New-York tribune., 1841-05-13
TIE CIIA. DEBT.
had conc.

TIE CITY DEBT.
We shall close our notices of City Finances with state
ent of the amount of the City Debt and The means which
arc calculated upon extinguh IT. and s! conclude our
remarks with suggesting modes Of simplifying the ''-
tenn and certain BY which the present n
f the deb, NAV be prevented and the materially re-
dnccd In doing this we shall study brcyiy much pos
sibe and shall aim 70 make that Ineligible which
oscr,oble and hidden from the public owing 10 the great
variety of the items composing the City Debt, and OF the va
ous properties funds and from which be paid
I, appears By the Compirolcrs Report, that the whole
amount of tic City Debts Of all kinds is boutwe shall
speak in round numbers )wclye millions Of dollars OF
this sum- eight millions is due of Water Stock,
including the expenses Of the Croon Aqucduct and the
drc four millions the accumulation of the City Debt for
be ordinary expenses of the City and above the
;nnocd the greater part of which have accrued within the
last three or four wears. The CrooD Aqueduct in
ro.rcs and when completed the whole expense accord
inq 10 the original estimate will be twelve millions but,
whatever the may be- that Will then become
permanent debt Of the City the interest OF which, after
deuctng the be received by the sale of the water
vlcpes must be paid by taxation We notice this portion
Of the public debt present mainly for the purpose OF Shsw
ing its amount; and if right in the estimate and if
ordinary debt o the lily, winch Is
not in the meantime diminished it fellows that the whole
debt OF this City the end of two three will be at
least eghecS Millions the interest which, six per cent
is more than a million of dollars yearly.
We have before stated that the ordinary debt of this city
ndependcnt the Water loan debt amounted aLou four
millions of dollars 1t has been the heretofore
7n,sty the by calling portion of this debt pera
and another portion floating but it evident that
i.
less by increased taxa The Comptroller gives items
consisting of denominations OF stock and bonds
passing this debit and ,hcn with great ppnncy remarks
that the whole af this Indebtedness is merely nomna and
proceeds the assets, he calls them, with
which is be discharged Among the he classes the
collecting and the ordinary revenue also the cy
stock brought BY the sinking fund 1t easy
TO Sec be sure that this stock the hands of Cons-
sioners Of the sinking fund is part OF the debt aforesaid
and of course that be used pay off existing debts
unless it be ressucd which Cannot be done legally So of
the collecting, will be applied toward the payment
of the expenses Of last year, true; but in the
the expenses of this year aceng and stock and bonds
10 equal will be issued leray hcn 10 be re-
paid again by next years The fact is the city pays
interest those liabilities the whole amount without
ssy probability of reduction and that does not make
the debt permanent loss 10 know what would
make it so.
1t entirely by this process, of creating stock pay
of another, and OF anticipating The from year year
ny borrowing money pay expenses, that the Cou
Council have the power of conceang from the public
the increase of this city debt The of taxes assessed
from year year affords criterion Judge by; the great
est prodigaly in the expenses Hay exist and still the
may be Very moderate The city administration
regulate this they please and have only
ss their popularity to the they will pursue
The fact that both the debt OF this city for it. ordinary cen
ses and the have been rcbed within very few years
undcniable Tha, both may be greatly increased hereafter
probable unless decided steps Immediately taken
prevent it.