"Fellow-citizens of the City and State of New York, this report of the doings of the Committee of Seventy would be incomplete if it did not fully unfold to you the perils and the difficulties of our condition. You know too well that the Ring which governs us for years governed our Legislatures by bribing their members with moneys stolen from their trusts. That, seemingly, was supreme power and immunity. But it was not enough. A City Charter to perpetuate power was needed. It was easily bought of a venal Legislature with the proceeds of a new scoop into the city treasury. Superadded to this the Ring had devised a system, faultless and absolutely sure, of counting their adversaries in an election out of office and of counting their own candidates in, or of rolling up majorities by repeating votes and voting in the names of the absent, the dead, and the fictitious. Still their intrenched camp of villainy was incomplete. It was deficient in credit. This is a ghastly jest, the self-investment of the robbers of the world with a boundless financial credit. And yet the Ring clothed themselves with it. They entrenched themselves within the imposing limits of some of our most powerful bank and trust companies. They created many savings banks out of the forty-two which exist in the city and county of New York. This they did within the last two years. The published lists of directors will enable you to identify these institutions. Now the savings bank is a place to which money travels to be taken care of; and if the bank has the public confidence, people put their money in it freely at low rates of interest, and the managers use the funds in whatever way they please. In the Ring savings banks there are on deposit to-day, at nominal rates of interest, many millions of dollars. It is believed that into these banks the Ring have taken the city's obligations and converted them into money, which has been sent flowing into the various channels of wasteful administration, out of which they have drawn into their pockets millions on millions. The craft of this contrivance was profound. It wholly avoided the difficulty of raising money on the unlawful and excessive issues of city and county bonds, and took out of public sight transactions which, if pressed upon the national banks, would have provoked comment and resistance, and have precipitated the explosion which has shaken the country. I think that among the assets of the savings banks of this city, county and State will be found not far from $50,000,000 of city and county debt taken for permanent investment. For the first time in the history of iniquity has the bank for the saving of the wages of labor been expressly organized as a part of a system of robbery; and for the first time in the history of felony have the workmen and workwomen, and the orphans and the children of a great city unwittingly cashed the obligations issued by a gang of thieves and plunderers."