The New York herald., 1871-06-13

demption of the city debt.
The ordnance created cumulative fcnd for a
specinc oblect-to Wit, "the redemption OF the city
deot-and that fund is not to be abrogated, In part
or WHOLE until the entire city debt can be fully paid
The net proceeds OF all real estate sold and all the
other revenues to this iund, have been officially
pledged 10 The holders Of the stocks Of tile corpora
tton for the payment OF their stock at maturity and
THIS pledge cannot be Withdrawn without violation
faith Of the corporation would tend not only TO de-
precate the vaiue OF the stocks OF the city out
standing. but render IL dtnlcult 10 negotiate future
loans on terms advantageous 10 the city.
Besides. II the accumuations ot more than
TWENTY-FIVE years in this fund so often referred to
In the public documents 6f the Department OF
Finance as held beyond all contingencies for the
redemption OF the city deot, are cancelled and the
pledge thus officially made and repeated to the
holders Of the city stocks violated II would create
dlsirusE in the public mind, and especially on the
palt OF trust companies, savings banks. trustees
and foreign stockholders. A result OF which would
ne that large amounts OF stocks must come upon the
market TO be disposed OF at prices far below their
vested trust and other funds IN the securities OF the
corporation and relying upon the pledge OF The
payment or their investments at maturity Of their
ready sale, without loss, in case OF necessity.
What compensating benefits would accrue to Jus.
tify an Interference with this fund.- IN Its present
prosperous condition, by cancei!ing its assets, III
are II iaci II not III form, reduction OF The city
debt IN like amount. They held Tor this specific
purpose, while the revenue arising therefrom rs
interest goes 10 increase the fund for the entire
delnption OF the city dent, the same the rental
revenues or former real estate before 1t was sold
now represented in hese assets used to he pledged
20 tins object The net city funded debt Is uniformly
stated as the balance remaining after deductlng
the entire assets OF this fund. The only pOsstbe be
compensation that could be Claimed would be The
small Item OF taxes for interest on these Investments
Even were this so it would not meet the case as
much larger amount would be re ,ured 70 be iaised
10y aNaiion M these assets are canceedl to redeem
the stocks OF the city, maturing from year to year.
The credit OF the City now rests OH o firm basis
because 1t has been frequently demonstrated that
the sinking fund, as now constituted, with Its ac-
other sources, Will be found amply sufficient TO pay
the city debt as II natures without resort 70 taxa
for in the case of Public Educaton STOCK and Float
Ing Debt Fund stock. The iund Tor reducing the
mense property possessed by the city, and IN o.
tanning which large portion OF this debt was IN
CURED, thereby making the debt an investment In
the city report OF the Comptroller page 5s will be
found an exact calculation regarding the mode and
time OF this ultimate extinction Of tue city debt.
DEPARTMENT OF TAXES.
The Department Of Taxes and Assessments is
composed OF four commissioners appointed 10y the
Comptroller OF the city and county Of New YORK in
May, 1852 pursuant to chap. S9s, laws OF 1869.
lhis act reorganized the department, ana was I'M
enable the department to exercise Its important
functions without question as to It's authority TO
The Commissioners OF Taxes and Assessments
have the power, and 1t Is their duty to ascertain
ard Ok the amount OF oil the taxable property,
real aud PERSONAL In the city ana county Of New
York.
TINS duty requires the utmost caution and deli
nssioners ana their deputies, US 1t become the IN
quisitorla. power OF the local government TO dis
cover the property liable to taxation, and the
equaiziug power to adjust the burden among our
people SO That no one snail pay more than his proper
share.
Upon the valuations made by the Commissioners
the annual tax Is levied III the form OF specific
percentage, and upon The authority OF the COmms-
sioners TO act depends the right OF the country to
the tax imposed, and the lien OF the unpaid taxes
the real estate in the city, owing to the con.
fusion which had for ten years existed as to who
had been passed, anu under various decisions OF
the Court OF Appeals upon the consLirutlonalty OF
OF these laws the Legislature, upon the petit
ton OF leading citizens passed the act OF 1869 above
s a % anS to
The present incumbents were appointed and were
selected hy the Comptroller equally from both politi
cal parties, so as 10 take the arbitrary power of
taxation out of the sphere of politics and make it,
what 1t should be- purely business function.
ana is OF the most eicient In any city, giving
unqualified satisfaction TO our citizens.
The report Of the Commissioners is exhaustive on
the sub ect and a to rrove deeply interest
ing to all who participate in the direct support OF
The local government.
commission, composed OF Messrs Anthony ].
Bleeckcr, Courlandt Palmer and Adrian II. Muller,
i now engaged III compiling a tabular estimate OF
the Mayor extracts general estimate made edtori.
ally by one OF the daily papers OF republican politics;
but he Is OF opinion thai 1t is an estimate too MIMI
mum in value:
~. while hs city has suffered BY nsbe mI.govern
in far rapidly than which is 70 day
the present. prices houses Ssi his
estimate Of The pubic property held in trust for the people by
Tie Centa PARK containing Il,cOo lo,sa, $4,000
Twen,y smaller rarK: ana places. AZ & oS
zen public markets & bGvooao
MY ois no. IN n fmois $4,000
Seventy piers North and East bvOJ01
Fire pepsri@eni land Building: apparatus sStcs
f Pubic s edueaion~and and buildings: sUOSo
Courts prisons and the ike, With Islands in
Total i....................... s2S7, 100000
These estimates include any prospect We valuation
of the islands in view OF the OF the Hell Gate chan.
no' iss ow
~ as se
70 the city the Erie Canal OF income the State
S sA SIsIS, fs:t
properly actual and use and the only Reason
why sold because is valuable to The
has been that h the city piers
aud improvaole property, and only prepare and en-:
lorce some uniform scheme Of improvement. But II
thus were done there would not come uniform time
III which the improvements could progress or be
perfected. Besides, the improved piers would sell
Tor very much larger price than now, even adding
the expenditures with interest.
There have recently been made attacks upon the
city credit, which originated in tue zeal OF sub
agents OF the government, appointed to place Its
new loan on the market. II Is & lalr to ada they
Treasury. But the best answer 10 them is that the
Mayor and Comptroller find 1t the easiest of their
small large sums and at handsome premiums, all
the bonds authorized by the last Legislature. The
fiscal books OF the city are always open to It's cred
ltors, out the Mayor Is responsible Tor often refusing
their access TO Irresponsible persons who desired to
examine accounts fer undoubted purposes OF mis-
representation, either by concealing details or
dlstortlng Others. Such IS also the policy Of the
federal government at the Custom House and the
Treasury. And because the accounts and resources
OF the city are found TO be correct and ample, IL Is
that city creditors retain or renew their loans and
shrewd bankers anu corporations make request f)r
city securities.
The rate OF taxation In New York city has never
been so great as that in Brooklyn, Boston, Phllade
phia, Albany, Syracuse, Rochester and many other
cities which could be named. The attacks upon
what Is called our excessive municipal taxation
generally proceed from men and writers who could
better improve their time and vindicate their disn-
terestedness should they turn their attention toward
the oppressive federal taxation inaugurated under
AUSPICES OF the party to which they belong