New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-01-03
NETWORK FINANCES.
SPECIAL MESSAGE FROM GOV. HOFFMAN.

ALTON.
Gov. Hoffman Yesterday sent TO Che Lesisla-
ture special message ncOsine report the nnaacia
condition OF the City Of NewYork. prepared at his re-
quest by David A. Wells, esq The document submitted
by Mr. Wells is as follows:
NEw-YoRK, Dec. 2s 1871.
Err IN rerronse 10 your i0te OF November IS re-
g1fs9g me to y aye s ana me the City
and County Of New-York and the resources available
f0r e payment Of such indebtedness or the extent 81
he resources Of property which De fuly regarded
as constituting an adequate ana allenane se'Hly Iol
indetednoss have the honor 10 submit the following
exhibit:
FUNDED DIET
rv report furnished on request By the Hoa. A. II
Green Controller, It appears that the funded debt
bearing c. and per cent interested the City and
County Of York was, the 10th day Of December.
1871, Ss7S72 e 81 aud re assets 81 81. SUM u TI
able for the redemptOnpf degti NeTe on ne same day,
S2Ol3 o93 o. thus making te present net funded deDi
OF the City and C0unssJ OF New-York sCi,1ji75 AZ.
FLOATING on TEMPORARY DEBT.
The temporary or floating debt OF the City and County
OF York-consisting OF bonds issued in anticipation
Of receipts from assessments arrears Of interest state
taxes unpaid warrants and the hke-vas on the 10th
day u December, ISL t.S-oyUl s9i OF uVu ~ - @
band-S6 9599I9 G. IL the CITY ana County Treas A!-
In addition 20 the above the Controller nlso reports
CLAIMS already presented unsettled accounts 10 an "s
tnated aggregate Of about SC,eOOC0i when ia-J IN
ms nreScnte OF The civ and County Of New York
on the 10Th Of December. 1871, :9i525,s67 y
PROSPECTIVE INDEBTEDNESS.
So much FOR the present aspect OF the indebtedness OF
the CITY and County OF NewYOrS. In respect 20 the
future It s 10 be noted: First That much OF the exist
Inc Temporary and floating debt OF the city and County
of New York above ndcateo-lnt-u tllE an aSSIe-
cate " bonds issued In anticipation 81 tax
TpceiD.s ~ sl4950 7Opis redeemaDc from the cOliec
ton OF assessments arrears OF taxes ana tIat very
considerable amount Of these a>sf7Sir. t,d IIetrS :
certain 10 be collected And, Scc}H4 I1at th' c nous
bonds and mortgage account 90 sale, OF t estate 10
r1a Ifs fitn M 81 d.
- az ~ rojenrT5n 81 fGe funded debt on tht
other hand Il is known mat claims 10 very conSdtra
,i.ted ~ the several departments OF The CITY AM
County Government DUNG tLe year I-l ana PREVIOUSLY
are yet 90 be presented. and that hc carrying our OF
such pubic works as are already IN prsre.s OF are
Their additional expenditures. But n e-iua '~- the
OF these prospective requirements for eTpenG-
claims against the city which are yet % b" presented Il
and taxes YET to be collected: and, further nat the
To be hereafter expended on account o. pno-
lie improvements cannot WIN on. ie-ul 4vI
economy and moderation, ever prove u'nropor-
tou-te 70 the concurrent increase IN tine material r.
sources OF tho CITY aIlsiAE rom ~ CERTAIN ana
rapid increase In wealth, business and pop .auoi.
50 that making every allowance tor colin srhrl.s Il
any Immediate advances on account " puJh. Mpr1F
mGnts the total present liabilities OF New York cry AMI
County may be safely estimated rs not IN excess oi
100000 O0J and further, That the ratio which th, hal-
OF the city and county at present sustain Z" t r
worse 10 the future; certainly not Il tAe Ea..lrts
against corruption and eztayas-Li eAP.nl ile -Y-'
authorized and provided
INFLUENCE OF PUBLIC IMPROVEMENT IN AZ AENT.A3
THE SOURCES or MUNICIrAL LLrESJ..
IS bearing upon the question Of future municipal Il
bltles on account Of expenditures for pablo improve
ments 1t interesting note the result which h', ia.
lowed one Of the largest single items Of exp.ul ,r.
authorized by tho city for such purpose, AMI winch az
the time Of its inception was denounced by IaF as
measure Of ndefensibe extr4y Ag,ce. Ne r.i o '' :
the Central PARK" the cost OF which M 10 l- j. +
| turned at s1O,463,o65 Now an e1aminatoa OF eu tie
facts pertaining this eXpeud tuTe VII. SHOW" tat 50
far fromts having been burden upon Tie City TreIsurv,
reT H6 nus in 1865 before the PARK commenced
tUaris aronnd the park the Twchh NIncteeutL and
| Twenty-second, was s2e,429565 6It IL 1861
the valuation Of The same property Tor assessment
was returned at sSoO7OI5 an increase IN Ten yer Of
S5364O-s5O And further, the revenue received 10y T. =
ton IN this increased valuation w-s suheen IN $50 90
nOt NY nay interest all the bonds II tue city ~
sued r TIE Park purchase ana cor u, tVl, e, s
aly Afforded surplus Of over $4,000 tlIee A,,iots
Of dollar. or sum sufficient Il used as sinking fnhd
10 ply H. entire pncp ana interest OF tie COS OF tEe
Tais. in less time than The PARK ia tie course o.
! ASSETS AND REsouRcrs
The maximum Of the liabilities OF the city and county
on account q indebtedness having thus estimated &.
we come pe1t to the less Important consideration "
the and available for the payment Of
such ndebteness the real tangible property which
NAV be properly regarded IN the Of security
guaranty for the payment Of such ohgaions OF ndebt
eduess as the CRY and County Of NeWYork may have
Of the cv must from necessity be very indefinite mas
much, as many Of the items which would be
included IN any inventCryas the streets, sewers lamps
public monuments and the likeare not susceptible OF
money valuation, and II attached would be practically
Of no benefit IN the hands Of city CREDITOR but apar;
these cannot be doubted that the value Of the
IanI, aud buildings wharyes water ferry and market
rights possession o. the city and county, and which
be readily convertible in open market into money
equivalent Is ia excess Of every present municipal or
county indebtedness. The valuation Of the public prop
erty Of the City OF New York, gyeu by the Mayor ia
Official communication to the Board Of supery .ors Aug
/ g..
/ prsed the following items:
| Sasiy lots Of hnd 25.yJ5 Sqls'os........+lf46 0o
ro.l. ..-... 4i.G5,ss7l
Neyt TO the .o-caled pubic PROPERTY OF the ard
and levy in case Of default IN he payment Of the
principal or interest OF the cltys indebtedness tde
from the assessment and taxation OF which constit
also tho main element and strength OF its munoi.a.
credit The valuation Of this class OF property Tor
year 1871 as returned by the Commissioner OF Taxes
aud confirmed by the Board OF Supervisors, S76y
SCS4l0 But II ought 20 De- clearly understood that this
valuation for TAX purposes does not represent any f
valuation OF the property assessed. approx
nation thereto, and In great part for the following
The taxation required TO defray the expenditures NJ
the State whole, Is apportIODed 20 the sevo,aI
Of the State according 10 their property VALID
ton and hence there has been for years, and r. now
strife between the different boards Of county officials h
run the valuation OF property TO the very lowest
figure in order TO divert as large proportion Of the
state axatOn possible from themselves and throw II
upon neighDors aud OF the counties in the
interior Of the Sate nave Deem so successful in doing
this, az To actually reduce their valuation 10
thirty, twenty, hnd even a smaller proportion
OF the real and true value OF the properly
assessed similar course OF procedure has been forced
upon the tax officials OF New York. matter Of neces-
atty and local prOtectiOn. And thus IL has come about
that Instead or the returned assessment valuation ~
S6 800 for 1872 representing the market value
of he real estate OF the City ana County OF NewYor
In private ownership 1t does not In all probability
sent 40 per cent Of such true value; est
mate winch instead OF being conjecture Is based
large amount OF evidence, recently collected by
pert for the Board Of Commissioners Tor revising the
Ia WIS OF the State relative to taxation.
The conclusion therefore, seems warranted, that the
value OF the al estate OF the City Of YOrkpuhlc
and nriYateWhicb be fairly regarded avaia-