The New York herald., 1862-03-11
Add amount Of surplus which accrued previ-
2.s7s,5s4

Add amount Of surplus which accrued previ-
ous to 1859 1,0'sooa
Total "a 6s2 2O6
will be seen from the above thai addition to the
set apart and specifically pledged for tho re
demptou of that portion of the city debt which by law
is payable from the sinking fund established lof ina
purpose the Corporation has voluntarily contributed
therefor several years advance the maturity OF any
part OF said debt, the sum OF 81 ,5S2 ,205 o.
The capital OF the sinking fund for the redemption OF
the city debt tho 31s December 1851 amounted 70
Sc 256, ,946 9s This amount with the annual interest
thereon and the ordinary revenues OF said fund oeg
ample to extipguish the debt payable thereirom long ns
FORE tho same becomes duo the Comptroller recommends
that application be made to the Legislature for the pas
sage Of law authorizing the Corporation to change the
disposition o the surplus oil the sinking fund
Tor tho payment OF interest on the city debt authorized
and directed by the act of 1862 by transferring the same
at the emu OF each year to tho general fund" and re-
qurng The Board OF Supervisors deduct tho estimated
receipts Of said general fund from the aggregate amount
required to be raised by tax in each year. to cause 70
be raised by tax only the balance of said aggregate
amount after making such deduction. Such law should
prohibit any reduction in the rates or amount OF the
revenues OF said sinking fund or general fund
II is proper remark in this connection that, notwith
standing the frequent changes OF public officers which
have boen made from time to time, the utmost fidelity
and good faith has characterized the administration
of tho sinking funds of the Corporation. And in tho
Judgment the Comptroller sacred or important
duty enioincd upon the city authorities than that OF
taking that nothing shall be allowed or done in con-
taveo of the pledges heretofore made by the Corpora
on respect TO the redemption OF the city debt or tho
punctual payment of tho interest thereon.
The Comptroller desires it to be distinctly understood
that the change herein recommended by him involves no
violation OF the public faith.
The ordinance of 1874 pledges the receipts from certain
specified sources Of to said fund The several
authorizing the and issue OF various STOCKS
and bonds specify the means Of paying the interest on
them and redeeming tho principle thereof The interest,"
the creator portion of the existing funded debt OF the
Corporation is by law payable from taxation Inc int
rest on the water stocks fire indemnity stock and the
building loans Nos. and A. only is payable from the
sinking fund for the payment OF interest
No change in the ordinance Of 1874 nor in any OF the
Qusa ah mi
pledged to said sinking fund will continue to flow into it,
and all the interest payable from it, as provided by law
will continue to be paid as heretofore
The change suggested relaos only 70 the disposition
of the surplus revenues Of said fund, after dscharg
ing all claims thereon. Instead Of applying such
surplus to the Ss Of shs
of the debt, as have been done during the last
few years. proposed 70 appropriate the amount to
Corporation which, BY existing laws, are provided for
wholly by taxation.
If there existed any for experimenting falling
of the Of tho yearly income from the revenues
of said fund.- that the interest now chargeabe TO
would be fully provided for there might be ground
for obectng to any transfer Of the surplus az Inc emu o.
for tho last twelve years has abundanty
that every confidence may be felt in the continued pro-
ductvencss of the revenues under the existing ord
nances and it is recommended that any dmnuton OF the
revenues by q reduction of present rates. Shall be
guarded against by suitable provision in the proposed
law. -
In rcspect to the sinking fund for the redemption Of
the principal of the city debt, the annexed statement
exhibits in detail tho sources and o s
ending Dec 81 1861 Of which the following Is sum
mary
ring the surplus Of the sinking fund for the payment
of interest, already stated, SIS ,277 sos
Add, for this amount OF Central Park assess.
ment fund stock, omitted. ................ 1000
Total ......................$5,279 ,279 555
nfpo all nd andy mar