The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-03

Pigments.
Prior to the recent election the partisan
agitators of reform endeavored to make politi-
cal capital by representing the city of New
York to be In bankrupt condition. The
people were told that their total debt would
reach four or five hundred Millions and that
the real estate of the city was In reality mort
gagged to the amount of forty or fifty per cent
by the public liabilities. This practice of
assailing the credit of the city for political
purposes was denounced by the HERALD, and
certainly was not needed to induce the better
class of citizens to rise against the notorious
corruptions and frauds of the party in power
in the muicipal government. Its mischievous
effect was felt in the depreciation of city
securities, both at home and abroad, and
| Governor Hoffman deemed it advisa-
| BILE, under the circumstances to re-
| quest competent and disinterested
person to investigate and report upon the &C
tual condition of the metropolis In reference
| to its condition and resources. Mr.. David A.
Wells, who was selected for the work, has
now communicated to the Governor the result
of his inquiries, and his report was yesterday
communicated to the Legislature by the Exec
utive. II is most important and interesting
paper and will afford qualification to every
citizen of New York who has the real interests
of the metropolis at heart. 1t will set at rest
the croakings of the Rip Van Wrinkles who
are alarmed at the rapid development of our
wealth and progress. and the msrepresenta-
| fiona Of rti ond will afford
our citizens an intelligent insight into the
splendid prospects that lie before us iu the
immediate future
| Itappears from the report that the total
present Liabilities Of ths, city Of New York,
including funded debt floating or temporary
of 800, 900, while the valuation of the
public property of the city, as estimated in
August last, was $243, OOO,O 600. On the other
hand, the real estate of the city and county
of New York was returned and confirmed In
1871 at valuation Of $40, 100000; but
this, says Mr.. Wells. does not in all probability
| represent more than forty per cent OF its true
market value In private ownership. Hence
| he comes to the conclusion that the real estate
public and private, which may be fairly re-
garded as an available security for the liquida-
ton of city and county debts cannot be of
less value than 1000, 600, 0OO upon which
the present total debt would be equivalent to
a mortgage of only five per cent. This Is. of
course, exclusive of the personal property of
citizens, which is assessed at $3O7, 600, 900
for last year. but which, says the report,
is well known to be ST., 500, 100000 When
| it is remembered that with all the
| drawbacks due to want of public enterprise,
| lack of the proper means of swift transit,
&c, our population has increased nearly
| twenty seven per cent during the five years
from 1866 to 1870, inclusive. aud that the
increase in the valuation of the property of
the city and county for assessment purposes
during the ten years from 1860 to 1870, includ-
| Ing the stagnant period Of tho war, has been
between eighty-twO and ghty-three per cent,
| it will not be wondered at that the report
should arrive at the conclusion that in CON-
parisOn with the actual accumulated and tan
gible wealth of the city Of New York, any
liability on account Of the Indebtedness which
the city has as yet incurred, or is prospectlvely
likely to incur, sis very insignificant"
In refernce to the great Improvement of the
Central Park construction, which at the time
of its inception was denounced by many
short-sighted economists as measure of in
deiensible extravaganza, the report shows
how important an influence it has had upon
the increase iu the value of city property. In
1856, before the Park was commenced, the
total valuation OF real estate for taxation in
the Immediately surrounding ward, was
twenty-six million dollars. In 1866, when the
Park had been practically completed, the
valuation of the same property was returned
at eighty milons--an Increase in ten years of
fifty -four million dollars. The additional reve-
nue. received from taxation on this increased
valuation afforded a surplus of three
million dollars after paying ont of it the in-
tercst on all the city bonds issued for the pur-
chase and construction of the Park. or "a sum
sufficient, If used as a sinking fund, to pay the
entire principal and interest Of the cost of the
Park in less time than the Park was in the
course of construction. These facts show the
practical value of those broad schemes of in :
ternal Improvement which have always been
advocated by the HERALD. and which alone
are needed to make our city the leading me-
tropolis of the world, in few years, in wealth,
population and commercial importance. The
completion Of sufficient means of rapid transit
through the city; the consolidation Of
| all the suburbs into one grand mu-
nicpali,y; the liberal construction 0,
new parks, squares and bouevards
the general Improvement of all our streets
aud avenues; the building of ma gnificent