The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-15

States! Thus endeth the third lesson.
! ORR New PARK-WHAT Ir WILL Cosr, AND
| How Ir IS 70 RE PAID FoR.--We publish else
| where an act-introduced in the Senate by Mr..
Central Park. The act, which was drawn by
Mr.. Dillon, late Counsel to the Corporation, is
clear and comprehensive. 1t ought to pass
1t provides that the government Of the park
shall be in the hands of five commissioners,
who shall be appointed by the Mayor, confirm
ed by the Board Of Aldermen, and serve
during five years. They shall not receive any
compensation for their services, nor be inte-
rested in any contract for work to be done on
the Park. One hundred thousand dollars per
annum are to be placed in their hands for the
improvement of the park, and they are to
make an annual report of all their doings to
the Board of Aldermen The act also pro-
vides for the borrowing Of the money for the
Improvement fund.
When this act shall have passed the Legis-
lature, and receive the executive sanction, we
trust the Mayor-who we are glad to;say is a
firm friend Of the park--will lose no time in
appointing the commissioners; and it is to be
hoped that he will appoint energetic, active
and able men, who will push on the work in
stead Of delaying it. If the nev omission
ers initiate the learned pundits Who took
nearly three years to find out what the land
was worth, we shall not have park before the
year 1856.
As there is now fair prospect that the park
will not be curtailed in its dimensions, as fixed
by the act of 1853 it may be we'll enough to
count the cost, which has been terribly over
rated by some Of its enemies.
The awards in payment Of The lands taken
for the Central park are payable partly by an
assessment upon the lands adjoining or near it,
benefited, and the balance by the city. The
amount payable by the city is s2,sG7 900.
This amount is raised BY the issue OF per
cent stock, payable in forty.fve years. The
annual interest will be s1l3,35O, which is
50 90 upon the 500. The annual ordinary
taxation being S6,5O0,OOO, citizen now pay
ing 500 year in taxes, (Which will represent
capital Of nearly $4,000, the taxes being
laid upon low valuation,) will pay SlO2
q. Considering the population Of the city of
New York now to he 10000, the additional
tax will be, per capita, every year, 10 cents for
each individual.
This gives us the cost of the land; and then
comes to be considered the cost Of its improve
ment. No plan can be projected for its i'm
provement the annual interest whereof shall
exceed 100000. 1t may be completed for
much less 1t cannot, in any event, exceed it.
This sum cannot be expended, say for years to
come. A portion of it only can be expended
from year to year, and of course the supposed
annual taxation will be proportionally de-
creased. Looking to the time when it all will
be expended, then the annual addition to the
taxation will be S243, 35o-say S250,00o-
which is S3 upon the 500 Of taxation. Sup
posing the annual taxation to be SG,50o,000,
then citizen paying 500 in taxes will pay
in addition IS, or in the whole S103, for which
he will have the park in its fullest develope-
ment. Per capita-supposing the population
to remain at 75o,0o0-the tax upon each indi-
vidual will be 80 cents ayear. These amounts
will diminish with the increase Of the popula-
ton and of the amount of taxable property
So great and beneficial project was never
carried out at SO cheap an expense. Country
seats, at the end Of five years, will be at dis
count. Every individual will have his country
seat here at thirty cents year, and we shall
gee in the vicinity Of the Central park some Of
the most splendid private residences in the
world.