The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-12

Total Assets, July LIST, 370, 473
In addition to these assets and the annual
revenues by law appropriated to this fund.- the
real estate belonging to the Corporation is esti-
mated as worth more than $22 600 600, exclu-
sve Of the Croton aqucduct and reservoirs.
Here, then we have in bonds, mortgages and
real estate, about thirty millions Of dollars,
the interest on which, at five per cent per an
mum, ought to be sufficient to defray all the
expenses of our city government While the
expenses in the different departments have in
creased, it is, however, gratifying to us to be
able to state that the annual receipts for wa
ter rents, and from other sources set apart
for the payment of the interest on the city
debt, have increased to an amount sufficient to
pay the entire interest on that debt, without in
Guiding dollar in the tax levy for this pur-
pose.
The amount placed TO the credit Of the sink
ing fund for the year ending June 30th, 1855,
was Sl,17846l. This is made up from the an
nual receipts for mark It fees and market rents,
for Communication of quit rents, for licenses, the
net proceeds of all sales of real estate be-
longing to the Corporation, and the interest
on stocks held by Commissioners &c, which
for several years past have amounted to one
million of dollars. These Commissioners are
the Mayor, the Recorder, the Comptroller the
City Chamberlain and the Chairman of the
Finance Committee of each Board of the Com
mon Council. These gentlemen have complete
control over the sinking fund, and may use il
for their own purposes without the slightest
responsibility, except that which they are un-
der 10 the people, aud which-as we have
siated-is, for all practical purposes, no respoE-
sbility at all. suppose, for moment, that all
ofthese we're dishonest men: what is to prevent
them from appropriatng this money entirely
to their own use We want no sinking fund
let the money which is so accumulated be
employed in the redemption Of the city debt
We should have no city debt with property
in real estate, mortgages and other forms
amounting to nearly thirty millions. Our mar
kets should be sold for what they are worth:
for, as they now exist, instead of affording
revenue, they are an expense Of about
thirty thousand dollars year to the city
Inelr estimated Value IL Sl,IbOUOU--a sum
which is not only lying in the form of useless
property, but property that actually costs the
city thirty thousand dollars year to keep.
This is not all, however: the property, besides
being useless, is n nuisance, and prevents the
erection of buildings Of public utility in their
place. Several attempts have been made to
erect a suitable structure in the place of that
which now occupies the space at the foot of
Fulton and Vesey streets; but they have been
defeated by the dealers, who are the only par
ties that derive benefit from the property.
While cur city government, as we have said,
exists as il is at present, it is absurd to expect
a reform in any of these particulars, aud the
peoples money must always remain at the dis
posal of unprinciplcd politicians and gamblers
for Office. According to public rumor, there
arc cases in which candidates for Offices in the
executive department of the city expend from
five to ten thousand dollars to secure their
election, while the yearly salary of each does
not exceed three thousand, and the term of
Office is only three years. Can there be o
stronger commentary on the way in which our
municipal affairs are conducted!