Wilmington daily gazette., 1873-09-06
Now York CITY and Her Debt.

The extravagance OF parks and unproductivC
schemes through which various commissin''
contractors, officers, and spectators have en-
riched themselves, Gre beginning to alarm the
people. But it is too late. The error has been
committed and there is now no escape. The
taxes are simply enormous but they must "grin
and bear it" The Telegraph informs us that an
analysis of the municipal finances presented by
Comptroller Green in his annual report shows
that Ihe permanent debt of The city is Increasing
with frightiul rapidity, and that the taxes and
assessments enormous as they are, are totally In
adequate TO meet the charges against them. The
receipts from taxes and Income the past year
were $50 ESQ OOO and the amount expended $52,-
$4,000. or
In the World of the 9th we find that at meeting
of the Assessors Of the city, alarming fears were
expressed at the results of the heavy taxation. =
Commissioner Andrews In reply TO some queh-
tions disapproved of assessing the property
higher than the present rate, which he said was
arrived at as follows =
"Loans on real estate can be got as high as 60
per cent, and hence that percentage Is made the
Uasis of assessment, A man may have a heuse
that he values at $50 900, but one will give him
that sum for it, An expert may fix the value at
$4,000, aud at that figure the assessed value OF
the property ia fixed at $24 900, which is 90 per
cent. of the real value There are four classes of
real estate considered in making assessment
First improved and productive; second, lmProV
cd and uBprOductive; third, unimproVed real
estate; fourth, unimprOved and unlmproYable
properly We give to Oar debuties full instIuc-
lions in regard 10 these classes, and they make
thier assessments accordingly.
In answer to q question Mr.. Andrews said ::
'SO@stlmes Q sudden spHrt In the market Wll
start up the value ofprOpeFty, but The price Is
sure 10 recede, and therefore 1t would be unjust
and unwlse to liz the value at the figure reached
while the spurs is on. Assessors rarely enter build
inRs. They take the external appearance as
rule, and hence it is that We, the commissioners,
are often charged with discrepancies"
Mr Briggs What Is the effect OF assessing
Misunderstanding companies to the full exten OF the
Law.
Mr.. AndreWs-I think 1t would be very disas-
tEOus TO the marine, shipping, and manufacturing
oWning and Ship-buildIng,i and Woud therefore
greatly impair our commerce.
AE. BTiGRs-Does the assessing OF personal prop
erty and mortgages to the full extent OF the law
drive capital away from the city
0F. AndreWs-1t does 1t also drives business
and also residsnt1 away.
Nj Briggs citad an instance ofa man coming
70 New YORK from New jersey and purchasing n
hoRso On Fifth avenue. Finding that his person
atprgperty was taxed so high that he could not
live for less than 500, 600 year, he sold his prop
eEty and returned New jersey.
Haa Philadelphia not ioOIishly followed the ex-
trSvAgant course Of Neu York, she would to-asy
have bosAOn the highway to Termauent success,AndI
her immense manufacturing establishments could
have competed successfully with her great rival.
COmmsgcial operations could have been extended
and her importers and manufacturers undeEsold
thOsS Of New York in every branch; and she
would not have witnessed to-day the abandonment
Of her limits by those already engaged In exten-
aivs opArations, because of excessive taxation.