New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-06-13

| he procured at reasonable rate
The ordinance also declares, that tho city stock pur
chased by the commissioners shall not be caneeed by
them until the final redemption Of NE said stock and
all interest aceruag thereon shall regularly be carried
TO the Sinking Fund for the redemption OF tho city dat
The ordinance created cunuiafipe End for specinc
object, towi the "redepldon OF tho city debt" and
that fund Is not to be dbregated in part whole, until
the entire city dobt can be fully paid and cancelled
The net proceeds OF all real estate sold and all tho
other to this fund.- have been oeay pledged
tho holders OF the stocks Of the corporation for The
payment OF their stock OF maturity and this pledge can
not BIO withdrawn without violation Of public faith
and such violation OF the public faith Of the corpora
ton would tend not ony TO drccafe tho value OF inc
stocks the city outstanding but render IL oce
70 necotato future terms advantageous to inc
| city.
Besides II the accommodations OF more than twenty-five
wears I'm this fund so often referred TO In the puphc
documents Of Department of Finance as hed oyona
all contingencies for the redemption OF the cy ooo' are
cancelled and pledge thus officially made ana repeateu
to the holders OF the city stock roided 1t would create
disrust in the public mind and especially on the part OF
trust companies savings banks, trustees and foreign
stockholders A result OF which would DO that largo
amounts stocks must come upon the MARKET 10 DO us
posed OF al prices far below their real value ana Gauss
loss those who haye invested trust and other fun IN
the securities of the corporation and relying upon lho
pledge Of the assets Of the Sinking Fund, as guarantee
for tho payment Of investments at maturity or OF
their ready SALE without loss in case OF necessity
What compensatng benefits would accrue to justify an
interference with this fund In Its present prosperous
condition by caRcelng its GsStS In whole orr par lhe
investments in city stocks are, in fdet II not IN iorm'
reduction OF the cits debt IN like amount They arc
held for this specific purpose, while tho revenue arising
herefro as interest goes increase the fund Tor the
entire redemption of the city debt the same as the rem
tai revenues Of former real estate before II was sofa
mow represented In these asset used to be pledged 10
| this object The net City Funded Debt Is uniformly
stated as the balance remaining after dedueng the en-
tire assets this fund. The only possible compensation
that could be claimed would be the small item OF taxes
for interest on these Even were this SO IL
would not meet the case, mach larger amount Wonu
he required be raised by taxation f these assets are
cancee) to redeem the stocks of the city, maturing,
| from year to year.
Tho credit OF the city now rests on firm basis because
II has frequently been demonstrated that the Sinking
Fund rs now constituted, with It's Accommodations from
interest on its investments and other sources VIII DC
found amply sufficient to pay the city debt as IL natures
without resort TO taxation for dollar for tnat purpose,
except as provided the Of Public Education
Stock and Floating Debt Fund Stock. The fund for re-
ducing the City Debt is apart FROM and an addition 10
property possessed by the city, ana IN Cd
tanning which large portion OF this very deDt was IN
cured thereby making tho debt investment In the
cy Report OF the Comptroller page 53 will be found an
exact calculation regarding the mode and time oil TINS
| ultimate extinction OF the City Debt.
/ DEPARTMENT OF TAIEs.
Tie Department Of Taxes and Assessments IL com
posed Of four Commissioners, appointed by the comp
troer OF the City and County Of Now York IN May 1862
| pursuant to Chap. 500, Laws of 1862.
This act reOrgGnizcd the Department. ana was ippera-
lively demanded Of the Legislature in order TO enable
the Department exercise its important functions with
out question as to its authority to act
The Commissioners OF Taxes and Assessments have
the power and their duty TO ascertain and fix the
amount Of all the taxable property real and personal In
the City and County of NewYork.
This duty requires utmost caution ard decacy
we'll vigilance the part OF the Commissioners and
their deputies as tho nqusitoral power Of the
local government to discover the properties liable to tax
alton, the equalzng power to adjust the burden
among people that no one shall pay more than MS
proper share
Upon the valuations made by the Commissioners. the
annual tax is levied in the form OF specific percentage
upon the authority of the Commissioners to act de-
ponds the right of the county TO the tax imposed and
the lien of the unpaid taxes upon the real estaein
the city, Owing the confusion which had for ten years
existed as who Tghtuly held the Office under various
laws that had been passed. and under various decisions
Of the Court Of Appeals upon the costitutonaty OF
of these laws the Legislature the petition OF
leading citizens passed the act OF 1869 above referred to-
authorizing the Comptroller TO appoint four Commission
ers of Taxes and Assessments The present ncumbents
were appointed and were selected by the Comptroller
equally from both political parties to take the arb
trary power of taxation of the sphere OF politics. and
make it, what it should be, purely business function
The Department has been thoroughly organized and Is
one of the most efficient in any city, giving unqualified
satisfaction to our ctizens
The report Of Commissioners is exhaustive on the
subject and fail to prove deeply interesting to
all who participate the direct support of the local gov
ernmont
A Commission, composed Of Messrs Anthony j.
Blocker Courtlandt Palmer, and Adrian III. Muller Is
engaged in compiling tabular estimate OF real cs
tate owned by the city Pending its reception the Mayor
extracts general estimate made editOraly by Of
the daily papers Of Republican politics. but he is of opin
| ion that it Il an estimate too minimum In values
while city suffered by irresponsible mgovernmen has
held large estate Of It's which has In valne far rapidly
than rs to-day probably WORTH in cssA, times
For instance at the present prices Of land and houses
city, competent surveyors represent tie following low es
tie public property held trust Or the people By municipal
rulers
The Central Park containing O lots 800
Twenty smaller PARIS and places SSOo90
Cy lois not pablo use oOo
Seventy piers North and East 100000
Fire Depsrtmenirshd buldng, .ppau' $4,000
P PShs and 6SSS
Courts prisons the like with islands the Ea River 7SOOo
s21,OOoOcO
"Tbe heade prospective valuation Of the islands
in view opening Hell Gate ehsnne the
Department oes But consdeny expected that
plaps now before that Department will pier
connection almost important Of TO the city
as the Erie income the State Is true that but
small part Of property likely be so but the city debt
sn upon possession Of 1t usans the pablo credits
and bes II is property in SEXUAL productive and the only
sou WHY It will not valuable to the city
| whole for public than for private purPOseA"
1t has been urged that city should sell s piers and
improbable property and only prepare and enforce
uniform scheme OF Improvement. But IL this were done
there would not uniform time in which the i'm
movements could progress perfected Besides the