New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-09-25
THE SIITE HN1NCES.

As great deal has been said about the
Republican administration of the State
finances, and as it is of some Importance that
people who are interested in the subject
should have correct information, we invite
attention to some prominent facts
7. THE TRIBUNE OF May 20, 1872, contained
a full and complete exposure of the condition
of the various Sinking Funds of the State,
showing that on the Both of September, 1871,
So, 892, 772 had been appropriated out OF various
sinking and trust funds and applied to the
payment of the current expenses of the State
Government. The Legislature of 1872 had
levied special tax of three and One-half
mills to make good this deficiency, and
had also proposed to submit to the people the
question whether an issue OF bonds should
take the place of the tax. The substitution
of bonds for taxation for such purpose was
plainly in violation of the Constitution, and
was subsequently so decided by the Court of
Appeals yet that was the method by which
the first Reform Legislature proposed to meet
the deficiency. This matter of the mis-
appropriation of the Sinking Funds had been
exposed to the Legislature (by Mr.. Alyord,
Chairman of the Assembly Committee of
WAYS and Means, and Mr.. d. P. Wood, Chair
man of the corresponding committee in the
Senate), and to the public through the columns
of THE TRIBUNE, seven months before Gov.
Dix was inaugurated.
IT. In 1873 the Court of Appeals declared
the law of 1872, levying the tax of three and
one-half mills, to be unconstitutional, and the
Legislature of 1873 reGnacted it. But the same
Legislature, following also the precedent of
the Legislature of 1872, failed to lery sufficient
tares TO corer the appropriations, and the tar
bill passed last Spring contains special tar Of
69.16Oths of a mill on each dollar of assessed
valuation to make good the deficiency thus created
by Reform Legislatures in the General Fund.
iii. The requirements of the Constitution in
relation to the mourning of debt and the
gradual extinction of funded debts in eighteen
wears by means of sinking funds, maintained
by taxation, are very explicit and strin gent.
All that can be said of the Legislatures of
1872, 1873, and 1874, of which the Republicans
have had control, is that constitutional pro-
visions have been respected. Strictly speak
ing, perhaps that is too much credit, since it
is well known that work was resumed only
few months ago on the new Capitol without
any money in the State Treasury which could
be consttutionally appropriated to pay for the
labor thus employed. In other words, the
receipt of the taxes appropriated for the con-
struction of the Capitol was anticipated by
several months, and an obligation created
against the State which the State is forbid
den by the Constitution to enter into. 1t is
true that by a legal juggle the obligation is re-
garded as debt against the Capitol Commits
ind ui1 al N
claim against the State. But the facts are as
we have stated them, and in our opinion they
are not creditable to the financial reputation of
those who are invested with the responsibility OF
making laws, and who bind themselves to
respect the provisions of the Constitution,
however irksome they may be found by ex-
travagant legislative bodies.
". A special claim to merit is made on the
ground that the Sinking Funds have greatly
increased since the Democrats were il power.