The New York herald., 1874-05-31
The .Bridging Over" Policy OF the
Ctty Financial DePsrtnent-Wnore
VIII II EudS

Ctey ranemcAeA DePess-Ao-
VIII II Ends
In the debt statements published by the
Commissioners of Accounts we find the ioi-
lowing city and county stocks and bonds out
standing on December 81. 1873, aud falling
due during the present year =
Central Park additional fund stock Of
1874 payable from sinking iundl 5l,O00O0O
Isla a''o' so'o''' '"''''' 80 100000
Assessment fund bonus 1874 74.....- 2,429. 400
New YORK city stocks for docks and slips 50.60O
SIX per cent assessment bonds. 52is~
seven per cent assessment bonds, Feb
l.......,..+................ Avv,o"
vember asaesa'.' .o' 3,5l7yOo
Street Improvement lund bo.ds ........ 2,els5oo
hands - " 20 600
Department l OF parks Improvement bonus l,42s272
Six per cent lmpr ovemept bopds... lca 900
Seven per cent Improvement bonds...-. 3oi'ooo
~. payable January Is, 1874 ......'.. s.soo,a ,a97
s,. nayable February /. 1874. 2,947 300
SIX per cent revenue bonds chapter ~,
payable October l. 1874. ................. 2lS,Oo0
six pei cent revenue bonds Of 1878, ray-
seven per cent revenue bonds OF 1873.
payable IN 1874 Observation-Disclosures. l.172,547
Six per cent revenue bonds tchapter s25
Laws OF 1Ss), payable IN 1874. 2,o34
soldiers substitute county redemption
tchapter ~. payable January IS, 1874. $4,000
seven per cent county revenue bonds
chapter ~. payable February ], 1874. s74,7O0
Seven per cent county revenue bonds OF
1873, payable III 1S74.................... $1,000
Total. s23, 6i2, $50
OF this amount the Central Park additional
fund stock OF 1874, 81, 900, 900, is payable out
OF the sinking fund. The rest is payable
party from taxation and partly from ASSESS
ments but a portion of the latter falls even
tually ON the city, and the whole must be pro-
vided for BY the city until the assessments
are collected The amount which should
have been paid directly by taxation in 1874 is
about Sl2,O00,00O. But although the final
estimate OF the amount required for the ex-
penses of the current year reaches the sum Of
$50, 2ls, 945, we find the only appropriations
for payment Of debt to be as follows: -
Floating debt, fund stock OF ls7s annual
Redemption OF stocks ior docks ana slips. $4,000
Volunteer soldiers family aid !und, bonds
No. 10, redemption of................... OF. 100000
Reduction Of city debt as provided by
chapter 535, Laws OF 1873. 250,0o0
Redemption OF county debt. ............. S6s ass
Total 81, 1885, 22l
From the financial report for the three
months ending March 81 last it does not
appear that the s1,O0O0O0 Central Park
additional fund stock has yet been re-
deemed but, admitting that the amount is
to be paid out of the sinking funds during the
year, and adding it to the sum set apart for
the payment of city and county debt in the
final estimate for 1874, We have 50, 795, 221
LII fn, f.,,, III A<.c k~k11 of
$23, G42, $50 falling due this year. We thus
''bridge over" by retaining in the public debt
$50, S47 529 which would be wiped out this
year if we were strictly to ''pay as We CO."
but which, under our present financial policy,
is ''extended" 10 future day, retaining about
ST, 100000 in our annual interest account
The answer to this will be that the bonds, as
they fall DUE are put into consolidated stock
or paid out of the proceeds of new bonds
issued to replace the old ones, in accordance
with the provisions of laws passed by the
State Legislature. But these laws have been
enacted at the instance Of Comptroller Green,
and forced through the Legislature by the
efforts of lobby agents paid by him out of the
public treasury. If they are unwise and harmful
laws, and if the system they license is detri-
mental to the interests of the city, Mr.. Green
is alone responsible; for the system originated
with him and the laws are of his own framing.
This is particularly the case in regard to the
extension of the bonds which ought especially
to have been provided for in the taxation of
the present year, and which, as we have
said, amount to $12,000,000. OF this
sum only 81, 795, ,221 is included in the tax
estimate, thus driving over to future day of
payment more than $4,000, 900, with
out taking into consideration assessment
bonds and street improvement bonds, which
Mr.. Green chooses to call temporary debt"
but great share OF which falls upon the city.
The question of interest to the citizens and
taxpayers of New York is whether 1T is a
sound financial principle to keep rolling be-
fore us q great ball Of public debt which
increases in size year by year and adds
heavier and heavier load of annual interest to
our other burdens No person pretends that
our bridging over policy is pursued with
out the warrant of law; but is it wise to enact
laws which afford us o delusive and tempo
rary relief only to increase the embarrass-
ments and perils OF the future9
The evils of our present pernicious system
can be better understood when we look at the
prospect before us for 1875 The bonds and
stock falling due next year, as appears in the
statement OF the city and county debt on
March 81 last, made by the Commissioners Of
Accounts are as follova.