I have therefore to request that you will promptly advise me of the truth or falsity of these statements, so that such duties as devolve upon me as the chief magistrate of the city, in view of such facts, if they exist, may be intelligently discharged. Yours respectfully,
JACOB BORCHARDT, Mayor of Philadelphia.
OFFICE OF THE TREASURER OF THE CITY OF PHILADELPHIA
HON. JACOB BORCHARDT. October 19, 1871. DEAR SIR,--I have to acknowledge the receipt of your communication of the 21st instant, and to express my regret that I cannot at this time give you the information you ask. There is undoubtedly an embarrassment in the city treasury, owing to the delinquency of the broker who for several years past has negotiated the city loans, and I have been, since the discovery of this fact, and still am occupied in endeavoring to avert or lessen the loss with which the city is threatened. I am, very respectfully, GEORGE W. STENER.
OFFICE OF THE MAYOR OF THE CITY OF PHILADELPHIA
GEORGE W. STENER, ESQ., October 21, 1871. City Treasurer. DEAR SIR--Under the existing circumstances you will consider this as a notice of withdrawal and revocation of any requisition or authority by me for the sale of loan, so far as the same has not been fulfilled. Applications for loans may for the present be made at this office. Very respectfully,
JACOB BORCHARDT, Mayor of Philadelphia.
And did Mr. Jacob Borchardt write the letters to which his name was attached? He did not. Mr. Abner Sengstack wrote them in Mr. Mollenhauer's office, and Mr. Mollenhauer's comment when he saw them
In due time there were brought forth several noble municipal letters, purporting to be a stern call on the part of the mayor, Mr. Jacob Borchardt, on Mr. George W. Stener for an immediate explanation of his conduct, and the latter's reply, which were at once given to the newspapers and the Citizens' Municipal Reform Association. These letters were enough to show, so the politicians figured, that the Republican party was anxious to purge itself of any miscreant within its ranks, and they also helped to pass the time until after election.
OFFICE OF THE MAYOR OF THE CITY OF PHILADELPHIA
GEORGE W. STENER, ESQ., October 18, 1871. City Treasurer. DEAR SIR,--Information has been given me that certificates of city loan to a large amount, issued by you for sale on account of the city, and, I presume, after the usual requisition from the mayor of the city, have passed out of your custody, and that the proceeds of the sale of said certificates have not been paid into the city treasury.
I have also been informed that a large amount of the city's money has been permitted to pass into the hands of some one or more brokers or bankers doing business on Third Street, and that said brokers or bankers have since met with financial difficulties, whereby, and by reason of the above generally, the interests of the city are likely to be very seriously affected.
I have therefore to request that you will promptly advise me of the truth or falsity of these statements, so that such duties as devolve upon me as the chief magistrate of the city, in view of such facts, if they exist, may be intelligently discharged. Yours respectfully,
JACOB BORCHARDT, Mayor of Philadelphia.
OFFICE OF THE TREASURER OF THE CITY OF PHILADELPHIA
HON. JACOB BORCHARDT. October 19, 1871. DEAR SIR,--I have to acknowledge the receipt of your communication of the 21st instant, and to express my regret that I cannot at this time give you the information you ask. There is undoubtedly an embarrassment in the city treasury, owing to the delinquency of the broker who for several years past has negotiated the city loans, and I have been, since the discovery of this fact, and still am occupied in endeavoring to avert or lessen the loss with which the city is threatened. I am, very respectfully, GEORGE W. STENER.
OFFICE OF THE MAYOR OF THE CITY OF PHILADELPHIA
GEORGE W. STENER, ESQ., October 21, 1871. City Treasurer. DEAR SIR--Under the existing circumstances you will consider this as a notice of withdrawal and revocation of any requisition or authority by me for the sale of loan, so far as the same has not been fulfilled. Applications for loans may for the present be made at this office. Very respectfully,
JACOB BORCHARDT, Mayor of Philadelphia.
And did Mr. Jacob Borchardt write the letters to which his name was attached? He did not. Mr. Abner Sengstack wrote them in Mr. Mollenhauer's office, and Mr. Mollenhauer's comment when he saw them