The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-10


discussing the Appropriation BILL the sum OF
80, oao -. nr,vate academies was 81 .r.cken our
49,. ,,,s nrovision the bill went Gu the senate
a, ,,r.n the same shape it was frs Sreported from
,na Coumittee on Ways aud Mea' IS The justifca-
NON Tor striking out this provn non was placed on
,ha grounds that the academies were private ana
,es,yned to make money ~. their managers
relatively an appropriation ITO help any private
arterprise had as good Claim for legislative recog
milton as these academies. The State exercises no
control over them and asFthey are the offspring of
private speculation and sectaran management it
was deemed by the MAJ ority of the Assembly that
the Legislature went outside OF its duties In ex-
tending them any support. The managers OF these
academies, however, were not to be put or by the
defeat of the agpy opriation IN the Assembly, and
tonight
A srRc1tiLE BEGAN IN THE SENATE
to have 1t restored Senator Lowery made
strong argunentiagainst the proposition and the
debate VIII be apt to continue throughout to-
morrow.
Colonei Spencer, who brings into his legislative
practice all the dash and ardor of his military
genius is about to make vigorous effort Tor the
REMOVAL OF CONTROLLERS GREEN
from the Department OF Finance. he lhJehos 10
call up tomorrow the bill introduced IN tne ear.y
part OF the session by Mr.. Leak, providing ior an
election to I'LL the offices OF Comptroller ana Cor
poratlon Counsel Mr.. Spencer intends .aaa rhis
the Assembly, and he will move TO amend oy strik-
ing out Corporation Counsel and proyld,
ing a, tnat h ao nominate and elect their
candidate ior the ONCE OF comptroller alone He
contends that the people have more concern Win
thar particular onlce than any other; that the
Corporation Counsel If he be good lawyer, might
IA well be appointed as elected that the once III
wolves no such popular interests the others, and
that the roc pODltt should be heard IN the selec-
Ss on OF ne n has ons Of the
incumbent OF the financial department, ana ne
feels sanguine of carrying MS point triumpnanty'
remonstrance was presented in the Senate by
taxpayers OF Brooklyn against the bill incorporat-
ing the Brooklyn Silent safety Railroad, which
came in silently and stole safely through the AS
semoiy, but VIII be almost sure to get knocked on
the head IN the Senate.
General orders occupied the time OF the Assem-
bly, TINS evening. There was short debate on the
bill organizing
which Mr.. Blumenthal advocates and nobody else
seems TO feel any interest IN, except Governor
possible measure Of legislation. The venerable
Ex-Governor introduced bill which increases the
fees OF sherllls and runs counter 10 his own
iavOrite policy OF retrenchment.
In the Assembly Mr.. Bennett introduced o bill to
provide for the speedy construction OF
THE BRIDGE OVER THE EAST RIVER
between New York and Brooklyn. ltprovides that
after June l, 1874, the directors shall consist OF
and Comptroller of New York SHALL on or before
said day, and annually thereafter appoint nve the
MAYOR and Comptroller of BrooKlyn shall, IN like
manner, appoint five. and the private stockholders
shall appoint 1ve The Mayor and Comptroller
shall be filled in the same manner as the places
were filed. Directors chosen TO fill vacancies shall
hold for the unexpired terms The directors are to
hold ONCE until others are chosen In their places
Private stockholders are prohibited IRON voting
at elections OF directors unless they have
to the time OF the election. Whenever
the private stockholders, or two-tnirds of the pri
vate stock OF the company, shall give their assent
to this act IN writing, signed and acknowledged by
them so as to entite 1T 10 be recorded IN the
Registers ONCE OF New York ana Kings counties,
the company shall execute and deliver to them
certificate under the seal OF the company, show
ing the amount OF money paid by them re-
spectively on the stock OF said company and
OF the times when paid, and declaring
money so paid, with interest thereon. When these
certificates are all paid the private stockholders
shall have no further voice IN the management Of
regulations. the cities Of New York and
heretofore to complete the bridge, not ex-
ceeding 100000 each in the year 1874 s75o,000
each1n 1877 and 81, oo0, 900 1873 And the cities
OF New York and Brooklyn shall hold and be
pany, in addition TO such as they may otherwise
hold. equal to the amounts 80 to be paid by them
as Aforesaid, Tor which purpose the capital stock
such payment be increased to the amount thereof
from time to time, as the same shah be paid. The
said company shall be charged by the Conptrollers
OF New York and Brooklyn with all the interest on
the bonds issued by them under this act, and the
sums required to pay such interest shall be with
held by them annually from the Appropriation
provided for In the preceding section and shall
form and be charged on the books OF the company
rs part OF the cost OF construction. On completion
OF the bridge the income derived from the same by
the cities named shall be applied toward the prin-
cipa and interest OF all bonds issued by said cities
Tor their stock in said bridge In 1879 and annually
h 10y Iea t., e ~" e oc pay NV 'e slhlng
paying said bonds at maturity, and any
deficiency on the amount OF principal or interest
annually required snail be raised in the annual
taxes OF said cities All inconsistent acts are re-
pealed and the act is to take effect Immediately.
TAXATION OF BONDS AND MORTGAGES.
In the Senate Mr.. Woodn presented memorial
from Mr.. Sllas NJ. Stwell IN reference to taxa
ton on bonds and mortgages. 1t was referred TO
the Judiciary Committee. The following is the
text
To THE HONORABLE THE LEGISLATURE OF STATE
You, memqriaist respectfully represents-Th when
lion iia secured BY mortgage on real estate You
should make the exemption bene borrower and lender
ducers in our country and they should be equally pro-
secured BY mortsage, wlt6eat reservation quadca
een p @ anna Why bene the ale eDder more haa
the toiling borrower BY enactng wise law you can
TO aIss, this mgeh deslred object you must exempt
an ntere Of tx per cent per annum or less and leave
an over six per cent per anngm subject to taxation Thas
cent MORTGAGE loan viii esvg net interest Of only i've
SIX per cent mortgage free from taxation. win net to
the lender more by per cent than seven per cent
mortgage subject to a tax OF two per cent
BY this plan You will benefit the borrower and lender
others TO reduce the interest an their mortgages to six
per cent per annum This measure VIII equaiile taxa
non ana benefit borrower and lender No farmer
AFFORD 10 pay more than six cent annum on mort
gage loans and them any other class of
5Or overs should try pay
Your memoralist, therefore, prays your honorable
body TO enact law that viii exempt from taxation all
bonds ana mortgage Gearing Interest OF six per cent
less
Senator Wood presented petition relative to
The management OF the affairs OF
THE KNfCkEEBOCKER LIFE INSURANCE COMPANY,
which alleges that Charles Stanton, now Presi-
dent OF the company, while he was Vice President
.empoyed person TO purchase property at Pas
N. d..
was sold twenty-iour hours alter or $4,000 to a
third party; that the ast party gave ana assigned
to the knickerbocker Life Insurance Company as
part OF the purchase money a mortgage on the
ground for $3l, 900; that tue interest was never
paid on said mortgage, and That II foreclosure
was forced the property could not be sold for more
than 4ih.0O0 Tne petItlOn nlsn charres thar