The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-22

tgaees on the property transferred city by the
Public School Society On this latter debt there has been
rsised by tax sufficient to pay the annual In
terest for the years 1864 and 1866 together with por
ton Of the principal in all sl2,44S So ia 1884, and
These sums have been transferred from the city rea
suIy to the Commissioners Of the Sinking Fund.-
vided by section s, chapter 301, laws Of 1858.
We have the prospect Of very large increase to
the stock debt of the city for the construction OF
lishmsnt and maintenance Of the prea. park The
appointed BY the Supreme Court to ascertain
trail p.as have made their report Which W.s
en- the 9Th Of February, 1885, This park place ex
tends from Fittyninth to 1oeth street. between Fifth
and Eighth avenues. covering OF $50 acres equal
to about 100 lots % by loo feet The whole quantity
land taken is valued BY the Commissioners OF Estimate
and Assessment At III 608 80
The costs as taxed ACKNOWLEDGEMENTS. 67,943 90
The seventh section chapter a Of the laws q iss
in relation to paying Tor the land for this park provides
For he payment Si much Of The damage. awarded
exceed amounts that be assessed By the said
IL sss place r.: sS
e. n .ss bear s ns
within period q tine not asr ne
psse q land Aforesaid to be taken shah be evoas6y
In compliance with this section Of the act the Commits
soners have assessed the parsons and parties lands
ing Of such public square place the of 81 800
This aves upon the city at large the payment Of
Of the park and Tor these tie have award
ed to the Mayor, Aldermen and Commonalty the Of
sS42 at the same time they have assessed on the
by them benefited by the opening of the park
tie sum Of $3s 26s leaving the of s3 2o6 100 80 to
be ased by l0an paid to the Of the residue
Of the land taken from individuals for tue park This
sum- however will be increased in case portion Of
the should be RENTED by the Common Coun
Gill; not be collected from the property assessed The
city must incrde in the loan the amount OF its
NBeides he sum Of ss42s95 awarded to the Corpora
ton for lis common lands" within the limits of the
tees Of the public creditors for loans Heretofore made
within the Central park to an amount Ct several hundred
park, for which the SUM OF $342 awarded may be
appropriated this public without maiing any pro-
the "cornon lands in the same locality waich have
been sold the sinking fund ordinance OF 1874 and
be- taken from the Of
the public creditors without being paid for, dollar for
dsllar In eatiop to these securities the ordinance Of
1874 pledges the pubic creditors until the final
ali tales Of es estate belonging 70 the Corporation when
Sold" HE sales have been made and the net proceeds
In cash cages in the ha nds of the Commits
sioners and have neen reported from year to year
q the Iessaturs chapter 2sS 1851 which declares
that said oIdinance sha not be amended without the
consent ofthe Legislature rst had and obtained except
by settng apart and approprang to aud for the pur
this caEe it proposed by the ordinances before the
Common Council TO issue certificates Of stock based
held By them on lands falling within the park and thus
settle the account. This it is supposed viii leave So
500 ooo TO BE- borrowed 70 pay awards TO individuals be-
The 9th Eecton OF the act before referred to declares
that %spt Of the da%ssss awarded By the said Com
datey upon the confirmation Of the report the said
Commissioners in the premises"
compliance with this section will necessarily add
Abs 80 to the permanent stock debt Of the city,
and the interest on this sum- ct per cent vi add
60 10 the annual tax levy Of the city tho
In addition to this the awards payable 'qmms
diatey upon tie confirmation Of the report Of the
per cent for thee years. in anticipation Of the collection
81 1s q S 1as
COSTS $57 have already advanced from the
suy which win be reimbursed when the assessments
collected. This leaves the amount contained in the
loan three years. 1t 81 co., The Interest this
at per cent sos ooo which must b added TO the
t.. levy unless the collection interest On Hs l:ssss-
nance before referred to- provtes the immediate col
OF me assessments, and these ought to indemnify
hs
stai the loan Of ST. 600 will be ony temporary
The cost of the land for the park which, the city at
large and Its citizens, who property In its vicinity is
equal to 16s 400 co. only lays the foundation for
teSsve capabilities for draining the treasury but none
for repenishipg it. The ground must be fenced aad
graded and oInamented IN manner not unworthy Of
site for public in which tbs city has invested
over I've millions Of dollars.
THE NEW cnoroN RESERVOIR.
so az
the purpose of acquiring lands for the construction of
Streets and Fifth and Seventh avenues viii soon be
ready to present their report for confirmation The cost
70 81
to be constructed, is not Jet funy settled ana tbs
Aqueduc Board in regard to the plan The cost OF con-
stIuction may be put down at million Of dollars The
cost Of this reservoir which falls within the general
81, 7os, 600.
In 1854 an act WAS passed chaptsr ss2) authorizing
loan Of COO to be denomnated The water stock of
to be applied to the purpose Of building new reservoir
snd and extending the cr0ton water works
This and the extension Of the works win make
soe ss @ Rs
Is work which win add vastly to the capA bities the
whS eey CO.. and M
increase Of population will in short time, estimated
BY the Croton Board produce . revenue Of million Of
STATE TAXATION AND THE STATE DEBT
The can on the tax payers Of this city tor an addition
the tax levy for the purpose Of making up deficiencies in
the canal and general funds OF the State for the sop
port Of the State government Is mort significant
menary on the assurances SO confidently gwen, and
often repeated, that the taxpayers in danger
canal ample for the payment any deb,
for the enlargement Of the Erie Canal and the fall dove.
lopement of he of the State Under the ina.
ence of the plausible taiacy that government can
create any amount of debt for public works. whether
productive not without increasing the burdens of the
taxpayers the agents Of the people opened the way for
breaking down the barriers erected the seventh article
Of the constitution of 1885, for the protection Of those
who labor and pay taxes, and the ,pe themselves
gave, BY their votes negligence to vote, seemin,
sanciio to this sui cidal measure.
As soon as the breach was made In the constitution
new debt of nine millions of dollars authorized and
during the progress Of borrowing and expanding this
large the several counties called on by ohapter
s36 Of the laws OF 1855, to pay into the State treasury
tax Of mill and quarter the assessed value Of he
propertY OF each enuntY to 81 1k0 SOL