The New York herald., 1874-08-10

erected above Forrteth street.
spect to the valuations OF property have been a.
fOlOWs--
gsr.,:,s ss5;ss
Totals. $50. $751; $50 s7s7iAsSS
The lower area In that period increased sixty
six per cent, the upper one about 900 per cent
THIS IS striking diference.
the lower area Is built Is not subject to spec.
as to
taxation, has not any natural cause for any great
The upper area il, fourhfths Of 1t. yet vacant;it
10 peculiarly subject to speculative Influences and
the properly win rapidly increase IN value In
value to any locality down town. On the average,
when the land is occupied. II will be worth more
building Of turning personal property into real
property, will double its value; II 10 an area cap
S Of SaSs ~eud sa up
ST. coo 600 900 or 100000 for the purposes Of
These facts prove conclusively Q few pro.
First-Tnat the expenditures made BY the city
ments have produced great resu!ts. This upper
area mas been directly benefited py them. The
sessments ior peneft laid upon the adjacent pro1p
erty for these Improvements. Wis.,
Ssnsfs Ssn1fs! fs5s, fs5s extension,
sl.s!s ssss at at tss'a g;s svsnas eSssTs s.: s:'
seventh avenue above yso,p ,,ots ss .,,s.s.
RUrnnssds sxsrs'Ss psis Pax ana anS s~sna.
Broadway widening,
do not exceed in the aggregate $15,000,000. The
city has had TO pay interest on these sums as the
Improvements have been made. 1t amounts now
to 81 o0o 900 year. The whole thing has not cost
much more than the new Court House. The Inn.
mediate result OF this expenditure has been this
great increase in the value OF property. The in-
crease in the receipts from taxation on this upper
area, over and ABOVE the rate Of increase OF the
lower area, has been sufficient to pay the cost Of
these improvements aud the interest dve times
sSs s year S5a tSs saa In taxation due to
Second-The expense to the city OF completing
all the improvements now projected would not ex.
the tax valuations OF real estate OF another
800 OOO 900. These improvements should be com.
pleted without any delay.
Third-lf we had had these Improvements COM
pleted, the exemption or bonds and mortgages
we W would have saved to the city large portion Of
period. has been drawn on to Brooklyn and New
Jersey. n we can have them now We can restore
to the city its proper growth.
F0uyh-The debt or the city, roundly held at
$780, 900, involves heavy taxation Tor interest;
the rapid increase OF valuations without cor
responding increase In real value while IN all the
other counties OF the state the valuations have
been kept down, gives US an undulv large share
or the State taxes TO bear. The annual expendi.
ture OF the city, which must continue to be on
generous scale, adds to the amount. Our taxation
Is, and must continue to be heavy. 1t cannot be
reduced. There is but one way to ignten the
$1,000 ooo 900 OF property instead OF $i,loooooooo
as 1t now Is.
FYnh-The present valuation can be increased in
one way only; by the increase IN the valuation Of
real estate in actual value and not merely assessed
value.
It cannot be accomplished by increasing the
valuations OF personal property. We are already
higher than all our vicinage, and the erect is seen
and in attracting away our wealthy residents who
are liable to taxation on persona! properly; us
precisely this effect we want TO cOunteracr, ana
It can be done by decreasing and not increasing
the valuations on personal property, ana IN no
other way. BESIDES the souha RUE Is anat nn only @
paper representatives OF property, are 70 De
taxed. This principle has been established by Mr.
Wells; iy Is sound, and 1t VIII ultimately prevail
SiItt-The only financial relief s to De found IN
making real estate actually grow in real vaiue
and then bringing IL under taxation. 1t can De
made to grow by pushing these projected im:
provemeDts to Immediate completion by rapio
transit and by easy money on mortgage. There ID
Delay does great injustice to the property in this
upper area. The work Is half done, the asses
ments are heavy II ought to be completed 50 tnas
property may reap the Dement'S OF what mas oeen
done The whole properly on the west s,oe "ouia
not rent Tor enough 10 pay the taxes on H. -, ,n,.
Real estate can aford 10 bear the Durdsn OF THIS
taxation n this reliefis given to IL. Wnen ~ ,s
maze reaay o @ rouo Be burden Of
taxation far lgnter than one per cent wnne ,a ~
stands vacant and waste ana, io fod A'A " 'H''
If personal property is subjected to taxation at
low valuauons and low rates the resni, WI, % 'ns
money at this, its natural fountain and centre.
Money In Abundance here would react on the
value OF real estate and give opportnni,les "a to
retnrns rims real estate might well arord to set
personal 20 free in this city and itself bear the
taxation OF both. such course wouia teno 10
the prosperity OF the city, and 1t 10 now time 70
reverse ane policy Of the past ten years, OF which
we are feeling the evil effects
the relation OF rapid transit to this question is
not deemed to be Of that importance that is gen.
ersl,y attached toit. That dlculty, 1t 10 alleged,
Is partly solved now by the Elevated Railroad.
and VIII be completely solved when the Governor
signs the bill passed by the Legislature for an ex-
tension OF this road along the remainder OF The
islana. Tue Third avenue has been flied up to
Harlem Bridge even with the horse car route. and
II the Eighth avenue were made equally availabls
for building purposes Is would also bs niisd ap
very speedily.