The New York herald., 1874-10-25
The Condition 81 tho Ctty Finances
Our Annual Expenditures.


The interest felt in the approaching cleo
ton should not be permitted to render the
citizens Of New York Indifferent to the i'm
portant subject now occupying the attention
of the Board of Estimate and Apportionment
The charter requires that the budget contain
ing the first or provisional estimate OF the
amount required for the expenses Of govern
ing the city for the ensuing year shall be
made up some time between the lst day OF
August and the 1st day Of November in each
year. This provisional estimate may be sub
sequently altered by the Board OF Aldermen
subject to the approval of the Board OF Appor-
tonment or by the action of the latter Board
itself; but experience has shown that II Is
never materially changed after ithas once been
adopted; hence the law wisely provides ample
time for its first consideration. This year
the budget for 1875 has only just been taken
up and as the date fixed for its adoption Will
arrive before the day OF election there is some
danger that it may be allowed to pass without
proper scrutiny. We desire, therefore, 70
draw the attention of the taxpayers and OF the
members of the Board of Apportionment to
some points that require consideration.
The last financial statement made by Comp
troller Green showed the bonded debt of the
city on September TO be one hundred and
fifty-three million dollars, including revenue
bonds to the amount of fifteen millions As
these latter would be paid out Of the incoming
taxes the actual bonded debt was one hundred
and thirty-elght millions. To this must be
added the outstanding claims against the city,
or. as it is called, the floating debt,
which is said to amount to about twenty mill
ions, making the public liabilities at the pres
ent time one hundred and fifty eight million
dollars. A portion Of this debt say on an
average twenty million dollars, has fallen due
each year for three years past and about the
same amount will become due and payable in
1875 If our finances were in healthy con-
dition and managed by competent hands we
should provide for the payment of these debts,
or at least Of good proportion of them, each
year by taxation, as we'll as for the ordinary
expenses Of running the city government
This is the more necessary since, in the
ordinary course of events, we are compelled
to add every year to the debt for the prosecu-
ton of those public works which ore necessary
to the growth and prosperity of the city, and
which it would be false economy not to
prosecute. Instead of doing this, however,
we have been paying of an amount equal to
five cents on the dollar of our indebtedness as
our bonds fall due, and have been postponing
the payment Of the balance Of ninety-ive
cents on the dollar to future day. AT the
same time the amount Of our tax levy has
gone on increasing year after year, until it
has at last reached proportions that threaten
ruin TO every property owner in the city.
We do not now care to discuss who is liable
for all this increase of debt and taxation, or
through whose incapacity we have been led
into this dangerous 'bridging over policy
1t is enough that we are paying the ruinous
interest Of seven per cent on the greater por-
ton of our bonds and stocks and driving
before us year after year load of debt which
must in the end prove too heavy for us to man.
age. 1t is the duty Of prudent citizens and of
those who have authority over the city finances
to look the facts squarely in the face and
to find remedy for the evil. It must be
clear to every business man that the annual
budget the basis Of the tax levy of the year,
is the foundation to which we must look for
the commencement of desirable reform.
The estimate for the year should show the
taxpayer clearly that the government is eco
nomically administered, and that proper pro-
vision is made for the payment of the public
Indebtedness as it falls due, or, at least, of SO
much of it as the city itself is bound to pay
The estimates for the expenses of the govern
ment were in 1872 thirty-four million dollars;
in 1873, thirtyone millions, and in 1874, thirty
five millions. This year the estimate swells
to nearly thirty-nine million dollars In the
four years, out of about eighty million dollars
of Indebtedness falling due we pay less than
five millions, including the amount Tor re-
budget. Nor must it be forgotten that, out
side the tax levy, we pay some four million
dollars for the construction account OF the
Central Park and for the whole business of the
Dock Department, not included in the budget,
large portion of which belongs to the le2iti-
Inate dHHual eAPeuSeS VI lne Guy government
and should properly be raised by taxation.
At the root OF this evil lies the political
management of the several departments of the
city government. The heads of departments
in a majority of instances use their positions
to promote their individual interests, and re-
gard their Offices as bestowed upon them for
the purpose Of making political capital for
themselves or for their parties ,out of
them. Very few, departments are con-
Quoted simply as business Offices and
managed as merchant would Mahage the
affairs of his firm. The people are themselves
in great measure responsible for this: for
the public Offices are almost daily crowded
with politicians and others demanding or beg
Cino emnloymnnt for their frienda aud ..a~.;