Финансист

Chapter XIV

           

           Originally,inallprobability,therewasnointentiononthepartofthecitytreasurertodoanyoneaninjustice,anditislikelythattherereallywerenofundstopaywithatthetime.Howeverthatmayhavebeen,therewaslaternoexcuseforissuingthewarrants,seeingthatthecitymighteasilyhavebeenmanagedmuchmoreeconomically.Butthesewarrants,ascanreadilybeimagined,hadcometobeafinesourceofprofitfornote-brokers,bankers,politicalfinanciers,andinsidepoliticalmanipulatorsgenerallyandsotheyremainedapartofthecity’sfiscalpolicy.

           Therewasjustonedrawbacktoallthis.Inordertogetthefulladvantageofthisconditionthelargebankerholdingthemmustbean"insidebanker,"oneclosetothepoliticalforcesofthecity,forifhewasnotandneededmoneyandhecarriedhiswarrantstothecitytreasurer,hewouldfindthathecouldnotgetcashforthem.Butifhetransferredthemtosomebankerornote-brokerwhowasclosetothepoliticalforceofthecity,itwasquiteanothermatter.Thetreasurywouldfindmeanstopay.Or,ifsodesiredbythenote-brokerorbankertherightonenoteswhichwereintendedtobemetinthreemonths,andshouldhavebeensettledatthattime,wereextendedtorunonyearsandyears,drawinginterestatsixpercent.evenwhenthecityhadamplefundstomeetthem.Yetthismeant,ofcourse,anillegalinterestdrainonthecity,butthatwasallrightalso."Nofunds"couldcoverthat.Thegeneralpublicdidnotknow.

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