New-York tribune., 1874-12-24

people Of ths city 1910. S339j642 23
The Controller endeavored to cut dowa the iton OF
salaries for The city Record from $1,000 10 5000, but was
not successful Every Item In the estimates were read
by the Secretary. and tho figures fixed for tho va
rous Departments aud purposes required by law with
the exception of the interest tho city dcOt The
amount asked for by tho Controller. aud heretofore
agreed upon was t93OOcC0. Messrs. Vance. wheeler,
and FLANAGAN were favor Of reducing this Item to
$9OOO,OOo.
Controller Green voted against the reduction apl
said: "Tho credit Of the city better tlan
is ut the present time, and any measure which may
tend to jeopardlze 1t will be most unwise. Tho city
must provide literally aud carefully TO meet Its obiga-
tions and any failure to- pay interest will disgrace US
and oUsruct borrowing iu he future. The amount Tor
has been carefully made u, and II ls thouHht
to be more than Ia consistent with the Pubic IN,
tercss, judging from Inc htcesslLS oi TAO pas d"o
savings banks holders OF the city securities 10
large amount ana any action os at Ss wokn
classes, who represent great many OF .ne S'naH @ ue
tho payment OF the interest fully met by sufficient
not been abo give them. Last year the Controller
a. 10000 having been subsequently appropriated
rns year he asks Tor s53ooo mory niiT
watch to base this large demand IL Is all uncel-
Controller Green then stated that the balance Of
previous was used to pay interest last year, ana
sole 10 with accuracy aud precision the needs Of
the pnIc business next year. Tie moley markets In
Germany and France Affected tho rates OF interest
have known," said he tue city securities u
stand well they do now and do not propose 10
participate any action whcn may lead 10 any appre-
hen sion. It Is impossible for me to give accurate
figures TO the amount required to pay the interest On
deDt.
Mayor Vance said: Bonds dra wing per interest
will sell at premium TIo city debt Is put ut sl3O,OO0
and under stem OF economy mani
clpal a hrs per cent bonds would sell at very coiSd
cradle premium. II seems to me, alter an examination
OF the funded debt OF the city, that sJ0oo9O Will iuy
cover the interest believe have fully mot the
amount and an Wiling to take the weight of Inc re-
spOnsiDllty."
The consideration of the item postponed until to-
day. Tie vote to retain the school teachers sal ,res at
the original figures asked for by the Board O ucaiDn
| was unanimous. There wis no discdssiou, and the
members the Board quatly made the final estimate
| on tas tem and recedcd from their frst action Tue
amounts fixed by the Board Of Education without auy
reduction.
The Controller stated that. under recent law, the
Of for the State taxes, amounting To
S3Ol236 must be paid be.oro Nay /, and the money
be raised by the issue OF bonds, In antic
patton or the Tax Levy Tho interest on ths eR WQui
be considerable, and would h.rc to be provided for
In Ve OF the n"cJab' action OF the Board of Esti-
mate tQRy as " tho final estimate assuming that the
Item for the city debt Will allowed at the
sum recommrded by the Controller the taX-rate Tor
1915, nearly AS can be cL.ul'tcd Will bn three per
TINS city This figure obtained by using valuation
OF property for Tue present year as basis Tor c0mpua
and Ii Il believed, IN view Of tile present nniucial
pressure which Will probably last through The Winter,
tho Valuations be increased and there is
fear that they have to be reduced The tax rate there
exceed rho taxIate for 1874 s. 80 on hundred
dollars, In 1873 II was "a 50 on hundred dollars.