The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-09-04

In word, the debt of Jersey City in
creased in fifteen years nearly four times
rs fast rs her population, and the result
has been the falling of of her ratio of in
crease from 1850 per cent. MS II was be-
tween 1850 and 1870, to 1855 per cent be-
tween 1870 and 1875, or ut the rate of $50
per cent. for ten years.
For the past eighteen months the Finan-
cial Board of Jersey city has been in good
hands. and the arduous task Of repairing
the damage done TO the city credit has
gone on so favorably that her city bonds,
which just before that time had no mar
ket, are once more selling above par. But,
in order tina. the people may more fully
understand how they were got into such
sad plight, and avoid mistakes in future
we shall lay before them some facts which
their local papers have not thought fit to
give. -
In 1870, when Bergen City and Hudson
City were consolidated with jersey City,
that old Democratic town owed but g.
76s. 6i3.7s OF the five millions of Joint indcbt-
edness, and her Watcrworks represented
more than two millions. But Boss Bun
sTEDs Bergen Ring. ia about two years
before consolidation. had swamped the
Republican town OF Bergen under 81 6i3.-
620.0s of matured Indebtedness. together
with not less than three millions of in
choate debt in the form OF contracts for
street improvements, which were intended
to fall and did fall upon the consolidated
city. Boss BUMsTED carried his Bergen
Ring into the new Board of Aldermen in
a.. Ia. -
through, and that board is memorable in
jersey City by the name of the Thrty-two
Thieves. BY the spring Of ISL, over ~ per
cent. more had been added TO the city debt
which thus became - 40 G12.52. But this
increase ofthe city debt, for which, as we
have seen. the Republican Bergen Ring
was mainly responsible. was by their adroit
management credited to the board of
| Thirty-two Thieves, which was nominully
a Democratic board, although really run
! by BUMsTED, who was Chairman of the
| Committee OH Finance. The city was
therefore disposed TO welcome any change
when the Republicans made partisan
| legislative commissions to govern il
| in the spring of 1871. The addition
of Bergen made two more Republican As
scmbly Districts, and the remainder of the
city was gcrrymandercd into four districts
only two of which were Democratic.
Three Of the Bergen politicians popped
up in the now Board of Works, after hav-
ing carefully framed the new law after
the model of the TWEED charter of New
York city, and Others were put where they
could do the most good in handling the
city finances and the police and fire de-
partments People in old Jersey City
who wanted improvements, had 10 wait
until they were ready to pay for them
But under the new charter the Bergen
Ring system was introduced, whereby
twcnty-year bonds were issued osten sibly
10 give people time to pay their assessments
gradually, but really intended to saddle tue
cost upon the permanent debt of the new
city when consolidation should take place
Under this system, wood pavements wer,
laid which were expected to last FIVE year
at the outside, so that by the time the first
payment was due II the street was kept
paved with wood, the city would owe foi
three or four pavements of the same street
However, a large proportion of the assess
ments under the Bergen twenty-year sys
TEN were contested for fraud in making
the courts; many OF them are still unpaid
1t only took year for the new admins
tration 10 put forward n number of candi
dates for State prison. Boss BUMsTED
who was by no means the worst of them
went there for nine months, on charg
OF conspiracy to defraud the city IN III
purchase OF land for the new reservoir
and GILLETTE and STARTUP, of the SAM
board, are now under indictment 70
fraudulent payment of money for build
ing the reservoir. In less than two year
the city debt was again nearly doubled
II has been somewhat decreased sine
1879, and is now $l3,s30, 4s5.
The assessed property valuation OF Jer
sey City in 1870 was t53, 2i6, 625; but in 1877
it was 500, $3.50, 9s7, and in 1872, $6s 4a0, s5t
through the tinkering OF the Ring as
SCISSORS, who were ordered TO keep dow
in this way the rate of taxation. Tn
valuation has gradually fallen until thi
} year, when, although 1t is not deHnitel.
fixed as yet, 1t will certainly be undo
t60, 100000. SO that, assuming this yalua
ton for 1875 TO be correct, although
, seems obvious that il is overstated, tn
| DrODertV of JerRaV Cifv Inns Increased 4