New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-26
ALBANY.
MUNICIPAL DEBTS.


10 PER CENT OF ITS TAXABLE PRoPERTY-THR
BIJ-sFyAToR HMERsoN's MEASURE TO LIMIT
ALL Comfy OR CITY DEBTS TO FOUR PR CENT.
IRON THE REGULAR CORRESPONDENT or THE TRiBuNE'l
ALBANY. Jan. Ex-senator Prince introduced this
morning an important bill, designed to effect the
reduo lion of the debt of the City and County of New
York to SUN not exceeding 10 per cent OF the
valuation of taxable property. 1t provides that
whenever tho debt exceeds that proportion, the
Board of Estimate and Apportionment shall set
apart sum equal to four per cent of the excess,
which is to form asnkDg fund for its payment. The
bill was largely drawn by Prof. Theo w. Dwight,
and is understood to have the approval of the New
York Municipal Society and the Council of Political
Reform. Tie bill in full is as follows:
AN ACT 70 prorde Sattag Fund to limit aud reduce The
Indebtedness Of ne Guy and Covng Of Aeu. lors- a.,
City CITY and County OF New-Yolk. except debts Tor
temporary loans. In anticipation OF taxes ana assess
SEC. .. The Board of Estimates ana Appointment Of
said city and county in making up their provisional est
ccnnctinc Inc public business Of said city and county
each department. ana branch thereof for any next en-
law required to be included III sald estimates
also include such sum or amount a. a. may may
ing Fund Of said CITY aud INT ~ now estaosheu D!
w to Try mt reet the rpy lid OF t aTd % conu
the said Board OF Aiporormert on or be-
fore the lst day III august ana at or prior 10 s
mates, statement Of the debt OF said c and y
as nearly a. il be ascertano Of the percent zee
which il constitutes upon the then st assessed vlna
un of Tue OpcTtv subject 10 taxation, Tor Tie uses ana
rurposes of said ci.y and county; wheIeupon he said
Bcardoi ApportiOn shall make proyisonalcs niatc
OF the amount essary Ia be made for tn purpose
of the sinking Fund hereinafter provided for, based
upon tine returns thus made by Controller No DE-,
parimcnt estimates shall be ufc for the purposes OF
the addition of the provisional estimates required ny
this act After such additional amount is included In
tine said provisional estimates. required by law,
the shall be subjected 10 me sad Board OF App3r
tOnment, with their reasons for II III detail, To the
Board of Aldermen End tnereupon such further pro
ceedngs shall be had ii all reSpecs as now 0vdcd by
law respect TO the cOnsid rations Ivy Sd Board of Al
dermen of the provisional estimates end tie making up
by the Board o. Apporti0nment oi tAc hEu estinacS,
which shall include the sum requisite To met
the requirements OF I'M. ac t Alter tne h tn
members OF the Board OF Appor,ionmcnt,
and when signed the several sums contained therein
shall be and become appropriately me several pnlo,e
and departments therein named Inc sara estimates
shall e fled IN the office Of tue Controller ana pubiShed
III The Cuy Htc0ld The aggreEae amounts SO c,ia,e,
shall be- certified 10y the Controller and the uI
said City and County, and IT shall be the duty o. sad S
snuudll, cause 10 be raised according 10 law and col
ccod by tax upon tie estates real ana personal su9rel
To taxation within the City and County oi Nt"1orh INC
said amounts mated and certified as Aforesaid.
the Controller to the Board Apportonmcni, pro
yided for in The second section hereof that The mde eL
ness said city and county exceeds 10 per ccrtum oi
the sea b tn d nv 81 Inc osr Of SnpSrtion
men 10 include annually in these estimates Is provided
or IN the section thereof, oncr 10 carry oht
the nm nose OF tins act in addition TO the amount
quircd To Jay the interest on the ndel;eGnc,. Of ed
city and county equal to per centum ai the priu
Cinal of said amount OF Indebtedness. in excess said
10 per cCuuu and such amOunt shall be raised accord
uc to law and jhe provisions o th.s act and pad over
by the dSbursng officers of said cy aud county 10 tAr
commissioners Of the SINKING Fund of said city aud
county be- held ard used by them IN tine manner here
matter provided
II is hereby declared to be the intent and purpose OF
this act to limit and reduce The indebtedness of sald ~!
and county to sun not exceeding ten per oeh upon he
assessed valuation of the property subj to taxation
therein, and whenever any excess Of Indebtedness over
h't percentage occurs; TO PROV rom ih proeees ~
taxation sinking fund, which, without reference 1" II,
ercst upon contributions TO IT, VIII exingu-n tle sara
&c 4. TIC said Commissioners or the sinking lund
shall receive al contributed 10 the flhhug funl
herein pfoYuri ana lh'thl ana clu''st tnS am ~"
thereof IL shall accrue ana sh.ll ~ zen
ela have The same TIE powers now ast cnc de'lS-
udted. ana rhllLCi 10 'n'lh ny eAl5lne laws "n vi
d.nanccs. IL shall Ice lawful "l the SAID tomi-sChtta
in their discretion TO cancel any portion OF Tie inde 10
ness OF the city, lawfully fed'emdhle rom lic 'hhiis
Fund and the income thereof herein provided, AMI 10
@eptV Of Inc snid City WHEN may belong To or may
have become n part OF said SINKING Fund nonce That
liable ana Tie coupons thereof they become dco and
are 5d from the proceeds Of SAID fund sl b. cancelled
SIZE >. Notnng contained IN this ac, -ha be- construed
prohibiting the pay urnt Of the excess q! Tue cN ana
county debt. above 10 pI centan AT an earlier period
than herein required, from any means Oi said city ana
county available i0r'uch payment. should the sinking
Fund produce a more ,han snncien; to e1unguish
other portion Of the city indebtedness as IA IN" "pn"n
OF the Commissioners may he deemed prud ht ana al
visabe All not herein before provided for derived
from taxation other sources, when are not required
10y law to be otherwise expended may be Issued i"4 no
purpose Of reducing tie entirc debt Tor the redemption
which this SINKING Fund J., established, or DINER pO
ton OF the civ indebtedness OF reducing the amount
10 he raised by taxation Tor such sinking Fund
SIC q. The provisions o. this act shall not De- construed
exempt the city from responsibility for depls con
tractcd liabilities incurred IN accordance with law bn
such debts and liabilities continue as though this act Lad
SIC z The supreme Court, upon petition or action by
the AttOrncyG neral OF upon leave granted by H. "iicI
notice To said Attorney General 30 one or more taxable
iulabtaut. said city, more OF its cred
itors the said city II indebted IN tie aggregate
amount OF $1,000 upon hiS or helr action or pct
the said cY, IFS thanDciilnf 'Olhls-
snncr % sinking FUND.- other pfOrcr officers 10 carry
into enoct The provisions OF This act by mabda action
in equity other sppTO pirate remedy, ana may make
such orders and render such dm"Bts as may DC n'rrs
sary or proper The provisions II this act and to
i strain or prevent any violation thtfeoi.
Senator Emerson introduced Constitutional
amendment providing that 10 county or city shall
be allowed 10 become indebted for any purpose or
in any manner to an amount exceeding per cent
of the assessed valuation of real estate subject to
taxation. Any county OF city whose present ndcbt-
edness exceeds per cent OF the assessed valuation
of real estate is not to be allowed to become in
debtcd in any further amount until such indebted
ness shall be reduced within said limit. No law Is
hereafter to be passed authorizing any Indebtedness
OF the issuing of any bonds evidence Of debt by
any county or city, unless the law shall provide that
the debt shall be made payable in equal amounts
each year. during period IN any case to exceed 20
years.
THE BERGH BILL IN THE ASSEMBLY.
An ATTACK UPON MR.. HALLIDAY BY MR.. sIE,iAN
THE FORMERS EXPLANATION AND MIR. s1RA-
HANS APOLOGY-AN INTERESTING DEBATE