New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-12-08


! Redemption of The City Debt
Pubic Building Stock, No. 49,. 5000 OF
Public Education Stock Of lS55...s 4oS' 80 -- =,
GENERAL REcAPuULATIoS,
Showing the total estimated amount of appropriations
required to be made for the expenditures OF the Cor
poTatiOn for the year 1860: ~ .
For the Support Of the City Government s62lS 64l 90
For Interest the City Debt Op,osO W
For the Redemption Of the Principal Of the City
''o' 0o
.s61l.,Ias %
the practice heretofore for the Common Council to
include their Tpropatons all expenditures Tor county p
poses well relating particularly to the Corpora ion
Cry The A' chap Of The M s OF s @
uI,viso provided that for County
by the County Treasurer This law not
csied full effect until within the present year and IN ae
coIdsIce Nth the the appropriations for 1850 for County
purposes including the payment Of the s,ae taxes. WIZ De
by bs board of Supervisor and the e;ised amount OF
the said year submitted to that Body by the Comp
Ii Las been usual for many years to provide in the
annual Tax Levy Tor large amount of "Arrearages,"
under which head great variety OF claims were ln-
cluded having their origin more or less IN every De-
patment. In view of the plain and explicit provisions
OF the Charter which prohibit the contracting OF debts
and the ncurring expenses without an appropriation
having been frat mace for the particular objects ofsuch
exIene the proprety OF ing such debts before
tie necessary appropriations shalt have been made
therefor IL certainly very questionable, unless some
eXiIaoI diDhIy emergency shall arise which would
seem to warrant such proceeding. / have therefore,
eBGeayored TO impress upon the various officers OF the
GOV eminent the necessity Of combining their operations
within the mits of the appropriations for the year.
and, althOul unsuccessful TO the extent which was
detred il is CRAFTY ing to be able TO state that the
amount of expenses thus incurred IN all the DEPART
mehts during the current year will probably fall con-
sderably short of $4,000, for which the Common
Council will be requested to provide by special ordi-
nance. in this connection IL is bat justice to the Street
Commissioner state that the liabilities incurred for
purposes within The cOgniZance Of his Department have
IN 10 exceeded the amount OF the appropriations
A. - IT atpas.f nr
detmen the public interests from under estimates
for the sBnu appr )priaOns in the future, plan will
be suggested in another part of this communication.
Receipts.
Tie estimated income from the revenues OF the Cor
puation for the year 1867 beside Taxes, and exeu.
siye of those appropriated to the Sinking Funds, and
which applicable to the above stated general pur-
poses Of The Government, amounts 10 $50, 49, 30.
Atsunin that tie foregoing estimates are correct,
an should the same be adopted by the Common Coun.
Gill; the amount required to be raised by taxation will
be s. Isl, Gao Al, as shown by the following;
Expenditure. tstia3 %
Ts, sled ami reqd to be raised by ta1ation-s6 Ss76o
Oftis amount authority is conferredupon the Board
OF SUI erysors by existing laws for purposes included
in Il foregoing estimates to the amount OF e. o60,-
Oh &C. leaving be yet provided for by special law
the sum of 81 g2l ,59S,t5.
The estiua amount required to be raised by taxa
ton Tor County and State purposes, az previously
stated Including the additional sum provi led 10 cover
detc.rces in the realization of the taxe 900 90
lie smount be raised by the
ssne means for the cooperation, -. $1,000
o. above stated, is............... 3 900 81
Add Deficiencies arising
errors abaiemen ana losses 233359 So 6S27OO 90
Estimated total amount Of Taxes for State COun.
~ aud tiy purposes fr 600 20
The amount Of the Tax Iesy for all purposes in
lt.s, without any allowsocss to cover deficiencies - .
The e,iimsted amount for iaeo, a. 1922
Deduct emerpt included therein to
cover deficiencies. 3O7s2o 60 s4ssO79 10
Esiu sied actual decrease in the amount ofeH.
ltt0 equal 10 about II per eeut......'s $40 30
II will be perceived that provision is made in the
foregoing estimates for the deficiency in the finances OF
the Corporation, which is generally known 10 exist.
II is impossible to state at present the exact amount of
such deficiency. The immense accumulation OF busl-
Lees in this department at the beginning Of the present
year requiring immediate attention, and the want of
proper facilities during the greater part OF the year,
have rendered an extended investigation OF the old
books and accounts impracticabe. Enough, however,
has been asceraned render it probable that the ag-
gregaie Of deficiency and losses will be large and the
question arises how the same shall be provided for
Shall the whole Of the estimated amount be included
in tie Tax Levy of 1860, or shall it be funded After
careful and reriOus reflection, and considering the sub
iect IN all its bearings unhesitatingy recommend the
latter course be adopted. have, therefore, prepared
"a draft Of IA law, which is hereto appended, to be sub
mitied 10 the Legislature should meet your approval
authorizing the creation Of public stock 10 be desig
mated the Floating Debt Fund Stock of the City Of
New FORK /" for a sum not exceeding 81 OOO,OOO to
bear interest the of per per annum, aud
10 be redeemable within % years, and paid in annual
nstallments after the year s64 the annual INSTALL
meuts and interest TO be provided for by taxation.
Tie of the existence OF such deficiency and the
various caUses of the same, have already been made
known to the Common Council but a brief reference
| 10 the same here will not be out of place.
1t has long been the practice 10 levy taxes each year
for the exact amount Of the annual appropriations no
allowance being made for DEFICIENCIES in the realization
Of the taxes, which always occur, from oyer-vaua-
lions and other errors in the assessment and from
attachments and remissiOns, well a. from losses on
personal taxes. The annual deficiency from these
causes estimated 10 have been about 81 per cent OF
l the whole amount of the tax levy. or the whole
amount of personal taxes due and unpaid the hrst
day of January, 1883, say s74f $50, the officers Of
the Bureau OF the Receiver of Taxes estimated that
than $3.50 COO would be collected; which
would leave loss from this cause alone Of nearly
million and half Of dollars The draft OF law
above mentioned contains provision designed to pre-
vent the Of such deficiency hereafter from
/ he cautes above stated.
Tie deficiencies in the Trust Accounts detailed in
/ my communication to the Common Council under date
/ OF Nov. IL, 1859 lsee Board of COuncimen Doc.
No. J, arising from not yet aseertained,
amount to nearly half million Of dollars; and other
deficiencies from therein stated amount nearly
quarter OF a million more.
Another large item Of deficiency has grown out OF
the opening, widening, and improving of streets. In
opening and widening streets, the law provides that
portion not exceeding one-third Of the value Of the
| buildings removed or DESTROYED NAV be assessed
against the Corporation. The laws formerly 10
| force provided that property should be
assessed for benefits in the Improvement OF
streets for more than one-half and by a
Subsequent law for no! more than Vnehirdl OF the