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

entitled An act TO regulate the finances OF the cty
Yepugnsnt to or incompatible with any provision in
that act contained should apply to said stock. and
by which said act it was further provided that the
ordinance then in alleged force and approved By the
rusry, one Thousand eight hundred and Orty-four,
being the said ordinance herenbefore particularly
referred to. and any ordinance that might thereafter
be passed by the Mayor, Aldermen, and Common
atty Of the city Of New York., in conformity with
the provisions Of that act, and relative to the said
sinking fund, should not be amended without the
consent of the Legislature first had and obtained
except BY setting apart, and sPpIoPriatins 70 and
revenue, whenever the said Mayor, Aldermen, and
Commonalty Of the city Of New York should deem
proper, and the said ordinance should remain in full
force and virtue until the whole of the debt created
for the introduction Of the Croton water into the
city Of New York should be fully redeemed.
That rs this plaintiff 10 informed and believes, the
last payment Of the debt created for tho introduc
viii fall due in about the year one thousand eight
hundred and ninety. That, ~ this plaintiff ID fur
ther informed and believes, the raid Legislature from
time to time, subsequently to the year 1916, passed
Aldermen, and Commonsity Of the city Of New
York to raise money ON the issue Of stock, in tho
Same manner provided in and by said act Of 1912,
and applying al ito provisions, stpulations and 70
strictions. to such additional lsanE
This plaintiff further saith. that he ID advised
and believes, that said ordinance Of February "a,
1874, was void in so far ~ IL authorized attempt
ed to authorize the sale Of the said property Of the
said Mayor, Aldermen, and Comm0naty, before the
said debts became due respectively, and then emily
to the extent required to discharge the particular
debt due, inasmuch ~ tho design intention, and Of
feet Of the said several pledges Of said property
to prevent any such sale disposition for any other
purpose than to meet such debts they became DUE
express provision being made In said several acts
for raising by taxation any deficiency in the reve
nues from said property to pay the interest which
hnnl haN dYlon ms anid aavn hat
the said property should DO retained and its growth
and increase in value should be for the benefit Of
said fund and the taxpayers of said city, and that
the said Legislature could not vadly affect or pair
the contract between the said Mayor, Aldermen. and
CommoDalty, and the holders Of the said b ,nds or
stock, by authorizing the sale Of such property in
any manner, in violation Of such pledges and con-
tracts.
This plaintiff further states that as he is informed
and believes, the several sums Of money borrowed
by the said Mayor, Aldermen, and Co nmonalsy, in
pursuance VI the said act of June 3, 1872 and the
subsequent acts applying its provisions to the addi
tionai loans authorized by the Legislature, and for
tho interest which the revenues Of the city were
pledged, amount at this time to about the sum Of
fourteen millions Of dollars, for the payment of the
interest which the revenues and faith of the city
were and are pledged in manner aforesaid.
That, notwithstanding tho provision contained in
the said ordinance, that nothing therein contained
should be construed to affect any pledge there
tofore given, end notwithstanding the constitutional
tuIe to the obligation Of contracts, the per-
sons designated in said ordinance nmissoners
oftbe sinking fund.- have treated the authority OF said
ordinance, and the recognition by the State Legis
ature comforting unrestricted power to sell any
or all Of the faid property constituting the said
sources Of revenue, whenever they should deem the
same expedient, and have from time to time, with
out any necessity connected with its pledge, sold
and disposed of the same without reference to the
liens upon such property by virtue Of its pledge,
as aforesaid created so that, while the revenues of
the said Mayor, Aldermen, and Commodity, were
pledged and appropriated aforesaid, the said COM
mssioners Of the sinking fund have been engaged in
selling and disposing OF the said property, thereby
cutting off the revenues specially appropriated to
the interest OF the said debts, and have converted
the same into money, the interest or revenue from
which has been and il greatly disproportioned to
and less than the income which could have been de-
rived from the constantly increasing revenues
arising from the rapid growth Of the CITY and i'm.
provement in property OF the description composing
the sources Of the revenues pledged as aforesaid.
That as this plaintiff is advised and believes, in
so far Is the said act of4sy ID, 1885, restricted
attempted to restrain and restrict the power Of any
subsequent Legislature In reference to the admins
trstion Of the aad sinking fund property and Of tho
fscal concerns of the city, imperative and void
That ON the second day Of April, 1s49, the said
amend the charter Of the city Of New York"-thst
it was provided in said act that it should be sub
mitted for the approval Of the electors of tho city
and county Of New York, ~ an election to be held
H.
that the Same was 50 submitted to the said electors
and was adopted and approved by such electors and
the said act won't into effect accordingly on the first
day ofJuns, l849, ~ therein provided-that 1t was
further provided in and by said act, amongst other
things, that the legislative power Of the Corpora
ton Of said city should be vested in the Common
Council thereof, and the xe,utive power Of said
Corporation should be vested in the Mayor and
officers as should be- from tine to time created by
lsw-thst there should be an executive depart.
ment, which should be denominated the depart
ment Of Finances" and which should have ''consrol
Of al the fiscal concerns Of the Corporation, and
should prescribe the forms Of keeping and rendering
all city accounts rendered to Kept in tho several
departments OF the city government, and that the
same , should bs subject to the inspection
nent-that it should settle and adjust all
claims Whatsoever in which the corporation il
concerned, either ~ debtor or creditor; that the
chief officer Of said department should be called the
"Comptroller Of the city Of New York" and that
there should be bureau in said department for the
collection Of the sccruing from rents, and
interest On bends and mortgages, and for the per
srmance Of such other duties rs might be directed
by the Common Council And it was further pro-
yided in and by said act, that the several executive
departments thereby created, should be subject TO
the legislation, regulation, and direction Of the
Common Council, so far as the same should not be
inconsistent with said act.
It was further provided, that the heads of the
several departments created by said act except the
CrotOn Aqueduct Board and the Mayor, shoSld be
elected every three years by the people. That un-
der and in pursuance Of the said act, the said de-
fendant, Joseph r. Taylor, was elected Comptroller
Of the city Of New York. the first Tuesday Of No.
venber, lS49, and entered upon the said Office on
the rst Monday Of January, 1859, and has held and
possessed said office under the powers and duties 50
as Aforesaid prescribed, from thence hitherto, and
that the term Of his Office expires or the frs. Mon.
day Of January, 1853. That at the election held in
the city of New York on the first Tuesday in No.
yember. 1882 Ayariah g. FlaO0 was dulv alacta
to succeed the said Taylor. and will enter upon the
duties Of said sioe on the first Monday Of January
1859
That a. this plaintiff is advised, and believes, the
provisions Of the said last mentioned act Of the
Legislature entirely abrogated and annulled the
said ordinance of February e. 1884, and lodged the
entire management of the fiscal concerns and pro-
perty Of the city in the Finance Department there
by created, subject to the Legislative regulation and
direction Of the Common Council
That, as this plaintiff 10 informed and believes,
Notwithstanding the provisions of the last mentioned
act, the persons officers designated In and BY said
ma ~ ~ ,;aa,o