their own finances. Men of business are told that their ignorance is
so crass, or their honesty so doubtful, that the Legislature is
compelled to keep a watchful eye on their expenditure. The proposition
is as absurd as it is insulting and uncalled for. The Corporation are
further to have no power to sell, mortgage, or lease their own
estates. It may, perchance, be true, that in former times less regard
was paid to the discovery of secure and profitable investments than
suits the more grasping spirit of the present times. It may also be
that greater extravagance was occasionally exhibited than would now be
either justifiable or tolerable. But on neither of these grounds was
it fitting to affix such a stigma, to pass such a vote of censure, on
the existing governing body. Many economical reforms have of late
years been spontaneously introduced, and an unmistakable tendency
shown to make such further retrenchments as might be consistent with
the efficiency of the public service. No doubt the expenses attendant
on the collection of the City's income are susceptible of reduction,
nor would it be amiss if the heavy outlay connected with the civic
government were lightened of some of its items. Still, these are mere
questions of detail, and might fairly be left to the good taste,
judgment, and discretion of the municipal magistrates. The steps
already taken by the Common Council clearly evince their desire to
keep pace with the liberalism of the age. Since the year 1835,
the sum of at least 100,000 pounds has been offered on the altar of
public opinion by the gradual abolition of the fines and fees which
restricted the freedom of the City. In the same spirit they sacrificed
the street tolls, which annually produced upwards of 5,000 pounds,
as soon as they had redeemed the mortgage which enabled them to lay out
the new street running north from Farringdon Street. They have also
courted publicity, by admitting to their deliberations the reporters
of the public press, and by publishing minutes of their proceedings