Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
The power the Ring possessed of covering up the rascality of its members
and bamboozling the public is hardly conceivable at this day except by
those who had experience of it at the time. As an instance of this I may
state that some time prior to the appointment of the Committee of
Seventy certain accusations were ventilated against Richard Connolly,
the City Comptroller. He put on a bold front, and insisted upon an
investigation of his department by a committee of leading and prominent
citizens. He named his committee, who were Moses Taylor, Marshall
Roberts and John Jacob Astor. These were men against whom no person
could have any objection. They were wealthy and independent citizens,
and it might have been difficult at the time to have selected any other
three who commanded greater confidence in the community. The
investigation, through the unblushing effrontery and audaciousness of
Connolly and his “pals,” resulted in an acquittal of Mr. Connolly, which
gave him a new lease of political life, and rendered it more dangerous
than ever for any one to utter a word of hostile criticism against his
methods of managing the city finances.
Results showed, when the Ring was exposed, that Connolly had made the
very best use of this investigation in appropriating additional sums out
of the City Treasury.
The Ring was now supreme in city affairs, and the city was under a reign
of terror. This state of things existed until the summer of 1872, when
the Committee of Seventy got into harness, after which the despotic
thieves that had ruled the roost so long, were driven from power one
after another in rapid succession, and scattered to the four corners of
the globe.
The task of ousting this brazen band of plunderers, root and branch, was
attended with considerable difficulty, as their resources were so
numerous and powerful. When they were no longer able to exercise their
arbitrary power they stooped to every form of cajolery and bribery in
order to adhere to the remnant of their official authority. As an
illustration of this, I may state that at the beginning of my efforts in
connection with the Committee of Seventy I was waited upon by a member
of the Ring and asked if I would not accept the position of City
Chamberlain. I said: “That is a matter, of course, which I could not
decide upon at once, as there is no vacancy at present. It will be time
enough for me to consider the matter when a vacancy occurs, and then
when the position is offered to me.”
This answer carried with it an intimation, which I had intended, with a
view of drawing out some of the internal methods of procedure in such
cases, that I would probably accept the position and help to smooth over
impending revelations. I thought that the end which the Committee had in
view justified this means of mildly extorting an important secret in
methods of Ring management, that was calculated to aid us in the work of
municipal reform.
Public-domain text, read in full here on John Shaqi.
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