The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-27


The s'Bridging Ovsr" Policy In Our
City Finsncss-How We Pay -
We Co.
The rate of taxation in New York for the
present year is So 40 per cent on the valuation
OF 1873. 1t is probable that the valuation OF
1874 will be about the same in the aggregate,
that of real estate being increased and that of
personal estate being slightly decreased. This
rate is enormous; but to make fair COM
parison Of its increase over that Of 1871. when
the present financial administration came into
power, the rate should be calculated on the
valuation Of that year. The total valuation of
real and personal estate for 1871 was
81, 076, 253, 633, and on this amount the taxa
ton of 1s74-$39, $50, OOO-would impose .
rate of nearly So 70 per cent We have
pointed out some Of the leakages which help
to swell our taxes TO this trightful extent; but
the most glazing evil is the bridging over
policy adopted by Comptroller Green. De-
ceptive reports are put before the people for
the purpose of creating the belief
that large portion of the public debt
is being wiped out when the truth is
that the bonds are for the most part extended
and still remain part of the debt In the
false financial exhibit published by the Mayor
and Comptroller last January, for instance, it
was made to appear that only $1,474,581 Of
revenue bonds were outstanding on December
81, 1873, when in fact about $11, 000, 900 of
those bonds were then actually in existence,
unpaid and unconverted. Long after Decem-
Der 81 some So, 600, 900 Of them were changed
into consolidated stock and put into the
funded debt, but not paid. In the same state
ment the total debt was made to appear
$685., 900 less than it was by improperly credit
ing that amount as paid, when in fact, al
though due, the bonds were held over at the
request of the Comptroller and were not re-
deemed until the following January and Feb
ruary, the interest on them being paid in full
up TO the date of their cancellation.
In order to show how extensively this
"bridging over policy is pursued by MIR.
Green it is only necessary to look at the
amount of bonds authorized to be issued since
October last to take up old bonds as they fall
due, instead of paying them. The transac-
tons of the Board of Estimate and Apportion-
ment, SO far as published, show the following
new issues to have been authorized for that
purpose alone -
Oct. 1l-street Improvement bonds to
take up like amount due No
Oct. 21-street Improvement bonds to
take up like amount due No
vember l, 1873 .................. 1000, 900
Nov. 19-Street Improvement bonds to
take up like amount due In No
vember and December ........ I1e5ooo
Oct. 11-Assessment bonds to take up
like amount due November L.. COS, 900
Oct. 11-Central Park Improvement
bonds to take up like amount
Oct. 11-Department OF Parks Improve
ment bonds to take up like
amount due in November ..... 800 900
Nov. 1s-Assessment bonds, not exceed
ing i've years to take up like
amount Que December ...... 10000
Oct. 11-ConsOldated STOCK to pay for
vacated assessments .......... 100000
Dec. 18-ConsOidated stock to take up
City and County Revenue bonds
due January, February and &C.
Dec. ls-street Improvement Fund ''''''''
o0nds to take up like amount
due January and February, 1874 1852, 500
Jan. l4-Assessment bonds, not exceed
ing five years, to take up like
amount due January 20 and
February Observation-Disclosures. 100000
March l2-Assessment bonds, not ex-
ceeding i've years, to take up
like amount due March 1e...... 900, 900
Total issue authorized to exteEd old
debts, in five months $17, 037, 897
We are now "bridging over" by issuing
bonds to pay the State tax, and by thousand
devices by which a postponement of the evil
day of settlement can be secured. But that
dav must come at last And until it arrives we
are to go on paying seven per cent interest on
all the money we borrow, except, perhaps, q
few trifing temporary loans from banks of
deposit No wonder that our interest account
increases three million dollars in three years,
nous rate of So 40 per cent our debt grows
steadily at the average rate of ten million dol