The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-21
Statements In Mayor Havemcyer's
Message.

Message.
Mayor Havemeyer's exhibit Of our financial
condition proves that he is either incompetent
to understand the subject of which he treats or
willing to aid in practising deception upon
the people. The statement that the total city
and county debt on January l, 1874, had only
increased S14, 494, 7l2 over the debt of 1871,
while the amount required to pay the interest
on the debt of 1874 is three million dollars
larger than was required to pay the interest on
the debt of 1871 is OF itself sufficient to prove
the unreliable character of the Mayors figures
and deductions Three million dollars pays
interest at seven per cent on nearly forty-three
millions of capital; hence if our debt had not
increased to that extent we should not now be
paying three millions more for interest than
was paid on the debt of 1871. How can this
glaring discrepancy be accounted for?
In the figures prepared for the Mayors
Message we find the following summarized
statement:-
CITY AND COUNTY DEBT.
SEPT. 10. is!i. Dec. 81, 1873.
Assessment bonds. 81 ssi.SoO s9e, ,372
Revenue bonds-ant,ci-
paring taxes. ......,,.. =, 100000 l,472,547
Revenue bonds-specal,
payable from building
lien. ................... o,034
Funded debt. ............ s2.ll9,15s o7,sO2, Gil
Totals. 7Os, SIS slsl, 2O4,571
From this statement it appears that the
funded debt has increased from $50, 119, 1853 in
1871 to SOY. 802, 617 on January l, 1874, or an
increase of S25 683, 459, and that the assess
ment bonds have increased in 1874 $40, 1902, S72
over 1871. This makes total increase of
$50, 766, 331 on the funded debt and assess
ment bonds. But the revenue bonds antici-
pating taxes" are set down in 1871
at $22, 766, 200, and in 1873. including
the special bonds payable from building
lien, at only 81, Ala, 5Sl. The difference
between these two amounts (s21, 291, 61S) APP
parently lessons the increase OF the debt by so
much, and makes it seem to be only
$l4, 494, 49, as stated in the Mayor Message.
But the revenue bonds anticipating taxes"
are in reality no increase of the debt at all,
because they are only issued to obtain the
money for the ordinary current expenses Of
the government in advance of the receipts
from taxation, and are redeemed with the
taxation of the same year as soon as the taxes
aiS OoAoC1cu' AAS J0SSio VI WAAOh uA"JoA
Havemeyer has been made the tool is performed
by including the revenue bonds anticipating
taxes in the debt of 1871, when in fact they
were redeemed and cancelled by the taxes i'm
posed that year; thus reducing the debt from
SIG, 7O9, S5S to 500, 943, 65S. The Mayor has,
however been more completely duped than in
this. He has been made the instrument of
placing before the people an untruthful state
ment of the amount of revenue bonds out
standing ON December 81, 1873. In the above
summary we find the following-
Revenue bonds, anticipating taxes, out
standing Dec. 81. 1873. 81, 472, SAT
Revenue bonds, special, payable from
building lien, outstanding Dec. 81, 1873. 2034
Total revenue bonds outstanding Dec. 81,
lo1o.. $1,4'4,ooI
The figures OF the Finance Department, made
up to December 81, 1873 show this to be a
false exhibit. The true condition of the rev.
enue bonds at that date was as follows:-