New-York tribune., 1874-10-15

The following statement, recapltuiatIng the items OF
floating debt. already described shows the actual
amount or debt Sept IG 1871, and its movements since
that date
Sept l6 1871 less Sinking $o7 2s7525 %
10 this amount sloali be adted the following liza
hiities existing on that ds1e, since hqudatei and
c'i% ne. By iae issac Of the ''0'o-
Qlota charged upOn N. Y. City oo -, O,
" state snk'g P-nd deficiency 3,S9049l 50
Awards in cases Of land acquired - 80 o
A..essaepis since vacated 2455OOO 90 s10ss5.6ol os
Ac:ua. debt, less slDAne uni, sept 10. Isle
Ssrpt s7i 20 be qris.tsd sIl7I73lle IL
ssuci silce sept IG 1871.
For pe-uaneat improvements, &C, s,a -, saa no
For local improvements.
above the amoant oustandins
Sept 10, ,lo1l..........'' voluooo 10 <oi%o@o'o %
tbl 1s. antias SnI amounting sl4O425l49 96
e.. -s a1Ss fGn is 1265O5 1879 "a
Showing a payment Il debt in three years tsept l,
ls7l Sept l. 1870 from revenues and tax ooo ooo 90
to s'a be accounted tIa1' 5 =, follows.
ktee.s Of reyenas
1874 pad
non ms4,iOn ;s3,4ls,5Oo
0tSgi Out Of .Iauon T.' 22o5 253- s5s2s 76a 90
"Res estate" bonds pail from
Sinking Fund, as provided by ,,, an, "a
sss acls.:. in ii, sinking Fund 7is3S76 il
Total payment Of fdebt.............. sl3920 40 81
The above statement shows the falacy OF tne alleg
that payment or the city bonds Is Drldgeu oVel
as they fan due. ana made wholly burden upon pos
terity. SO far from this DenS the ease appers
and applied the payment OF bonds during he iass
- !Tes o % sea a,. not been to any ony
hour 02OOO from the sale or city property, put Is
largely @ IIs fees and other resources Still further in
Of the fund Is practicable win tne @ a
of existing legislation. The importance OF the ABOVE
statement warrants its presentation in another and
more compressed snape VIZ: -.
The Investigating Committee stated The debt, & . rssg
1871 Sinking Fund, to be- 49,. 90 o7
At the time being aware that there vas
mesns aesu IoIi OF ..ertaining or stating it
1t bas been subsequently, a.eertAined that As tn.
Committee believed, the aoa'ng debt existing at
ina us h @ n of i, nce sept i6 is7i.. 10 ssj 59l Os
Aains as 10" sll7.l73ll6 II
In iIo sa as0s L. sSn ,kias NJ 1na l26 500 Is9 "a
sho",ns '1a an. lns aD, 10 'o..' ~. s332O73 30
-s sr'.s ,ss sasns sIse eS. has not increased at al
during the have issnel bonds or % o aaa *
permanent Improvements Amounting to- ZS-0oo' o.
being a apparent increase Of the DEBT oj nA'
Deduetns the real from the apparent incease
payment Of debt already noted amount 80 non oao GO
w Wc we have expended ana advanced s2JOOOOOo
improvements Sept 6, lS7l yet Dy the
OF revenues anu payment OF eonas n, ia
ton the funded debt mas grown only ssOo1oVo VI t @
sls coo 600 moreover issued for improvements soOooV
are advances for local improvements over tne aions
so advanced Ii set TINS amount Wui ~ re
mbursabe from assessments against the S9OOOWO
increase Of bonded debt 1t will be clear Dat tue pera
nen obligations OF the city have not lhcreaseu og oi
lar since office. On the contrary they nave uihln
shed and Will continue to dimnlsn m tos ne
vigilance exercised in all depart menIs ~ aedea1ihR
unjust claims, and in keeping within the ruio paying
ELEMENTS OF FUTURE POLICY.
No ,rore honda should be authorized issued even
FOR except OF the most neees
sary character and such as will return direct revenue
TO the city Expenditures for repairs ana current pur
poses should paid from the taxes OF the current year
The laws the statute books that proVlde Iol '
class Of expenses from the issue OF Dohus snouu Do
modified or repealed. OF this class are Chapter o4
Laws of 1871 which authorizes payment OF currente ex
amt nenses Of repairs Of docks out Of the
ceeds OF bonds Chapter 22O LAWS Oh lotl Nnon @ au
thorizes the payment OF repas o, on amened nv Chap
ter S2s Laws OF 1871, authorizing the eAPeuuile Va
1900 GOV annually on Croton water supplies. irV9o 1tS
ont limit houd be repealed. or TINS class are Cnapte
go Laws OF 1870 authorizing alterations or ,ne @
Aaueduct section Chapter 2lJ Laws Oh Io,i,
Ing expenses which may attend the dS bepebx
and Chapter szo Laws OF 1sTv,
parks &C. may be thrown upon the CITY at hLse' H. o..
The law authorizing the Issue OF s5oDOeV anhuay 70
the Docs benartmenI Chapter 54 Laws of 1871 should
be modified that not over 81 oOJoOy eau oe p
annually The sDnl9ined tDe nr tbe period Of WHICH
have been treating: o.. "a ,s-, Sen, 1874
Taxation sinking Fund. So ll9loo 81 soI0oo-' 90
n5:ss: aa5ssSS sSS 90 i5SioS g
Total Bonded .sII67oe SOS 81 slss @? 5s? q
Less siaIng Fand........ l942255S as -ooo1,too "
Ne, Ro,d-d Debt, s97, ,2s7 525 O3 1925 5O5.ls9 "a
OF the amount OF debt Sept l. 1874 t5OOCOOO or ABOUT
one-egltb il i'm the shape OF Revenue Oonus, whicn
within three months will Oe entirely pad rom
taxes The table further shows that ABOUT oneslAn VI
the city's debt Is Assessment Donus, lor sno
mart of when when the assessments are
tbe clty will hold liens upon the real estate
tbe impruyements I am not calico upon 70 commenu
or disapproye of this mode OF paying Tor lo3a ipoo
ments III has been sanctioned Dy long usage anu py ny
cbanters ~ mandatory legislation and nave no ter
native but 10 obey the law. The time adopteu loi
collecting the taxes leaves me In IKE manner w
choice in regard 10 the issue OF Revenue pones,
and the Legislature must be held Responsible 10.
additions TO the property OF the city ~ tne anu
practice OF half century, the city nves py
Ii borrows for the st eight months OF the year 70 pJ
current expenses I'LL the are coilected II porVms
for local paw the loans ior tnat pul
nose before the assessments are PAID anu ~ porIom
make up any deficiency between the reaIagu ana a h 40
those and the cost OF the WORK of WHOSE
naymenf III. eredit has pledged III Dorrows nhay
10 paw the expenses OF fresh acquisitions Vi c piup
eyty Whatever be the fruits or this Vstem' IL Wus'
continue until the system itself Is modlned. .,
While this and kindred subjects anecung tue creul
and vstc of fbe city are pe for discussion aud egs
Iative treatment. should not be forgoten mat Tue
burdens which We inhe1s roun tne Pa1. ,hn so 49,
greater extent due official criminaty than 70 any
other cause Tue city debt was Increased oy blOuNo
or br adding the floating debt since nquiuatea, py
a 0Q00 IN two years oight and nail nAohLss Iron
Ianuarv Iase 10 September 16, 1871 More tnan aUoo
~ s. n verc taken from Treasury without equiv
slsnt and Although the evidence has been tracked out
with nfnise lasor spite OF obstacles ana