The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-01-25
Common Council.


BOARD or ALpERMEN.-SPEcIAL MEETISG.-Jan. a.
Alderman Hatfield, President pro tenn in the chair.
This board convened in special meeting to act upon the
report Of the Finance Committees the Comptroller and
Street Commissioner the resolution referred TO them
to inquire into the expediency Of selling the real estate
City not in use for reserved for public purposes
presented by Alderman Waterman.
This subject originally up in the Board OF Alder
men resolution presented by Alderman scoles of the
Fourteenth Ward aud the report presented on thu
10Th u signed by the members of the Finance Commit
tees Of both boards also the Comptroller and Street
commissioners, accompanied with an ordinance to accom-
pllsh this important and desirable end.
The following from the report present to il
lustrate the views of these gentlemen also to awaken
attention to this important measure among the owners o.
real e, estate and tax payers generally =
The city is now burthened with heavy debt, de
handing annually for the payment OF interest the levy
large sum in the form of tax upon the property of ou
citizens which together with the tax levied Tor the pur
pose Of meeting the ordinary wants OF the municipal go
vernment and the present State Mill Tax, form aggre
gate exaction for the enjoyment Of property ust,
series of years. will essentially discourage inv
IN real estate within corporate limits. This state
things followed as of course will b. other crcumsan
ces remaining the same, by decline in the price Of rea
estate and in Its assessed value will beget and enforce the
necessity OF resorting to increased taxation On this fol
lows further decline and further necessity OF increas
ing taxes and while affairs thus tending to the
certain final catastrophe of hopeless bankruptcy other
events will come in to urge and hasten its early accom-
pnshment As taxes accumulate, capitalists Will not only
decline further Investments in fast property but realizing
investments made will remove the proceeds beyond tho
reach OF corporate taxation.
"To reverse these tendencies taxes must be reduced
real estate then becomes It always Is where the bur
tens OF taxation decreased fav erite mode OF
men on this follows increase in the price Of real es
tate from the demand created for it, and the increase
Of prices increase in the assessed value and the last
further decrease OF the per centage oil taxes
/" We have the means in hands Of reducing oul
taxes and have ourselves only to censure we do not
realize and enjoy the substantial benefits conferred upon
those living underit, by cheap government
I'VE have large domain on this island unimproved
and all OF 1t more or less valuable which yields to the
City Treasury comparatively nothing in the form Of
nue. 1t has much fit for than century been di
rec burhen upon the taxable property Of the city as cor
orate property producing before stated for that long
PERIOD little or no revenue and paying no tax.
The Or finance submitted by your Committee as one
important means reducing taxes proposes sale at pub
Of the Sinking FUND.- at such times and
such terms they may deem most advantageous to
the public nteress provided that the shall not be
sold for less sum than il may be appraised at by the
Commissioners of the Sinking Fund and the Street Com
missioner or amaority ofthem at meeting to he holden
| of the sales. -'l ol
Advantageous periods of sale being selected, mini
mum price previously fixed the sale being by public
tion sxtysix and wothrds seventy five per cent O.
the purchase money being permitted to remain on bond
and mortgage payable in five equal annual instaments
with Interest at six or seven per cent payable scman
nually, would calculated to secure disposition
this portion Of our estate satisfactory to the public
possessed limited ability SO; and securing to the
Corporation fair, not to say tho highest price by
curing the broadest competition.
In addition to real unproductiye this orli
nance provides for the sale and disposition under proper
restrictions Of all real estate belonging to the corporation
and not in use for or reserved for public purposes
Where the property is under lease, without cove
nant Of renewal it not to be sold for less than
be appraised at by the Commissioners of the Sinking
Fund and the Street Commissioner majority of them
"Where the property Is under lease, with covenants
renewal is not to be sold for less than amour
equal to communication the present rents reserved cal
cnlated at six per cent
1.-THE Corporation have heretofore received no revenu
piers and Sips Tie right
privileges at private wharves the nature Of ferr
franchise and secured to the Corporation under the char
ter 1t is as much the property Of the city as its lands
Those seeking these grants willing to pay for them
they ought pay for them and do now pay for then,
instance. we have realized ON leasing our public whsrve
with the privilege Of exclusive occupancy nearly
double the amount chargeable by law for ordinor!
wharfage. The fixing the terms upon which exclusiv
enjoy "a, has been attended Va, loas Delay. spp
in deciding upon the price Of the privilege, and the
] ficting claims Of those asking their enjoyment.
h render 'ne granting o. eSciuxe i've privileges pr
of income to the city to facilitate the procuring
such grants when proper both at public and privat
wharves several sections in the accompanying Ord
| nance submitted prescribe the mode in which, and tn
terms upon which such grams are to be made The rate
submitted the price per running foot to be charged
applicants for such exclusive privileges in various
tons of the city, are submitted with dlidence ard
erred to the collective wisdom of the Common Council
| for such correction as may be deemed proper
." The present Ordinance aggregates with amend
ments the propriety of which experience has
all ordinances oil the city relating TO the sinking iund
Existing ordinances provide only for the admnstra
ton Of the fund as II comes into the commissioners hand
in CASH The proposed ordinance in addition this is il
tended to establish permanent policy in the manage
ment and sale Of the unconverted property Of the city
pledged to the sinking fund
"Thc objects to which this fund ought to be devote
are twofold for the liquidation Of the principal
city debt and the other the payment of the interest
| il accrues"
In order that our readers may see at glance
| the extent of this important measure, we prcsen
the following summary Of City property as well a
the City debt, as taken from the recent report O
| the comptroller