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

the Com mi.sAsners or the Sinking Fund.
NEW YORK SUPERIOR COURT
William L. Marfin against The Mayor, 1lder'
xmS o.s c K~gsians, Mayor Of said eitg; E,a.els
CcmStv Her Of said city; Sheppard k,app, Chamber
Nra.ce Commune of the Board Of Aldermen, and
H,Imws M Wsus, Chairma~ of the Finance Com
mittss Of The Board Of Assistant Aldermen.
Eummons-[For relief
To the defendants:--Y0u are hereby sum moned and
required to answer the complaint in this action, of
which copy ia herewith served upon you, and serve
copy Of your answer on US, ct our office, No 81
Chsneer street New York, within twenty days after
she service hereof exclusive Of the day Of such
vice; and if you fail TO- answer the complaint as
Aforesaid, the plaintiff win apply to the Court for
the relief demanded in the complaint.
SwEINY b ANDERSON, Plaintiffs Attornies.
No. 81 Chambers street.
Dated, New York, Dec %, 1852
City and County Of New York, :srThs COM
against the above named defendants, shows to this
Court that the plaintiff is inhsbtant freeholdsr
and taxpayer, within the city and county of New
York; that on the eighth day Of juno, one thousand
eight hundred and Twelve, the Legislature OF the
State Of New York, on the application Of the Mayor,
Aldermen, and comnonalty Of the city of New York,
ssnsss Of the City Of New York;; in the preamble to
which act it was rected that the Mayor, Aldermen,
and sommonslty Of the city Of New York, have, by
their memorial the Legislature represented that
in the erection Of public bulldogs in the city Of
New York, in the purchase Of grounds for public
purposes, in the opening, enlarging and improving
streets in constructing wharves and piers, and, in
consequence Of various other improvements Of per-
snent nature in the said city, they have found the
ordinary Of the corporation altogether in
have produced and that they have, therefore, from
time to time, been obliged to raise money by
bonds, under their corporate seal, to defray
Of as s <. and hs,s also given . their
thereof representing, further, that, for the pur-
pose Of carrying into operation the plan which
has lately been made by the commissioners sp-
pointed by an asst of the Legislature for laying out
the said city in Streets avenues and public squares,
sum of money will become requisite which they
desrair Of beng able to raise without legislative in
girlature may pass an act, permitting them to fund
their present debt, and provide for their future ext
sencies, by creating stock not exceeding nine
hundred thousand dollars. And that the prayer of
said memorial appears reasonable, and is the more
especially to be granted, inasmuch as the interest
Of the State at large is intimately connected with
the prosperity and improvement of the city of
New York; and that prosperity and ,improvement
enentislly depend upon, and will DO mate
rally increased by permanent arrangement
OF the finances of said city, and thus establishing
in and by said act il was provided that il should
and might be lawful for the said Mayor, Aldermen,
and Commonalty, to create q public fdnd or stock,
not exceeding niue hundred thousand dollars, and
y
Scrption to and Issuing Of said stock, the interest
to be paid thereon, and the manner in which the
sccouns therefor should be kept. It was further
provided in and BY said act, that the persons en-.
trusted by the Common Council of said city with
the execution Of said act should, before they en-
tered the duties imposed upon them, become
should be satisfactory to the said Common Council,
conditioned for the faithful execution Of the said
duties entrusted to them; and it was further pro-
y6ed in and by said act, that the faith Mayor,
and fv of he cifu IF MAJ
York should be pledged for the final redemption
and pay ment of the stock which should or might be
created pursuant to the provisions of the said act
and that al and singular the revenues Of the said
Mayor. Aldermen, and ommonalty, Of the city Of
New York should be and were thereby appropriated
for the pay ment of the interest which should be-
come due, and should continue pledged until the
anal redemption Of said stock; and that in the
said revenues not sufficient to satisfy and pay
the whole Of the said interest, then and in that
case the faith Of the State should and the same was
by said act pledged, to pass such act or acts rs
should DO from time to time necessary, authorizing
tho Mayor, Recorder, and Aldermen, Of the city Of
New Ycik to raise, BY tax on the estates: real and
personal, of the freeho!ders and inhabitants Of and
situate Within the said city, such sum and sums Of
any and every such deficiency.
the sinking fund Of said city, Was originated and
established, and o system OF financial policy to
permanently control the fiscal concerns and property
d the city Of New York. was created, under pledges
Common atty, of the City Of New York, and the
Lsgslature. and to the perpetuiy OF which the pro-
perty q the said Mayor; Aldermen, and Common
That subsequently,, and on the 10th day ofMarch,
1890 and divers periods since the passage Of the
FIRST mentioned act, the Legislature Of the State Of
New York, on the application Of the said Mayor,
Aldermen, and Commonalty, have passed variou,
scts authorizing the said Mayor, Aldermen, and
Conmonalty, to raise additional sums on stock,
TO be paid by them in the manner, and under the
system, pledges. and guarantees, in said hrst men-
6oned act provided, and applying and continuing
AL such leans and stock TO which the revenues Of
the said Mayor, Aldermen and Commonalty Of the
City Of New York had become pledged and mort
gagged in the manner provided in said first s mention s
this time, fourteen millions Of dollars
That ut the time of the passage OF tho said sevs.
raj acts, the said Mayor, Aldermen, and Common
atty were posed Of q large amount of unimproved
lands situated in the upper section OF the said city,
called common lands, also lands under water, aad
improved property within the then inhabited dis
pier, and bulkhead property, and efproperty adapt
ed to erection Of wharvee, piers and bulkhsads and
Gnce used and appropriated to such purposes, which
constituted the sources from which the revenues of
The city were then derived, and thereafter to
b derived, and in which enumer alton was included
the real estate and wharf pier, and bulkhsad pro-
peIsy hersinait s5I M aescr1e s .h Com
mon Council Of said city, without any legal Sane
ton or authority, and in violation of the afore-
said pledges, and under authority assumed to
be vested in the said Common Council, passed
aa ordinance, in and by which, It was provided
that all moBey Heretofore received, and thereafter
70 be received, from the therein particularly
specified, we're thereby pledged aad appropriated to
and were constituted and formed fund called
" The sinking fund Of the city ofNew York, for the
redemption Of the city debt" until the whole Of
the stocks Of the city Of New York should be finally
and fslIy redeemed and il was further provided In
said ordinance, that all msney thereafter to be TO
solved from certan therein particularly spe
Gifted, were applied to and constituted and formed
fund, 70 be called |" the sinking fund Of the city
Of New York." for the payment Of the interest 40.
erupg and to upon the stocks of the CITY Of
New York. until the same should be fully and finally
redeemed and it was further provided, in and by
said ordinance, that the Mayor, Recorder, Comp