The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-01-05


Statement appended TO this report shows TIA. tho
net proceeds OF half mill ON the Valuations Of
1851 is sSssSi2 81 The eomptrosrs report for 1851
tions Of 1850 1852 522 81, making an hcrsase Of
Sll13s0 IL fos the year ls51 the yee 1So This
large increase Of the proceeds Of the half miH YAK
resot OF tie operation Of the law
April IS 1881 Chap 17o 1t added to Ihs valuations Of
the year 1860 tie tur Of s429 ess sS4
Notwithstanding the addition Of this large sun Of
2 IL to the general fund revenue, the IL Of tho
half mill tax under this Law. the expenditures have still
exceeded tie revenues Of this fund BY nearly the sAms
sum This fact taken In connection with tho reduction
Of the half mill tax to quarter " mill by the law Of
lSt2 and consequent REDUCTION Of Of at least
1915 o0o from that adds another to the
accumulated evidences Of the satIre Of the gene
Ra fund 70 tain the expenss Of the snt
after unless large redsctons In tbs Of ell
the dep artmsDts are promptly made provided
70 sustain the governIne mt by further tn1stion.
Thsrs 10 NO escape from this alternative II the ex-
by the Legislature NOT dinnhsd tie treasury must
b. reDleniehed by restoring the half mill which
the valuations OF 1851 will add 1921 81 to tho reys
MUGS Of the general fund This amount added 10 tho
tnatsd revenue Of the pYesent year viz t7so $40 will
produce thssun Of 24s 81 Being ~ ss 1sS %
cal ys.s
sun OF slSt Cal 4s which erroneouy paid into tho
Msnhtsn TO the credit Of the treasury By the
oomptcller Of the city Of New York In thu month Of
February last 1t the school moneys due from that
Superintendent u Common sshoos After Vas In the
testury, u must be drawn ont upon . warrant which
was done and therefore appears taken from
the GENERAL Fund out IN fact tho transaction basnoos
itself leaving the actual received into and said
from the treasury uasGeotoo except to add precisely
that sum to the reel amounts received and dkbursci
Making This deduction, tho sum would b $l4,sd6 At In
stead " 500, lgS ps ss above stated
IL viii be perceived that thi. aid, BY Increase
OF the tar 70 half mill, will net relieve the General
Fund from Its present embarrassment IL the expenses
arc kept up to the sum paid during tho last year It
still Will Icnsin debtor to the specific funds for its
drat Of s204 TO- and leave d.aeeay Of revenue a.
the emo " the next osl year Of Si4 GG Al With this
statement OF tbs condition Of the treasury the whole
subect ID submitted 10 tho wisdom Of the Legislature
Heretofore ths defcisncy OF revenue ever psym rt
from The GensrTl Fond has becn met by Temporary
loans from the pecc uaSs, IL the shape o: Oimptroi-
Ter bonds The power TO ntke such loans il conferred
by section ~, Gage $40. atb tdiios OF tho &evissd
statutes But tho Csr p,role~ believe that the
constitutional roser to DO any further sun upder
,he seventh article Of the 1tuoa meet casu al
cthcts or failures In OK not pro
sued or exists. becsuse the debt srssdy oontraotsS
exceeds the tum or eae non Of dollars and tue tont,
%oioo Of he seventh article declares Tho dshs oon
uscseo nndy that section direct sinsy or
IN Ue sseresse sheu ne, at any time exceed ems mil
Lon OF dollars
Sse fsi0ahv fsHn the~s tra sttt authorized a,f
eoniacs9c seos 1,s a45p,.c0 81 sl sru si.utiso