lged in in this case shall cease. I know it may prove
to be a difficult task. The Republican party and its local and State
interests are certain to be against us. Its leaders are unquestionably
most anxious to avoid comment and to have their ticket go through
undisturbed, and they will not contemplate with any equanimity our
opening activity in this matter; but if we persevere, great good will
surely come of it. There is too much dishonesty in public life as it is.
There is a standard of right in these matters which cannot permanently
be ignored, and which must eventually be fulfilled. I leave this matter
to your courteous consideration."

Mr. Wheat sat down, and the body before him immediately took the
matter which he proposed under advisement. It was decided to appoint a
subcommittee "to investigate" (to quote the statement eventually given
to the public) "the peculiar rumors now affecting one of the most
important and distinguished offices of our municipal government," and to
report at the next meeting, which was set for the following evening at
nine o'clock. The meeting adjourned, and the following night at nine
reassembled, four individuals of very shrewd financial judgment
having meantime been about the task assigned them. They drew up a very
elaborate statement, not wholly in accordance with the facts, but as
nearly so as could be ascertained in so short a space of time.

"It appears [read the report, after a preamble which explained why
the committee had been appointed] that it has been the custom of city
treasurers for years, when loans have been authorized by councils, to
place them in the hands of some favorite broker for sale, the broker
accounting to the treasurer for the moneys received by such sales at
short periods, generally the first of each month. In the present
case Frank A. Cowperwood has been acting as such broker for the city
treasurer. But even this vicious and unbusiness-like system appears not
to have been adhered to in the case of Mr. Cowperwood. The accident of
the Chicago fire, the consequent depression of stock values, and the
subsequent failure of Mr. Frank A. Cowperwood have so involved matters
temporarily that the committee has not been able to ascertain with
accuracy that regular accounts have been rendered; but from the manner
in which Mr. Cowperwood has had possession of bonds (city loan) for
hypothecation, etc., it would appear that he has been held to no
responsibility in these mat