New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-04-04
THREATENED BANKRUPTCY OF
Trinity CHURCH..

A report of Committee Of the Vestry of Trinity
Church, on the condition of their finances, pub
lished in The Churehman, presents the views enter
taIed by that body upon question which has
excited good deal of public interest. According
to this report Trinity Church, instead of possess
ing that endless and bOundless wealth which some,
both friends and foes to imagine is in fact at
this moment spending far beyond its means, and is
undergoing rapidly consumptive process which, if
not arrested by change Of policy, must speedily
reduce it to poverty.
DeductDg church edi6ces, grave yards, ceme-
teries, and all property neither yielding now nor
likely to yield any revenue also the churchs ndel-
mite al d contingent interest in 81. Johns Park
tie whole property Of the church consists OF 'eyen
hundred and eighty city lots and S2O7 Toy in
bonds and mortgages. The lots, including twenty.
six since sold, were estimated in 1856, under an
investigation ordered by the State Senate as of the
value of Sc, log, $50. But this was an estimate OF
the value of the lots if they could then have been
sold and imme date possession given, whereas most
of them are covered by leases having long terms to
run, and nearly half Of them contain covenants OF
renewal, so that this estimate could not be re-
garded a. all representing, even if not otherwise
exaggerated, the present actual value of the
property, making the necessary allowances on this
score, and taking the above valuation Is otherwise
correct, the total value Of the property, including
the contingent interest in ST. Johns Park, was
estimated By ore of the Finance Committee of the
yestry, after deducting the debt, at 3, 500 go.
This debt amounted, April so, 1853, to S709,'
935, and that notwithstanding resolution adopt
ed by tie Vestry in lc5l, that in no event should
it be increased beyond the sum Of $500 900 over
and above the bonds and mortgages held By the
Corporation. 1t appears to have been thought by
members of the Yestry that s permanent debt TO
aconsideratle amount was advisable as a matter Of
policy, that it would afford satisfactory ground
for refusing mportunate applications for assistance
and make the property of the Corporation less an
object of cupidi!y from without. But, according
to the report, the deb. hiss failed as measure Of
restraint in both respects. The debt has never
been so large as during the pas. two years, and
there never has been period in the history Of the
Corporation hen application for external aid was
go numerous and pressing, or when a.tenp. 80
90 fierce and perse7ering have been made to despoil
"the Church Of its property" The appearance Of
the Church in tie money market as a borrower,
tends "to impair to some extent in the eyes Of the
community the ssnctity Of lite voc alton and char
"scter," and the Committee are Of opinion that the
debt should be paid off as speedily as possible.
This, however, cannot be done with 'ut radical
change in the present scale Of expenditure. The
Church it teem. has for some time p.ss been liv-
rg the life ola prodiga for outruDniDg its income,
and only meeting ts annual expenditure BY adding
to its deb: or appropris.ing to that purpose the
produce Of prperty sold, thus permanently dmin-
ishDg its resources. The receipts for the year
ending April 80, l-57, (deducting money borrowed
AID receipts from bond. and lands sold were
$l02 29i, and for the year ending April 81, lS5S,
Sis. 545. Tor the year ending April 80, lo59,
they were estimated, including certain arrears, at
sis 600 and for the year to follow are estimated
at sllO,O The expenditures for the year end
ing April 80, l-5S amounted TO Scoops. Of
this ,um 81, l62 were paid on account Of loans,
donations, allowances and interest for other par
i,hes and Institutions. Even apart from these eI-