The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-10-11
Important Financial DoculM ont-RSport or
tho Comptroller.
FINANCE DkrARrmEST, CoMrrkoLL KR . 0YYIcE,
NEW YoRI. October 9th la6O


NEw YoRH, October 9Th, 1880 u
To IHn HoSeRAsLE THE CoMMor CourcIL -
The Comptroller would respectfully call the Atten-
tion OF the Common Council TO the prop Of max
Ing applies to the Legislature Of the State its
next session for authority TO create public stock pay
able at future period by the Com mssioners OF the
Sinking Fund subject to all the provisions of the
hereofere passed pledgng the Of the city Of New
York and providing king fund for the redemption
OF the CITY debt, for the following purposes -
for the ereet,0 Of such other public buildings for public
would here remark that the Public Buiidng stocks
were created BY authority from the Legislature of the
the public buildings This stock has BEEN exhausted
and portion of IL redeemed In addition TO the pro-
oeeds Of the stocks thus authorized for the erection Of
public buildings the treasury has advanced S3l 600
that account, which included il tax bill OF
this year, which should have been provided for by
stock. 1t is recommended that stock be created to
reimburse the treasury this amount and to provide
such further amounts as may be required for the pur
H. The Building asd Repairing Piers.
The Increased wants Of the commercial community,
for accommodations for shipping, render necessary
purpose II the prosperity of the city be promoted
New York IL a comm ercisl city, and its prosperity
will be in proportion to the facilities for
The revenues arising from the rent Of the pub
lie piers are PAID into the sinking fund aud accom-
Dodstions OF this character multiplied the reve
nue. TO the said fund will be proportonably increased
Improvements OF this character have cost the
sory thus far for this $3.50 600 and for the last
three years s3s3,O34 ~ which amounts have been
raised by taxation. The revenue, thus far for this
year amounts to SIS 600 which, above stated, has
beef paid into the sinking fund and for the proceed
ing three years the amount Of rent has bsen ssS 600
In addition TO the above the rents for ferry priT
.ges amount to $4,000 thus far this year which is
also paid into the sinking fund.
III. For Papng Streets.
1t evident that public opinion is becoming more
streets Of the city in desirable nsn has
been customary.
this purpose Asne this year. 500 oo and for the two
previous years $l7eo0o
Thesuccess OF the Russ, and other pavements of .
similar character leads TO the conclusion that they
will be substituted instead of the cobble stone pave
msnt in all principal streets THIS will require an
increased outlay and the improvement will last for
number OF years the should not be raised ~
by tax, but by stock TO be redeemed ut future
day by the Commissioners OF the Sinking Fund There
has been expended TOR Russ and other psvemepts OF
similar character during the present nearly tfty
thousand dollars all Of which has been raised by TAXA
ton.
In addition to the preceding, there has been paid
from the treasury for real estate in lSs9, s232 and
in 1850 S32 SOO and when the title to the property at
Fort Ganrevsort IL com pleted. there will be sddi
tonal amount of $4,000 to be paid said account Of
These amounts are likewise Included In the tax bills
and the proceeds Of the property sold h required
BY ordinance to be paid into tue sinking fund
The treasury is In advance to the water fund this
year. the Of S4S00o and there has also been paid
from the treasury for water pipes this year the SUM
OF S06 AGO. the water stock authorised tor such pur
poses having been previously issued and the proceeds
expended rs provided for.
The porasion authorized to issue any fur
ther amount Of water stock except for building sd
dons reservoir and for the further extension Of the
Croton works.
Authority hss been given tor Issuing SIX hundred
thousand dollars for this purpose two hundred and
hfty thousand dollars Of winch have already been
issued and the proceeds appropriation the purposes
IL viii bs perceived by reference to the sections of
the frat title OF the ordinance constituting the sinking
FUND that all moneys hereafter to be r.ceied from the
Olowipg appropriated to the sinking funa
for the redemption Of the city debt =
let. For communication of quit rents or grants
I'd For rents arising such grants were issued
prior to tn. year Thousand hundred aud fsur
Sd The net proceeds of all tsss OF real estate be,
longing to the Corporation, when sold.
4th The net proceeds OF al bonds and mortgages,
9TH For Licences to pawnbroksrs aud dealers In the
purchase sale Of secondhand furniture, metals or
eth. For hackney coach licenses and street Vaults.
7ib. For exclusive occupation Of private ~hArVes,
barns, and piers
stb. Der market fees and market rents.
9th. The proceeds Of all bonds and mortgages which
may have or shall become the property OF tne coryo-
Fire Loan stock OF the City of New York"
10Th. The buildings iscluded in the Embellishments
called the Alms House at Bellevue together with the
lots Of land and water rights attached thereto, when
ssld and the rents thereof when leased
18th All snch other sources OF revenue or sums Of
money the said Corporation shall hereafter think
proper to appropriate to said fund.
All moneys hereafter TO be received from the follow
ing pledged appropriated and applied to
snd Institute sinking fuod tor the payment OF in
terett upon the stocks Of the city, via :
lat Dor interest ali bonds and NOR cages owned
by the Corporation.
Sd For may orally fees.
4th For fines and penalties.
bth FOR lees and hines collected by the clerks OF
courts for the Corporation.
eth From rents from all sources not rireAdy pledged
9Th. For tavern and excisa licenses
Sth For sale, Of all property OF the Corporation
other than real estate
9th Such portion Of the annual taxes levied In the
water uistret, IN the city OF New foFk, az may be
collected TO supply the deficiency Of interest sccrung
on the watsr stocks OF the city Of New York
IL will be- seen from the above sections that nearly
ali the Of city plr1ged 70 the sinking
Fund leaving the exposes Ot the city government 10
be provided Tor by taxation As the city increases,
th. expsnses pecsssarily increase.
There have been paid BY the sinking FUND during
me due in January next $500 600 ~ City stock,
Witch will be paid from the receipts Of thsasinkns
Fund.
Tbere has been paid into the Sinking Fsnd, for re-
dsmptsu Of city debt, since January lsti 1852
Stol0eo.
IN. acoumuiations Of this fund will not only prove
simply sufficient TO pay the present city dsbt. as II
becomes due but will enable the Cooperation to pro-
vide BY the issue of stock payable at future day,
for the purposer above specified and thus relieve the
tsx paying community from these expenses; and
vhsr N g. considered that these great puhic improee
ton II unjust TO include the expense OF pro-
wang the same IN the annual tax bill. And mas
much 49, the constantly increasing revenues of tne
Snhing Fund will enable the commissioners % pro-
vide the redemption Of stocks created for pubc
purposes they made payable at suitable periods
by your honorable body viii diminish the burden 81
taxation, and, at the same time. make provision
for those pu bc required by the gfo-th
prosperity Of the city and 70 meet the wants OF the
public.