The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-02
STATE FINANCES AND TAXATION.


1867 in which estimate given both in detail and
aggregate of the amour, Of taxation which the peop
Of New York gre annually subjected, and also the -
Of State Indebtedness and TAXATION TO the va 40 OF
eiais prop sr,y Az your attention, a. United stass
Commssb Jner Of Revenue has been for some ss mas,
Iiven 70 the subject viii feel obliged II on Wi, eY
anime the estimates In question ane 9 &c me your
lIuly JOHN u fLaEcIS
tcnser New York State constlv liio e,i Convention
Mr. WELLS LIZ TIA
TREAsr ~ DrPARTsENT
WAsHN0IoS u, O., OcL 80, 1867
Nj JoHS ~ FRANCS
DEAR SER--I have the b auor 10 acknowledge tho re-
eespt OF your favor OF The 26th asking opinion rsia
ave OF OF the amount Of
saxatu and indeptedD OF the state Of New York,
AIMED exirs from the report Of the Finance
Corluiee Of the y onstitu, onai Convention OF that
kavo submitted Aug ust s, bs67 The portion Of the
porI.is referred 10 r. ads as Follows
ccndt ,d the of upon the people Of
m o,s,snsrs debts Or cae STATE amount to s<Bies,
SIZE debts OF me cities villages and towns s50ooooo
MAKING total State inosbtednes, Of siss ,os2
she state 70 pay not ess Than 100000 ooo
TO say nchins OF tie anasccrisned national iadshtea
state slessS3 esi from which viii hal .Sis
trrd q me ssssred value Of the properly therein
neni debt wouis Indicate
Drec, ,srat,Co BY The state ........ sr2 soeoo
Direct usxstion 81 counties and 10 wns. 81 100 no
Direct iaSausn b. cities villages, &c......... Ic0Doo
Making total of...................... so s0Ooo
iSDiRscT TAXES
The Whole amount Of internal revenue received
s sn S, s'dSn s sls s JS i vas ssgS
but .ay onsnf,h. sea,ssl sss
S2ou,o0o.cDo OF which the people of ths state
mus. have paid as consumers oneonitn,
s0d du @hsh s s sns Is sSsrsas sy IN
Making &C aggregate OF taxation Of sIsl es,. sss
Which eleven per the vAna-
s e and p sn SEQ
would h,i require Se saoaa
ss sss , 10 s The Whole properly more h1n the
The report OF which the above extract forms part lie
signec by Mr. Sanford E. Church, chairman and ap-
pears TO have been concurred In by majority OF
mcmbers Of the committee. Of whom Messrs George
Opdyke, Augustus Schell and Erasus Corning lead
Ny opinion in respect TO these estimates which YOU
have ASKED IS that thew Incorrect that they
eulaed to needessly alarm the taxpayers and TO impair
both the State and national credit In support my
position would ask attention to analysis OF the es
mates OF the Finance Committee above given. The
frst item in the estimate is the debt OF tho Sats which
y given at s4s $50 q OF this SIS 24s 400
property for The las, fiscal year paid from it's earnings
nrst the interest Its debt 81 OBS $780, secondly
contributed to q debt sinking fund the further sum
Of $l,sS942e 80. So far, therefore, from tins
portion Of the debt being any burden to the
through the properly which IL represents, source Of
great profit Of right no place in any fair state
mont OF State indebtedness without a corresponding
credit being the carried TO the other side OF
she account Furthermore earnings tho canals
over and above their interest obligations
ncicnt TO more than pay six per cent interest the
manning portion OF the State debt think justi.
ned asserting that The State OF New York In fact
State deut whatever in the OF debt bur.
dem and accordingly strike the whole amount from
our revised estimates We would here remark that the
average interest the canal debt given by State
Comptroller, 10 about ITO per cent :
We come next to the second item Of the Fnsuce
N: ssss S'n o. S' sss
amount $33 s45 represents the Indebtedness OF
sinking fund Of COO With cash IN ,S
hands Of the city Chamberlain Of $60l GA the whole
reducing the net indebtedness Of the city TO S2
sccss q SO .ssosa .Ssh M. u: CAM. debt aacrd:
sSs account may fairly considered balanced BY an
equivalent credit the other side Of the ledger
Another .e item Of this city So do
representing the Central Park :. but q this In
sisy ana The State from the increased value Of lands
adjoining an additional revenue more than sufficient
Go pay the Of its debt Its enumeration among
she list Of burdspsome obligations should either be
entirely omitted received with certain quail
ether cities and towns OF the State when carefully
examined, will DO found TO be dfset by revenue paying
q gss mo aHos pOp,.
chase ct an appraised value an. hold as profitable In
yss.mestx Making proper anwanoe therefore. for
stais Of New York instead Of beng ss5 ooO should,
We think be reckoned at . muh lsss sum-probably
The next leading theccount Of the Finance
Chmmittes .ths proportion the national deot be-
mgIng tho State OF New Yot TO pay, which Is set
d avn ., the large OF W hundred miIIions
rs 900 900 0oo, 40 nothing using the words the
" 1ort ''of the unascerained aiiona Indebtedness,
UGH high authority has placed the same amouniD
the unas'erained debt noyet recognised, and Is
Oh ysssels ,Sr neither nseasn fund.- We w
be, and proceed TO inquire sto the correctness Of
she specifc charge OF $500, 100000
n ~ deht uera In bo IN hv Atx~rt
afro this taxation would be acprdng representa-
ZION vhs, is the sane thing. aordng to populston
sppc r.,onmenI What then are ,s facts ana Ssur.s,
The population u tho Unonis al kst 600 600 and Of
shs be population OF the State ofNew York 3 800 O0O
cons, tu,es ss than par The amount Of he
naiiol al d.ss on The frat day October 1897, was
M s4e 40 n,n,h Of whc would be S277.25a
ming the correctness OF ours,mases and ngurss
~ aboN 70 given. We have then nd total OF the pre-
cent nriensomc Indebtedness d the state OF New
York rational. State and iocal-S27 900 600 instead
OF Sos S3si6s2 as tho Finance Ctnmttss have est
Il, lur serIore, we were to o.s ,hs proportion OF
national indso'sdness which cons hes the iarsssI
item OF Il us account, on the aportiont which will be
made EFT etr TO tho increased popSaiou or wealth a.
tne time OF he maturity (fourieenl . twenty yesrs
scented ny much smaller figures than lbse sosve stsisd
We woolu next ash attention 70 the estimates Of the
.arSar sss e o. ns o. Ss. ork which m
Slso,SsI, 90, per snnum, divided a. foIlsvs - :
sa,. eoao,y- and local ........... SEQ 500 600
ixpiRgcr rAxD
One sinh o the internal revenue colated
BY natisi al authorities ............. a. Isl ooo
Dne-ffth o me amount collected thruah
ihe cussos Aose, 900
Total ................-... al so asl oO0
With regks 10 the AMOUNT or tho dsct taxes giysn
~ the conn tee we have data aVilabe for tns,s
discussion. N accordingly assume the correctuess OF
the fgures ~ with reference The nst item OF the
indirect tases viz, the proportion OF the Internal revenue
collected by IA national authorities aid paid BY The
state which tia, commio assume ose- NTH OF the
entire amount we would say hrs that the estimates
submitted refer TO the burdens and olrst ons OF The
mmedxe preses and not 10 the past, be Of cal.
culaon Ahould u the Of internal COL
lccted for the zeal year ending June 30, 1851
ssfs 600 than thst colfec 81 Tor the fsca
year eDdira June 70, Ies6-t3i0 600 Uo-bcfore the
taxes had N'sn to any considerable sxtsut sbated
Now. cur-nlu, OF the former amoum would give
$s3.CCO00o 10 place az to2, fsi. 600
hau fhs.