New-York tribune., 1871-09-22

Funded County ,bt ..... Il5issos 90 lssSs.ss1 q
Temporary City Debt..... S,ibs,wa 50 6,7sS,s72 -
City Revenue Bonds. 1,e4690o 90 lyS4s,le0 %
County Revenue Bonds. 100000 90 Ha.ooo %
Total .ss2, 2oa 40 20 esso4eos9 n
Less sinking Fund. ...... l60l60i 81 lsVoe,sl0 90
Total.................ss .sss,2sss2s 80 t.sooe,74l %
Jan l. 1911 Sept II, 1874.
Funded City Debt ... e4,so2,soe 81 t4sOl6.iSe 81
Funded County Debt. 9O9S $50 90 27sl6,S60 90
Temporary City Debt. lO526.Io0 90 ll,s2L50o 90
COUNTY @ ss%s RsVenue Bonds. % ios5isSS %
Total ............... e0l, ,4ss,44s o. tis7ce,sss 81
Less Sinking ,sassss % % , g
JAN 1902 500 $40 80 Jan. L. 1870 ~ 20
Jan. l. lS7l.. 7S313.b69 o. Sept II, 1871 V2S o%o vs.
Mr. Osborn-This tabular statement shows the speed
with which city debt is accommodating The ngures
expressive to require comment No one can Tell
the claims in the Board OF Public Works or in
ether departments, or the sum OF those IN the Con-
trOers olce-s0me Of them just others calling Ior tne
most rigid scrutiny II the latter are pressed tney
should be fought out In the courts The Conroef mas
borrowed since Jan. 1, on permanent and temporary
loans about 96oOoOoe OF this sum there was cash
balance in the Chamberlaip's Office. Sept II, Of 1884,
800 90 The CITY taxes In during the last quarter
amount to about e2s,oO0.eoo But this has been
to great extent anticipated by loans maturing within
months hence there NO provision for arrears Tor
the expenses OF the present quarter The Controller mas
sold S of per cent gold bonds payable in 1901
pay of and cancel any bonds stock Of said city falling
due in the year 1871" In exchange for the city stock
or bonds" About 100000 of these bonds are still to be
delivered and paid for ut per sent premium 1t is de-
srable have statements at from the various de-
partments showing the public In progress and the
contracts now existing, with estimated outlays,
and the periods at which such outlays are pay
able. Every citizen will desire that the bona
de debts be paid and the credit Of the city maintained
But every citizen should be informed that the public
works now in progress call daily for largo sums OF
money that the debt Of the city will be daily In
creased until these works completed or the prosecu
ton OF them suspended We wholly unadv1sed, and
have of knowing at what rate these expenses
are accommodating and what debts the Departments are
contracting We have, however the experience OF the
last quarter Of year. during which the tax leves for
the year paid into the City Treasury Part OF the
floating debt was converted into permanent debit the
total debt increased In those three months from October
December 81 about g. oCe. The city has to-day
floating debt Of than t26. .OO Oeo-short accept
snces falling due from week to week between October
and January 15 These bills payable bear the trade mark
Of city revenue bonds" &ci but no voucher recog
nizes short bill maturing within the year as bond
The great evil In this City corporation finance is the
floating debt Through this the Tax levy has disap
peared again. did last year. In advance Of its colec
ton. The act authorizing the Issue OF consolidated
bonds ostensby convert all Of the numerous classes
OF city and county debts bonds Of uniform character
through which the agents OF the city propose
to fund the floating debt Of this year-iss1ng In the
first instance their four or six months bills payable
ca Hing this paper bonds and finding authority
possibly in the letter OF the statute 10 Iuo inc hoaug
debt.
Mr. Clafin-Is the amonnt stated In the report the
entire Indebtedness OF the City and County
Mr. Osborn-It is impossible to make an estimate OF
what the aggregate amount Of the debt s including the
bonds at present me without the most exhaustive
examination Of the City accounts For instance; the
contracts given out by the Board OF Public Works are
inst as much the of the City the work had been
performed and the bills presented and 1t Is impossible
10 know what these until have statements from
all the departments but yet no estimate has been
made The unpresened claims against the city are very
large. and any estimate at present must De nefe se
work.
MI Phelps-The ts7 900 includes the floating debt
There are several different names the floating debt,
such as City Revenue bonds" County Revenue bonds
Temporary County debt" &c. but all these debts are
floating debts and rolled over and over The theory
is that they are Of each year. but in fact they
not.
Mr. Cutting-Are the bonds stamped and kept so that
they cannot for any other purposes than those
they designed fort
Mr. Phelps-A majority OF them are, but not oil Of
them All the registered bonds registered In the
name of the Commissioner Of the Sinking Fund, and it is
as necessary to have such bonds stamped az coupon
bonds i recommended that every bit Of paper be
stamped forthwith and they promised to have DONE
Mr. Booth-The Controller and Deputy Controller are
both Of opinion that there Is only about 5OoOO OF
claims the utmost that had been presented 70 their
departments which had not been paid.
Mr. Booth then offered the following resolution
esoped That the Honorable the Board Of Supervisors
of the County Of NewYork be- and they are respectfully
members Of their body who have been duly appointed
Committee to act with Committee &C OF asn the Board Of
animation Of the accounts and financial condition OF said
County and City Of NewYork authority to exercise the
100 Of the Laws OF 1856
THIS resolution was adopted and the Committee ad
journed subject to the call of the Chair.
THE UNION LEAGUE CLUB ON MUNICIPAL
AFFAIRS.
TIMELY REsoLCTIONs-HOw TO DEFEND TIE
BALLOT-BOx-sPEECH OF EX-JUDGE BAR
RETT.
The Union League Club met last night, in re-
sponse to petition Of oits members asking the Exec
utve Committee 20 call special meeting at the earliest
possible date take action In regard to the charges OF
corruption recently made against Tammany. The fol
lowing resolutions, prepared by Committee Of Five
jackson Schultz, Dr. Leber, WIN. III. verlniye. Judge
Kirkland, and Gen. Van Buren-were unanimously
adopted:
WAereo. The Danger, democratic govern.
rupO disregard Of the which each honest Vote h.s
HSrea gsve evils hvs bs.en cit. IN deers. and
rapidy which ouidone
.rchs made corrupt n object Of their policy and
tooqsh change false City Charter hn become
urgent necessity and
Vheas indignant ifsns New.York, among
the u have this great and
through Of Seventy continue with patriotic seal 70
elaborate meas tending 10 . radical REFORM and
sas convinced that the folosng -four de-
the liberty Of Inheritance
nj be per1napenee o policy, nAnelyt
]. A recasting Of City Chlrier.'
An OF all distinctions
municipal reform and government are concerned
accountability,
uqu wssenes daused through City Government
a. far and a. fast possible .
An adequate punsbmtat Of the municipal evoe and sgos
i,go n thsyr vOosten rich faY NAV he