The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-09-22
ceaing tabular statement shows rne speed with

which
our CITY DEBT IS AccUNuIATING
TIE figures are TOO expressive 70 require comment.
no one can tell the amount oi Gains IN the Board
of Public Morks and in other departments, or the
sum OF those IN the COmptroller's of1ce-some OF
them lust; others calling FOR iie most rigid scrutiny.
Al the latter are pressed
THEY SHOULD BE FOUGHT OFT ~ TIE COURTS.
The Comptroller has borrowed since the ISL OF jan
uary on permanent and temporary loahs anoue
twenty-siN millions OF dollars "a us SUM lheIe
was a cash balance in the Cnamberain's once on
Tie l4tn OF SeDtember OF S.,56i,3Db ~. Inc Guy
taxes 10 come IN during lie last quarter amount 10
about tweniy.three millions or dollars but this has
been, to great extent antciNl Ell 10y loans hiatur
ing within four months; hence there Is no provision
ARREARS FOR THE EXPENSES OF THE PRESENT
The Comptroller has sod SIS 900 900 of six per cent
gold bonds, PAYABLE in 1901, the proceeds OF which
by statute should zoe used ia pay on and cancel
any bonds or STOCK or said CITY falling due In the
year ls71,n or 'in exchange for the city stock or
bonds" About five millions OF these bonds are still
10 De delivered and paid Tor a. four ana haif per
cent prem iunl.
Ii Is desirable
TO HAVE STATEMENTS AT ONCE
from the various departments showing the public
works in proaress and the contracts now existing
with estimated outlaws and the periods at which
snch OUTLAWS are payable. Every citizeu,n said
MIR. Osborne, "wil desire that
THE BONA FIDE DBBTs SHALL BE PAID
ana the credit oil the city maintained; but every
citizen should be informed that the public works
now in progress call daily for large sums OF money
TUE DEBT OF THE CITY WILL BE DAILY INCREASED
unti these works are completed. or the prosecution
We are wholly unadvised and have no means OF
knowing al what tate all these expenses are accumu
tracing. We have however the expense Of the last
quarter OF last year. during which The tax levleS
OF the doaIing DEBT was converted into permanent
debt. The total debt Increased IN these three
months (irom 5in October to the 3lst December
TWO MILLION FIVE HUNDRED THOUSAND DOLLARS.
The city has today noating debt OF more than
twenty-five millions short acceptances falling due
from week 10 week between october 10 and January
Is. These bills payable bear The trace marx OF ''cty
revenue bonds" county revenue ponds, i" &C.. but
NO BANKER RECOGNIZES TUE SHORT BILLS
maturing within the year as bono.
The great evii In this city corporation finances Is
the no ting debt Through TINS
THE TAX LEVY HAS DISAPPEARED AGAIN. 4.
as 1t did last year, In advance OF Its collection.
Tue act authorizing the issue OF consolidated bonds
ostenslbiy TO convert all the numerous classes OF
Ter is the lever through which the agents Of the city
propose TO fund the oatlng debt OF this year. ssu-
H IN 1s s s four or SIX
statute to fund the roatinx debt w ''''' y
Mr.. II. b. ola! film inquired OF Mr. Osborne what
was the present debt OF the city.
Mr. OSBORNE repeated the statement in Mr.. Booths
lie expected fully That the debt OF the city would
NECESSARILY DE LARGER
81 the end OF the year than II was now.
Mr.. CLAFLIN asked what the aggregate would then
be. taxing all the outstanding liabilities INTO &C
MIR. OSBORNE replied that it was utterly impossible
TO tell without tue most exhaustive examination.
The Board OF Public Works had numerous outstand-
ing contracts, which pledged the city to additional
debt as much as If the bonds mad already been is
sued But now great those liabilities were he conld
not say nor was there any record kept to show
them.
! Mr. BOOTH then offered the following
RESOLUTION.
Resolved That the honorable Board of Supervisors
the county New YORK be and they respectfully
Ibis BODY who have been duly appointed Committee to
act with eomaee Of the Board OF Aldermen Of the city Of
financial Of county and city Of New York
@ 'af Of 5 aud set forth
! The clause referred to reads as follows:-
sEoT!oN lwhehsver the Board of Supervisors of any
OF sn any S % mater w The
county relation 10 the discharge Of his oaca dulles or to
the receipt or BY him Of moneys
belonging to the COUNTY or to use or INSPECT or examine
session OF such onlcer or other person or under his
sSs%a eps % e o. c s % tine
IN proper form commanding such person officer
be EXAMINE as witness and such sabp@ns may contain
al no % lis posss
Tie county '''- ''' "AA''' Vi n''''''' 0
The resolution was UNANIMOUSLY adopted.
MT. DoNALDsoN inquired whether he was to un.
dersand Mir. os, orae TO say that there was float.
ing debt OF s25, 900,
in ADDITION TO
the permanent DEBT of SCI, ooo0oo.
Mir. OSBORNE said-N0 sir. That s25, 90, 900 is all
included IN tnis estimate. The trouble Is that the
city has given several names 10 IT'S foating deb:.
year BY the taxes paid. That Is The theory but the
practice Is quite different, and they roll over ana
become part Of the permanent debt
Mr.. PHELPS edded in further explanation, that
the s97,ooO eco reported was all OF what he might
term the liQuidated deot or the CITY and county
What the additional 1oaIing claims, &c,
against The city might be there was no
there would. OF course, be register kept OF out
standing and incoming claims, but DO such record
was Kept for the city. The committee had been at
first led 10 believe that this kind OF Indebtedness
would lie very small, but subsequently they had
gained information which led them TO believe that
unpresented claims were very large But all that
was and must be mere guess work.
Mr.. BOOTH added that, In answer to an inquiry
made TO the Comptroller, an opinion had been given
that there was only about million and half OF
claims as yet presented TO that department and still
unpaid.
The committee then adjourned, subject to the
call OF the Chairman.