Lights and Shadows of New York Life: or, the Sights and Sensations of the Great CityMcCabe, James Dabney
History
Lights and Shadows of New York Life: or, the Sights and Sensations of the Great City
McCabe, James Dabney
New York (N.Y.) -- Description and travel; New York (N.Y.) -- Social life and customs -- 19th century
"The fourth act in the conspiracy was the collection of the money and its
division. (Laughter.) Who collected that money? We found upon
investigation that every time Garvey collected $100,000 he paid 66 per
cent. to Woodward, who paid Tweed 24 per cent. of it. (Laughter.)
Sometimes Woodward paid a fraction above 24 per cent. to Tweed, sometimes
a fraction below, but it never reached 25 per cent. nor fell to 23 per
cent. (Laughter.)
"Every time Woodward collected money he paid over 24 per cent. to Tweed.
The investigations in the Broadway Bank having begun without knowledge of
the specific transactions to which they would relate, extend back through
the whole of the year 1870, and it appears that about the same
transactions were going on in the four months of that year, and about the
same division was made. Something like $200,000 or $240,000 was paid
over to Tweed during those four months.
"Now I have heard it said in some of the public presses that a gentleman
who had an interview with Mr. Tweed had received the explanation that Mr.
Woodward owed him large sums of borrowed money, and that when, in the
course of his business arrangements with the city, he received these sums
of money from the city, he simply paid it over to Mr. Tweed in
satisfaction of his debts. That is a very fine theory. There is only
one difficulty about it, and that is, these loans are not entered on the
bank account. Examine Mr. Tweed's bank account, and there is not $1000
in it except in city transactions. His whole private business during
this time when he was depositing it--checks drawn upon city warrants
amounted to $3,500,000--did not amount to $3000; therefore it results
inevitably that whatever is taken from that account is city money, for
there was nothing but city or county money in that bank. There were no
private funds there. Where his 42 per cent. went I am unable to find
out. It was probably transferred to some other bank in large checks for
subdivision among the parties entitled thereto; but about that we know
not. Now, gentlemen, that disposes of the fourth act in the conspiracy,
and the events justify me in saying that at the time the City Charter was
passed I had no suspicion that the principal object in passing it was not
to preserve political power, with the ordinary average benefits that
usually accrue to its possessors. I had no suspicion that affairs were
going on in this way. But it seems that these transactions were about
one-half through; that there was about as much to be done after the new
charter as had been done for sixteen months previous under the old law;
and that therefore the motive and object of the new charter was not only
to secure political power with its ordinary average advantages, but also
to conceal the immense amounts that had been already stolen, and to
secure the opportunity of stealing an immense amount that was in prospect
before its passage. I say, then, that by the ordinary rules and
Public-domain text, read in full here on John Shaqi.
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