The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-03
FINANCIAL CONDITION Of NEW YORK CITY
Special Message from the Governor - Re
port Of David A. Wells on the Resources
Debts and Assets Of the Metropolis.
ExECUflVE CHAMBER, /
ALBANY, Jan. 2, 1872. !

ALBANY, Jan. 2, 1872
TO the LEGIsLATURB:-
The financial condition OF New York city is mat.
ter of great interest to the people OF the state at
large, and In some degree to the commercial world
It's stocks ana bonds being held for investment at
home ana abroad. In view OF recent events l
deemed It my duty TO procure for you fun inrorma-
ton as TO It's liabilities ana resources and addressed
letter to the chairman Of the State Board OF Com
missiOners for revision OF the tax laws, the Hon.
David A.. Wells, who seemed TO me specially fitted
for the work, requesting HIM 10 investigate and
report to me. In consequence OF delay IN his obtain
ing some OF the facts, his report ala not reach me
nnt my annual message was IN print. Ny letter 10
him and ms reply are as 1OllOws:-
STATE OF New YORK, ExEcUrIvE CHAMBER,
ALBANY, Nov %, Is7i.
MY DEAN sia-The financial condition and credit Of
New York city arc OF interest well to the people
, 10 os own ~ Is mp9rtant that The
Indebtedness and its should known with
stature and The people the state in my next message
w yaiy 0 ,r Td xor to investigate the %se in
lion. DAviiD A. WELLS, Chairman, &c l. HUFFMAN
SHIN to your note OF 1%n1 ps @
me to INVESTIGATE and report to yon on the relation which
York the available payment Of such IN.
may fully regarded constituting an adequate ana ina
ENABLE ssesr for tho ultimate IN prnca and
BY report furnished on request Dstn 6y Hon. H. Green
c1 ,o .vs usp that the funded dee
ssT fSsk WAS S on the as day Dsssmpe
Il. rse%ySS s OF %,:s OK ,b and
~ PE'ss; funded debt of the city and
The city ana county .,
aS
's' .a s"d Go count" ny .ssas K.
claims presented unsettled
%oa he a about Lest %susa
ss%Ds .s sGa SsSn'y of Ne" York; on the 10Th Of
so cn Tor toe present aspect OF the indebtedness Of the
F,trhat much OF the existing temporary and floating
debt Of the city and of New York
psoa ee q sssa n e
collection Of assessments or arrears of taxes and that very
ssss"gfhs. the city holds bond. and mortgage. on ae,
Inc proceeds Of which when collected are appicabi. for an
s. & The sinking fund he'd 9r he redemption Of the
On NE other hand is known that claims to very con
nislsd 70 several departments Of the city and county
Ssss Ia III, % ss,l1a :s b @ sus 4
are already IN progress Or are certain to be authorized viii
But estimating ,ae these prospective REQUIRE
amount Of claims against city Witch are ye, be pre-
az se % be a sasS: (? a
Ts w % g III Se
in The material resources Of the city, arising from lis certain
So that making every allowance for eontnsences or any
Ss% % psosy @
e' atsd Is not IN EXCESS Of one hundred Of
The city and county at present sustain 70 their
% to be so. & tine
and .xtrsvaEant expenditure suggested by recent
ISFLurSGE OF o rGnI.o rMrMoyIMEsrs AgeNrsrIse
ties IN acGonn of for puzzle
.ar sna we e e. %e OF e. S the s for
SaSee erpsnd!ares incurred By reason Of
1869 Tsuraed at So 4sss VIC ''' 0. "n''n 10
Gen upon the city treasury has really pgyed direct and
Park commenced the total valuation OF teal FOR
ss h'ss N But TS IN
,d IT, Park had the
ssoo7o,45, an increase in ten years Of s5a64O,s5o
vsnson .%ssat 1870 to not on o ss
y the on all hs bonds s Of the for the
plus of three millions of dollars, sufficient
cost Psrs in less time than the Park was in
the course OF f'n .ssfas Asp nrsouno,s.
The maximum Of the liabilities Of the city and county
to The Iess consideration
%
the nature Of security Or guarantee for the pay
@ have the city and
be- a. S he ems
which would be included in inyentoryas the Streets
eepaole Of money valuation; and { attached would be
apart from these be dcnb,ed that the value Of tie
lands and buildings wharis water ferry ana market rights
readily convertible in open market into money equivalent
~ IN excess OF every present municipal or county indebted
The valuation Of the public property of the city of New
the board OF Supervisors AUGUST 10 io1 was s
In tnis valuation were comprised the following Items
snndrv lots Of 2,7lasg5
Public parks squares ......... IoS4si5o
ne oss :s z,
in case OF the default In the paymen, Of the principal
and county" derived from The any
taxation Of which eonsuiss also the main eemeu, and
The valuation Of this class property for the year 1871
The was anu But oash GS %
pc clearly that this valuation for tax purposes
sessed or even an approximation thereto, an in great part
The taxation required to derrsy the expenditures the
state as whole to Tue counties OF the
has been for and strife between the
FRY e The loves: dsars order
THROW q Ss saf nsso as Sn a
Of the counties in tle interior of the state have been
Sef S%s and s'%'' . rssnss
@ % been prYpf poS
the !aI officials of New York. as matter of necessity and
local protection And thus 1t has about that nd
Of the returned assessment valuation of i63V4l0, for
1t72 representing the true value of
Of the city and county Of New York. in private ownership
docs not In all probability than forty
cent OF such true value. estimate which, instead of being
aconjectnre, IL based = large amount of evidence,
recently collected by expert the Board of Commits
siones for revising the laws of the state relative
Tie conclusion, therefore, the value
OF the real estate OF the siy Of New York, public pri
which be fairly regarded available security
for the liquidation Of city and county debts be
than thousand million Of dollars which present
oeb as above estimated, namely, 81 OoOooOOO, would be
EQUIV aent TO q mortgage OF FIVE per cent
In this estimate will he observed that has
been taken OF the valuation OF the personal property
or held by citizens of the county Of New York The
amount OF such property valued assessed for the
lt7l73 ,23 The Investigations of the State
muisOners lead, however, to the conclusion that this
amount does not rrpr much twenty the
real value OF this description concentrated In the
city Of New York; or IN other Words that the true value Of
Of he