The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-05

From statement which is furnished to us
by the financial departments of New York
and Brooklyn we have an idea of the fiscal
condition of these two cities. We do not
accept these figures as altogether accurate.
Our experience with political finances is not
of consoling character There is some in
terest in the facts, which may be learned by
studying them. We observe, first, that the
debt of New York at the close of 1874 is
STA, 979, 800 80 that this debt had increased
to $3.50, 877, 070 Oh within six months, and
that during the month of August it increased
over SO, 000, 000 We find that revenue bonds
have been issued to the amount of $25, 1877 200,
and when we look at the items covered by
these bonds we find 81, 500, 900 for public
works, $2l5, 600 for city park improvements,
100000 for the Fourth avenue improve
ment, 1922, 900 for museums of art and
natural history. We cross over to Brooklyn
and we find debt of 500, 600 263 81 In
these items we find half million for the inn
provement of Wallabout Bay, $4,000, 900
for the completion of the bridge and over
$9,0000 600 for the Prospect Park. There
are temporary loans to the amount of
$40, 600, 900, which are to be paid by ASSESS
pents. We presume that the result will be
that very small portion will ever be OBJ
tanned from assessments. 1t will be bur-
den to the people, as these things generally
are.
debt of over $135, 900, 900 is not an ex-
travagant tax upon cities as rich as Brooklyn
Nj CO CO..
q good portion of this debt is to be at
tributed to the policy of the old Tammany
Ring. When we consider that we owe this
money, that a great portion of it has been
spent for public improvements, and that,
Notwithstanding our streets are, with
scarcely an exception disgrace to the city
and will require an expenditure of millions
before they can be made comfortable or
trustworthy, we can understand the burden
that now rests upon us and the danger that
ct will be increased New York would gladly
pay twice what she now owes to have city
worthy of her metropolitan name; but we
must consider this debt as largely the penalty
to pay for our own neglect and misgovern-
ment. New York to-day requires more
money than at any period of her history.
We have the Central Park, which is some
thing-a great deal, indeed, to have saved
from the wreck. Weneed rapid transit. We
should have docks and piers and thor
ough repaving of the city. We should
have new reservoirs for the Croton water All
these will cost great deal of money! If we
continue our present policy there is no rea-
son why we should not run up our bill to
5000 600, 600. While we do not object to
paying these sums of money for the improve
ment of New York, to make it in all respects
worthy of it's rank there should be q new
policy adopted.
Instead of issuing revenue bonds to meet
every emergency in the Comptrollers Office
the people should promptly pay their taxes,
and pay taxes sufficient to enable us to
complete these improvements. This whole
business of issuing bonds is mistake 1t
will do in war times, but not in peace.
AS was well expressed by Mr.. Dana when
declining the nomination of an independent
party for the Office of Mayor, while Tweed
and Connolly robbed the city Havemeyer
and Green have slowly been stranging it.
The policy of either is sure to bring bank
ruptcy. Let it be the motto of our new re-
formers to pay as we so.