New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-05-07
BOARD or COUNCIL@EM.

cd from the CVhti""'''
~. P,,aSeE DEgARTMENr' coNIE9LLtS OFFICE
~ ''' NEW YORK, Msy o. lsoI
T, ne co-,~os Cornell
CT Treasury during the last sixteen months has labored
The gay and for considerable portion Of
nnas b. been unable TO meet the heavy aud constantly in
manual tax Of Sven Or eight millions Of dollars those
treasury readily appreciate the cause Of this embara''
uent 49,. / .,.,. 81. .ii. ,i,. ., .b,., rh., ,bs
asuy has been called on 20 perform during the last xte,
month";. at its conHandand the magnitude OF the
The ordinary expenses Of the City Government for The yesF
1855 bowu in the recent annual repor; Of the or H.
page 49, equal 20 S4S99@j7A This sum was Pro'deu io "
The tol amount paid 70 the State fr State Schools and
be snnrett Of The STAT oye1nncn In 1850 $3.50 ~
see pace There also paid account Of t9e
school fund the sum Of The foregoing sums were
ON the th Of Febuary 1850 the Supreme Court confirmed
he report Of the Commissioner ir me sonaed 20
IS isg o60 The Psri required that these a"sfls saoua
b. paid By the City ressuIy dollar in the Treasury to
Dew Tn, large sum and how vee ne 10 5sI ne
mons The act provided that the Corporation Ht ood9w
~ declared that the interest should no exceed
te cent The Controller advertised toI ioJG al per II
XII ss money could not then be obtained ~ TINS a'" large
oo,,ion o. he aw ards for the fnk could NOT b, pad
becana parable and paid from the Sinking Fund 1900.
on lie lh August 1850 awards to the amount Of 7Os 900
Foon r. eyo The law in th. required that
"ox fd be borrowed a Al interest exceeding pr
cent IL tbs case Controller did 60 through ;be useless
i advertising for au bpi issued circulars to those hay
,b Cop,,on Ly applying to the Common Council and suit
or az competent Court the time Controller
pointed UT the mpaccsbty OF paying the awards without
AZ act Legislature authorizing increase Of the interest
10 be paid And he also informed them that they awaited the
soon Is money Obtained with interest at the rate
bc ,nr% iPe ' descrifJ about Que to nd
vduals VI property had been taken from them without
, % s.b an k TSII ls nom f''''y ana
IN mn case. those having awards were in absolute need Of
their py sud is quite remarkable that lnrge in the
hands Of udrcds OF individuals permitted 80 q@ 10
he Of
The Ftuen account Of work done payable oy
The toai receipts from all assessment source. ,S were
r les Of 1864 49, addition 10 the large deficient in
preyou year These details stated in the last Report OIL the
parns h fiscal year ending Dec 81 1876 the toslPiymen'
made from the City Treasury were $2OJi 20 0Z; $500 1000 -
This large the payments Of previous years as
explained the Report alluded TO- p 3 ,es, vbs va conn
menced the fiscal with the following balances 'o'no oe
o. On 's seco Of the Sinking Fund s7ol3 60
Of the City Treasury ff'Llo- =
s222l,3Ol IS
The 6 February 1851 the sinking Fund wa. called on
20 Water loan stock issued for money borrowed III
1912 TO the amount Of f9sO,OcO - -. a., -. r
snusr, The sum Of M COO Oh account the sste School tax
and 100 go ON account mill tax To this sum
iicpation OF be levied in September next .
There also to be paid awards on the Central faS I
s.aeS & es,st"pe on the 18th of February authorizing
stock TO per 20 aud 80 to these
awards The Controller gave notice for cent loan for
taken par the Controller bidding for Tor the sinking
In TernrS to the Central Park the Controller made
Isngeu h the representative OF two estates to take Per
sacco Notice vas then given for loan Of s0COO aud
the taken at about par , -.-u -
notice aud after the 18th OF April he would issue reVe
bonds at per cent from 91 and upward IN ShcPsn
loans have made g. and II months to the amount OF
n"I .u in S TO- the snGnnt Of 6ai 81
After passage OF the Tax bill very heavy payments were
made Of Of 1886 and ior the ordinary eN
penses the city Mt for the nTst quarter oil he year
isd S6i 9Oi 10 has also been advanced IN the
account OF assessment contracts the sums
collected or the account , - a., 81 ore .
900 borrowed on bonds end the balance N e lea
AIRY AZ the of the year. but have taken
brought INTO the Treasury the payment oil awards on he
Ie9nSi raA s h," ssTds have been dshonorcd
claimants actually executed releases or tue Dous taken
I'm report made to The board of Aldermen April o. 1851 the
payments for opepn3 ae5 q Inp about
and the Of the Common Council Is caea ~ e'o par
The Sinking Fund for The payment Of The debt and the
interest thereon is in highly prospectus , f M Commits
ssoncrs OF the Sinking Fund Of $4,000 to $o2o9 Bqt
s ~ ~ To- nav debt which then falls due of JoSooo
n Is absolutely necessary therefore, to Keep M tno % %
,h an, f time 10 time as opportunities may be presented
for purchasing stock be available for its ultimate Iein'
% sppus ycnGes of the Sinking Fund have heretofore
sssn g;y nj & '2 wS a the surplus cannot be
ily invested the Stock debt Tor which II peosu may
nue. b6nds payable at such times from the neNt levy
the Of F ES Ted9g al the Sinking Fund
This will secure TO the Sinking tund thG inter inter-
est a. all times surplus funds This matter mas oeeh
too much neglected heretofore owing IN some manner 10 'e
asnry deposits will he any longer delay IN the
hope accomplishing any object OF this KIND Tor inc
t Of the the funds Of the city In Octobf as
" had three millions and half Of dollars IN the
Treasury Of which S8oOsOO belonged to the sinking fuha
%. Ill. ad mpgtin o
tbe sinking FUND for purpose placing $500 900 in the
New York United States Trust Companies until the money
should be wanted 70 p.y the Mas Ic a .br s safe o5
pouny Tor adding 5000 the sinking FUND by an interest
on deposits which there was just reason 10 hDPg i@t non
oniss ,ucrs aud vm the zeal for the Puec Interest OF
III of them The Yeas and Nays tSken on tht
rre.ent only affirmative votes rms proportion
u nanipd by report from the Finance Department
80 of "a lh is annexed marked A. This information Is due
lie Common Council in order that they may take Sch step
a. they deem necesssy in regard 10 nte't @" Ioay nc
osits The course investment suggested az the
OF this subject VII secure int.cs, on J1o 81 p n
sinking Fund aud with the prospect OF surplus N 'he
.aysbls from taxation the surplus Will exist only tor shoI
period. , . -. A. p.,L ,v,, ovor,-,v WI
r ga Amended 20 this communication Is statement
he account made by the Book keeper Ia the finance ne
penent between the Bank and the treasury %. 'e S'1
rears The O, ersNs have sometimes been little scarce On
ihey b no ropoon heavy balances which the Bank
AZ times lave had in their vaults -. ,.A -
The State for thirty has had 81 arIas'nen WIN tn
Banks i'm Albany the terms Of which that the Canal Fnn
per intcres, on It's surplus ul' ~
Treasury Banks Of Dis city have at all from TO three
and half millions dollars IF the public
Council that. full view Of the subject they VIII o.
convinced s; the Finance Department IN occsaoRty over
drawing. ts' 40, deal; hagshiy with them
All hf'a - respectfully submitted 100 .
Tn MAYOp REBUKYn-Iast night the Democratic