The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-12-28

tAs rsv.a.ss Of ne city largely snha1e.d That The
sreasing ct the rate Of from fifteen 70 twenty Per
cent per annum. and will, when actually requthd
for the payment Of the aecruing debt, II retained
sufficient value 10 extinguish the larger portion
the whole Of the present city debt for which the
Same are pledged, while, If the extravagant OK
penses connected with such property, which have
! reduced the revenue therefrom. are avoided, the
| revenues which will be derived therefrom will DO
sufficient to bear and pay equal proportion ofthe
interest Of such debt. That the sale Of said pro-
laid debt viii become due as this plaintiff is in
formed and believes, until 1856 That the revenues
derived from the property pledged for the payment
Of the aforesaid public debt are ebundantly SUN.
Client to pay the interest tho said debt ~ fast as
it becomes due and that the operation and effect Of
selling said whsrves, piers and bulkheads viii be to
sacrifice them at an unpropiuoue period. ior the
benefit of speculators TO cnt OF the benent OF tine
rapid increase in the value of said property, and to
dispose of it at inadequate price, and to convert
1t into cash and bonds and mortgages bearing ut
| Elk per cent interest per annum, which, without
taking into consideration the loss In dtsposing OF
said property ut the present unreasonable time VII,
in the depreciation Of the revenue, make differ
ence to the city Of 1T least ten per cent on the
amount for which the same will sell
That in addition to the available means for the
extnguishment Of the said debt, the said alleged
! Commissioners of the Sinking Fund have In their
bands, applicable to said debt the sum Of four mil
lions three hundred and ninety seven thousand and
Of stocks Of the said city, which have been antioi-
pated and taken up by the city before the Same be-
came due. by the improper disposition and sale o.
the real estate of tho city, balance IN bank bonds
and mortgages, and real estate belonging to the
Fire Loan account, which said sum ought to be hrst
applied to the extipguishment of the said debt be-
tore any Of the said property SO a. aforesaid adver
! tised is sold.
This plaintiff further avers and shows to this court,
that the sale Of tho said property described in the
said notice, is wholly unauthorized, and in violation
law, for the reasons hereinbeore set forth, mas
much as the said alleged commissioners are acting
| in the exercise of pretended office, which has
ceased to exist, and the administration and control
OF all the fiscal concerns, accounts, debts anu pro-
perty belonging to the city and pledged fer the pay
ment Of the c,ty's debt, are vested exclusively in
the finance department OF the said city, under the
aforesaid provisions Of the act to amend the charter
Of the city Of New York, passed April lo49, sub
ject TO tn Legislative direction and regulation OF the
Common Council under the provisions of the said
amended charter, regulating the giving of public
notice of their action towards the sale OF any portion
thereof, or the revenues derived from the same
ALSO because the sae of any such property, except
| for the purpose OF diacharging nm amount OF suca
city deot actually due, and payable at the time OF
SALE is in violation OF the provisions OF the acts or
! the Legislature of the State of New Iork, herein
! before mentioned, under which said debts were
! created, and property revenues were pledged; and
also because even though the functions OF the SAD
commissioners Of the sinking fund as created by
said ordinance OF February o. 1874, had not ceased
1 to exist ard the said offices destroyed, yet the
power so such wharves, piers, and bulk heads Is
4 not conferred by said ordinance, tue same beiag
property ued and reserved tor public purposes, anu
therefore within the express limitations and restrlo-
tons of said ordinance also, because the said COM
miSsoners Of the sinking fund had not, and have
\ not, become qualified in any manner to discharge
the trusts and duties OF said eces OF commhsi0nerS
/ Of the sinking fund.
This plaintiff further states and charges, thas if
the raid assumed power of the said commissioners Of
/ the sinking fund were not in violation Of expires,
1 provisions Of law and solemn binding pledges, yet
4 the acts Of the said commissioners should be re-
strained as an improper and improvident exercise Of
trust powers, from the consequences OF which, not
restrained, irreparable injury to stock and bond
holders ard il habitants, freeholders and taxpayers
/ Of the city of New York, will ensue.
This plaintiff further states that said contemplated
sale has been unduly and unnecessarily fastened, al
period Of the year unfavcrablo for the sale OF
large amount Of property, it is at or about the
4 close of the commercial year, when money Is with
| drawn from the market TO close the accounts tor
the year, and the banks drawing in their loans
to ascertain the position Of their affairs; that the
amount Of property offered for sale is Of extra.
ordinary magnitude, and in the position Of none
tary affairs, the sale thereof, rs advertised, would
lead TO great depreciation and sacrifice Of the same
4 be obtained therefor were such sale made
1T an appropriate timo and in .jnlicious msnner
That this plaintiff is informed and believes, that the
|
cling said property at low price, is that such sale
may take place before the expiration Of the official
terms Of the said comptroller, mayor, and chamber
lain, which are about to expire THAI thi, plain
tiff Is Informed and believes, the said mayor comp.
troller, and chamberlain have been principally in
strumental in managing the arrangements for said
sale, and securing decision in favor thereof and
the former officer has exercised In his capacity OF
mayor, the power in him vested to prevent the
Common Council from staying the proceedings for
the sale Of said property a. hereinafter set forth;
That the terms OF Office OF the said officers named
will expire in about week from this time; and rs
this plaintiff is informed and believes, the mayor and
comptroller elected by the people to succeed the TIVE
former officers named, and who will enter into office
of the duties of said Offices, opposed and ad-
verse to the policy and propriety Of such sale, and
If afforded the opportunity, viii. so far az their
votes effect the same, reverse and annul tho DC.
This plaintiff further states, on information and
belief, on the sixth day Of December, A. ID. 1852, Q
preamble and resolution was adopted by the Board
loving whereas, the Commissioner Of the Sink
ing Fund have advertised for sale certain piers and
bulkheads belonging TO the city, said piers and
bulkheads now bringing good revenue; and where
as this Board deems il of doubtful policy thus to
dispose Of property belonging to the city, which is
rapidly creasipg in value Therefore,
Resolved, That the advertisement for the sale Of
the said piers and slips be withdrawn, and the sale
of them stayed until further ordered by the Com
mon Council
That as this plaintiff is further informed and be.
lieves, on the eighth day of December, A. D: 1882
the said preamble and resolution adopted by the
Board Of Aldermen Of said city, and that the same
was duly sent to the Mayor of said city for his sp
proval, that the eaid Mayor retained the same in
his possession until the twentieth day of December
A. ID 1852, when he returned the same to the said
Board Of Assistant Aldermen, S..hout his approval,
having retained the until the last day allo we'd
by law within which he might signify his objec.
tiers thereto, and within one day Of the time when
~ IL god Tn m n
That BY law it is provided, that whsn any such
resolution fhall DO 30 retained, the Board to which
it shal be returned shall enter the objections at
large on their journal and cause the Same TO be pub
lishcd in enc or more Of the public newspapers Of
the CITY, and that not less than ten days thereafter
shall elapse before tho said Board can proceed to
reconsider the same.
That in consequence Of the retention by the said
Mayer Of the said resolution. until the expiration
Of the whole time permitted to him by Law to retain
] the same the Common Council will be prevented