The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-06

Of the interest this debt created which
pledged various other sources
Of city This fund only paid nteres,
permanent and funded debt but of the
has accumulated surplus amouptn. the first instant
GO l7T3 ooe Al. part Of this surplus has been ad
vaDced TO the permanent sinking fund invested in
the purchase Of city stocks and revenue boads.
FUNDED
The funded debt OF the city, redeemable from taxation
Five per cent public building stock No. s,pay-
Five per cen, NetNcrk stock for docks and
slips, payable frouiIs67 to 1876. ......... 100000
Public education stock, 1S73.............. $4,000
Total amount. 81, lO4 900
This debt has been created in accordance with several
acts Of the legislature passed S4s for the
Of public buildings and the construction OF wharves piers
and slips. Is redeemabe from taxation at the rate Of
$50 900 annually.
To this fund is also charged stock called the public
education stock created for the purpose Of paying off the
MORTGAGES on tie property transferred by the Public School
Society 10 the city for the the Board of Education
and for the redemption Of which 81 65 Sc is TO be
ally raised by tax for twenty years at the expiration of
The interest all this funded debt as well the
permanent debt paid from the sinking fund interest
account.
TREASURY LOAN REVENUE BONDS
The treasury loan account consists Of revenue bonds Of
1857, issued in anticipation oY the taxes Of that year and
outstanding January !, 1858, IS $4,000.
This debt made in anticipation of the annual taxes, by
authority of provision in the charter as follows
The Common Council shall have authQry to borrow
any money whatever the credit of the Corp9aon except
shall be made unless authorized by Especial act of the Leg
la,ure
The expenditures from the city treasury on account Of
the city government, principally made during the
year before the bulk of the taxes received hence
the necessity OF this provision OF the charter.
large is thus rendered necessary in the annual
tax list for the payment Of interest ON these revenue
bonds Last year the amount s2s5 900 The amount
called for this year is 1876, 900.
FUNDED DET REDEExAB1R FROM CENTRAL PARK ASSESS
hESTs.
This debt consists OF
Six per Ger cent Central Park assessment fund
stock payable February s., 1872 81 100000
On the awards for the Central Park becoming due the
treasury unable 10 meet them In Of the
dHcuy of negotiating the stock authorized by the Leg
ature payment by reason OF the low rate OF inter
est5 per Bonds were therefore, issued under
ordinance of the Common Council passed the
mendaon Of The Comptroller, under the authority OF al
act Of the Legislature of lslS to the amount OF sloooo
redeemabe from the assessments on the property bene
fitted by the Improvement and which assessments we're
pledged for its redemption
These will, doubt, be sufficient to pay
the bonds thus issued
ASSESSMENT BoSns.
In 1852 the Legislature passed act authorizing the
Common Council 20 issue assessment BONDS for the pay
ment OF contractors for work done the construction OF
sewers regulating and paving streets other work.
payable from assessments the property benefited The
purpose Of the that contractors may be paid for
their work advance OF the collection Of the
so enable ractors of small compete with
large capitalists and so reduce the cost by greater com
petition.
on this act by authority OF which contractors we're pao
per certificate OF the completion OF the same aud the
balance after confirmation OF the assessment This ord
.roiier 70 pay monty 10 contractors contracts
the balance when the ass essment was confirmed.
Previously 10 the passage Of the act Of the Legislature
OF 1852 contractors we're paid only as the assessments
were collected, the city then acting truly trustee
Since then essept bonds have issued pay
tractors advance OF The receipt OF the assessments aud
the lsw authorizing them makes provision for the
time OF their redempton they have been made payable
within the year Of their issue.
The collections OF assessments not being sufficient 10
deem these bonds thus issued they became due, ad
vanoes were made from time TO time from the city uea
amounted 40 1853 10 more than 81 Ooo In that year
the recommendation Of the Comptroller, an ordinance
Legislature OF 1853 authorizing him to issu bonds,
BILE Eve years TO reimburse the treasury for these ad
vances
bonds and ALEC the assessment bonds issued and payable
within the year 1857, viz
Six per cent Assessment Bouds years, pay
seven per cent Assessment Bonds years pay.
sH per cent Assessment Bonds 10000
Total. 900
To redeem ihee bonds or those which may hereafter
be Issued 10 further reimburse the Treasury for advances
there ar assessments in arreer amounting to 81 500
80, and property purchased by the city tor assess
ments, amounting to slSo,is9 ls-making total Of
By de pres, ut law no proceedings for the sale Of pro
perry Tor be taken be expiration
Of three years from the time when they become ALSO
utey due Ia consequence OF this provision each year
has the Of these The collection
Of portion Of these arrears may however, under the
From information that have obtained, fear tina, the
whole amount Of the Of assessments will not be
reszed Ia some cases the property net sell Tor the
amount Of the assessmeas and The Of
the oolec, NJ are so Imperfect tina, s impossible 70
which returns have been made.
After further examination, shall make another COM
munlcsion ~ you this subject
Whether the pubic interests prompted by advances
70 ooniac,ors before the cole oh Of the assessment for
the work am not at this time possessed q such full
formation will enable me To decide.
sTRKzr oPxNfSG.
The treasury rs also In advance this account 10 the
In these cases The property sufficient reimburse the
treasury, the assessments are equal 70 the award ex
cept In few instances where remssions have been made
BY the Common Council These remissons, n my iudg.
ment, are made without authority OF Law
TAXATION.
The taxation annually levied property
real personaor the current expenses Of the govern
en and other 'rus, and special charge. authorized BY
and the ofccfs 10 whom in imposition and expenditures
Were the administrator Of public affairs conducted 40
adequately 10 protect property hoaiih and life, our
ousens might overlook tho heavy burdens annually i'm
posed tkem by excessive taxaton; but when these
ends are attained when property rendered Insecure
through nsciency, health eDdangeres and epdemics at
times engendered by neglect Of the indispensable sanitary
laws q cleanliness and life daily sacrificed by violence,
ruanism and crime through the want OF energy In bring
psia Of these heavy drafts Or The maintenance Of such
semblapce of government
The great increase 10 our annual tar list nov largely
cnts demands careful inquiry into the causes 70 which
due.
The amount Of axauos for the support q the city 60
yernment in is4s was s27l5,5l0 Tue levy the las
year g. oe SOC The following table exhibits The 10
lsae 1887 inclusive, aud the valuation OF
the real ADD per scuai estate or the same years veil
The rate per celtlm oi ngstiOn.
S1pspi IS ~. Folus 81 Rsa ami PERSONAL Eale IN N
CIV and rYHty II Ns5g Frk WITH NJ amount raised by
7as fbOss ths year 1876 70 1857. jssh ia,asic>
Trias Of sa'asg Tosti eat HeaJ Ant rgfsd re-
rs1,. y Es,t,s Es'e & Peril Efe by Tpr per q.
leR. .Slg, c.gW6 o. l64,44i lGs,JS 27i55O lgJ
i 81 /; $50 ss$sis sfss i;
1881. ~ .0Ss5s e3r4 81 So 'ssS5s ava t 81 p