New-York tribune., 1874-10-15

existed as Enthusiastically in September 1871, a. at the
date when bonds were issued effect its liquidation
thns created new addition to the city debt.
roMm On or before Sept. 16 1871 number OF heayy
such purposes as the broadway widening. Riverside
rark opening &c and Judgments or DEGREES we're ma.
these sums In amount in methods OF confirmation,
anu ia the COMPLETED character under which they were
transmitted TO the regime these awards belong EN-
phaticaly to the period of Ring rule, rank
part or the unauidated deDt existing when TOOK
once The increase Of bonded debt from this source,
10 the amount OF s379i4oo, therefore mere conVer'
SION OF existing liabilities not the creation OF new ones
Inc JOINT s 1 andlS o Se dent
ol tne vacated assessments account ana they drew at
enon TO the fact that "otber considerable sums OF
Ike character will vet have he charged OF to H. the
"noie OF which must be made good by taxation
lney added: Every assessment vacated Oy ueclslOn
OF the Of diminsaes by Just much the
means relied upon 20 redeem the assessment bonds anu
street Improvement bonds issued TO provide means Tor
aerai ing the expenses OF executing SUCH WORKS. since
lhat date assessments belonging % 1871 ard previous
mave oeen vacateu oy orasr o, tno CONT W @ .u
anunt OF s,i55oc0. To meet the deficiency thus ere
atea y nas been found necessary TO issue long Donns
10 that amount. The deficiency mnst, however,
DE charged the regime under which the accden
i or designed irregularities occurred which rendered
we're laid Though the legal validity OF deot may not
De established Till two years after t occurred sim he
existence OF the debt is not held TO commence with the
date OF the Judgment. The amount deblted 10 tne va
eated assessment account BY reason or IRREGULARITIES
declared TO have existed preVions TO sepcmoer' ISL
accordingly reckoned part OF the tnen existing
DEBT The twenty millions thus accounted for certainly
DO not represent the entire amount or the nOat-
ing unhquIdated claims existing when L took
Oilee. TleIr entire amount Will only pc
aseertalned after prOtracted litigation. and after
the failure the city has demonsi rated
TO defend itself against cunnngy devised claims Of vast
amount almost entirely fraudulent character The
unliquidaed debt present existing belongs almost
wholly TO the period prior 10 September 1871 nave
bent all efforts to correct this enormous evil or the
creation Of a floating debt, and nave endeaVored TO
establish system tnat would insure the raising within
the year OF all the OF the year. Tnat system,
so Tar the Finance Department establish IT, has
now become the settled habit OF the Government aud no
new n0aing Indebtedness OF any considerable amount
bas been created | came into Office what mas
been accomplished in this direction has been In spite OF
the preceents OF long period OF msg0vernmenJ whch
die hard and slowly; 10 spite or legislators,
local and STATE az each successive session con-
irving schemes the expense OF the city to reward
personal favOrtes political allies; in spite OF the most
laitudnaran construction OF law, aud m spite OF the
loose ideas aud OF administration prevailing III
sOwe departments. Tie task has been by means an
One involved the persistent and virulent
anImOsty those in and OF Office VINO not III
sympathy with :he motives wlich guided IT,
REHABILITATION or FLOATING DEBT
The following statement recapltuiating the items OF
floating debt, already described. shows the actual
amount or debt Sept. 1C IS7 and its movements since
that date
Pund S07.2S7,525 O3