The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-21
The city Debt and Taxntton-The
Work Before the Board OF Appor-

-
their exact financial condition, and to ascer-
tain why it is that their debt goes on increas-
ing. while their taxes are higher than
III any former year. Whenever = 6nan-
cial statement is published by the City
Comptroller it is accompanied by an
elaborate explanation designed to show
that figures are deceptive, and that while We
evidently owe nearly $40, 600, 600 more in 1874
than we owed in 1871. the public debt has
only increased about s11, 900, 900 In order
to prove this remarkable arithmetical prob
lem the figures are twisted into all manner
comparisons between funded debt, bonded
debt and temporary debt, between assessment
bonds, revenue bonds sinking fund bonds
and consolidated stock, that we should begin
to doubt whether we owe anything at all if it
were not for the fact that We are paying about
three per cent on the assessed value of our
property for years taxes and that our annual
interest account reaches nearly $4,000, 0O0.
If Comptroller Green would let the people
know the exact amount Of their liabilities
and the true condition of the city
treasury these curious explanations would
be unnecessary. But We have not
had for two years a truthful financial state
ment from that officer. Whenever the Com
missioners OF Accounts have reported the
condition of the city debt their figures have
falslied those put forth by MIR. Green We
are not permitted to know the amount of
,oi,
included in any debt statement but which are
unquestionably part of the public indebted
ness, at least SO far as they can be recovered
in a court OF law. The Commissioners of Ac-
counts were reported to be engaged in making
out list Of these claims some months ago,
but, by some means, they have been deferred
from publishing it. We know that the gross
amount is about $12, OOO,OO and that a great
portion of this sum is for liabilities incurred
since the overthrow of the Tammany govern
ment. But, independent of the concealment
of the unsatisfed and contested claims, the
Comptroler's debt statements have been
marked by an inaccuracy which is equally
reprehensible whether attributable to incom-
potency or Intentional deception.
What we really know of the condition of the
city debt is that, OF the last report on the 30th
of May, our gross liabilities on that day, ex-
elusive of floating debt and revenue bonds
issued in anticipation of the years taxation,
amounted to 1884, 381, 472. The Mayors mes
sage to the Common Council in January last
showed the liabilities of the city on Septsm-
Der 16, 1871, the day on which the present
Comptroller assumed the management of the
Finance Department, to be 500, 943, 658, exclu-
sive of revenue bonds issued in anticipation
Of taxation. Thus we find an increase of debt
in less than three years to the amount of
$40, 337, S14, without including the floating
debt or liabilities for outstanding claims
against the city, some of which are no doubt
fraudulent, but great portion Of which will
no doubt be collected through legal proceed
ings. If we put this floating debt down as low
as Sl2, 0O0,0 900 we find our present liabilities,
exclusive of revenue bonds, to be over
SAG, 900, 600. This is certainly discourag-
ing exhibit; but it becomes more so when we
consider the heavy expenditures of the mu-
nicipal departments at the present time, and
the little progress and improvement we have
to show for the outlay.
The extent to which the expense of govern
ing the city of New York has increased within
the last three years cannot be understood
simply by comparison between the rate of
taxation in 1871 and in 1874 without taking
into consideration also the valuations of the
two years. The valuation Of real and per-
soual estate LII the city and county in 1871
81, 129, al, 023. IF the latter figures remain
unchanged this year, adding $50, 219, 379 for
the two new wards, the valuation of 1874 will
be 81, l49, 360, 402, OF S73, 106,769 higher than
in 1871. The amount to be raised by taxation
this year under the present estimate is over
s39, 000 900, which is about $40 per cent on
the valuation of 1871. If the course pursued
by Comptroller Green does not altogether de-
feat the reduction of the estimate it ought to
be cut down at least $5,000,000, including
the amounts to be ''bridged over" until
another year. At an aggregate of, say
1874, 500, 900 of taxation, the rate on
this years valuation on the above basis, in
Guiding the new wards, will be about three
per cent; but on the valuations OF 1871 the
rate would be about 1926 per cent If the
aggregate amount Of the estimate should re-
main as it now is, through the obstructiveness
of Mr. Green, the rate on the present years
valuation, including the new wards, will be
about $40 per cent
These figures show the necessity OF de-
creasing our expenditures wherever economy
can be practised without damage to the public
interests. Two members of the Board Of
Apportionment-Mr.V Vance and Mr.. Wheeler
insist upon full exhibit of the detailed
expenses of all TIE departments, inorder that
they may discover ve'ere { SAYING can prop
srly be effected ComptroiIss Green issued d
stump speech to the city departrn. nus preach.
ing economy and calling upon the ne'us "a