The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-26
The City Financial Management ana
the Need OF InvestigstiOn.

the Need OF investigation.
The people have very little interest in the
personal controversy that is going on between
Mr. John Foley, on the one side, and Mayor
Havemeyer and Comptroller Green on the
other side. These individuals were only o
short time ago warm friends and allies, and,
no doubt, have their own reasons for falling
out but the public has no relish either for
the bslderdash of Mr.. Foley or the indecent wit
Of MIR. Havemeyer. At the same time neither
the one nor the other should be allowed to
divert the attention Of the taxpayers from q
subject which is of vital Importance to them
the question of the actual condition of the
city finances, and the capacity OF those by
whom our finances are managed. The recent
TRADE of Mr.. Foley and self-styled "reform
committee, which appears to be in his service,
signatures which were attached to it, and
many of these have since been Withdrawn.
But Mayor Havemeyer, in his reply to the
Foley memorial, only succeeds in proving the
existence of gross incapacity in his own and
the Finance Department, and the necessity OF
the very investigation he seeks to avoid.
The people have right to expect and de-
mand truthfulness and exact correctness in
the official statements that are made to them
of their financial condition. No trickery or
deception can be practised in financial
exhibit for an honest purpose, and errors in
the figures of financial department are I'M
pardonable. In january last Mayor Have
meyer, in his message to the Common Coun-
Gil, put before the people of New York an
official financial statement, furnished by
Comptroller Green, in which a comparison
was made between the city and county debt of
1871 and of 1873, in the following manner
.......,... Sept 10, Dec: 81,
......l. 1871 1873.
Assessment bonds. .$1lS24,5O $21, s27,s72
ing lakes ,............... 22,7ss,2oo . 1,472547
Revenue bonds, Special. 2O35
Funded debt. ........... 82119,16S 107, S026l7
Totals $l16 7Os, s5s $1sl, 2o4, ST.
sit will thus be seem" said the Mayor,
''that the total increase of the debt from the
18th September, 1871, to January l, 1874 was
$14, 494, 712" The intention was to make the
people believe that during Comptroller
Green's official term this was the utmost ex-
tent of the increase of the city and county
debt. The figures were deceptive and false.
The $22, 766, 200 for revenue bonds was not
portion of the debt of 1871, because it was
paid by the taxes collected for 1871 and was
not paid by Mr.. Green. The statement of the
total amount of debt on December 81, 1873,
was false. Instead of being $131, 204, 57l, it
was $131, S69,571. The statement of the
amount Of revenue bonds outstanding Deem
Der 81, 1871, was false Instead Of being
s1,474, 5S2, it was $1O,449.979. Thus by art
fully adding $22, 766, 200 to the debt of 1871
which did not belong there, and by under
stating the total amounts Of the debt and
of the outstanding revenue bonds as they ex-
listed December 81, 1873, Comptroller Green
and Mayor Havemeyer imposed upon the peo-
pie the false statement that the public debt
during Mr.. Green's term OF Office had only
increased $14, 494, 712 in gross.
In his reply to John Foley Mayor Have
meyer contradicts the figures Of his January
Message and gives the following as the in
crease of the debt under Mr.. Green's financial
management
In the two years from December Pee lSa 81 81.
1871, to OeceMOer IL, 1878, the De.
partment OF Public Works has re-
the Department OF Parks has received s,s35,5oo 90
The Departmen nj OF Docks has received 1O93 500 90
rhe BROOKLYN bridge. Cos, 900 90
The Board Education, for buildings. Az OOO 90
aud parks 4,7l0, TOO 90
There has been paid ior the same in an
tlclpation OF the collection OF assess
BY the city at large .............. 1,o72Soo 90
OF insufficient taxation OF that year. s,s4sa44 so
building. NEUTRALITY-SUSPICIOUS.. 1904 SO
Showing the total increase OF debt $50, 29o64s SO
amount Of bonds paid or. .........." 7,oa77s5 90
Leaving total gross increase Of city
and county deot since 1871. $22, 652 1862 II
Although this statement gives the lie to the
January pretence that the debt had only in
creased $14.494, 712 during the time MIR.
Green has been in Office, it is still incorrect.
The true statement of the debt of the city and
county as it existed December 81, 1873, is as
follows -
City-Payable from sinking fund. $2a6 ,976
PAYABLE from taxation. ............... 46Ol5.O79
Payable from assessments. ........... 2l,927,372
Revenue bonds. ....................'' s,6so'Z19
County Debt. observation-disclosures. Zs,sos, 100
COuL ty revenue bonds ............... l,759, 700
Total $131, S69, 57l
1t will be seen that this amount is $685., 900
more than the bogus statement put forth by
the Mayor and Comptroller in January last,
and that the amount of revenue bonds out
standing was SO, 975, 1893 larger than pretended
in that singular financial exhibit A COM
parison of this amount with the debt on
December 81, 1871, will show the in
crease in two years. On December 2,
1872, Comptroller Green issued, in connec-
ton with his monthly statement Of warrants
drawn against the city and county treasury"
comparative statement of the city and
| county debt as of the LIST of January and 30th
of November, 1872" which was published in
the HERALD of December 5, 1872, and prob