The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-01-04

The for the ordinary expenses OF govern
ment are nom two sourcesFirsL taxation and second
| the general fund. All the revenues OF the cor
poraton, not by law otherwise appropriated are,
when received in the city treasury credited what Is
known as the general fund and those revenues, to-
gethsr Win the surplus revenues Of the sinking fund
for the payment OF interest the city debt by
law appropriated and are exclusively applied TO the
The amount so applied in 1875 amounted to
81 900 oO0 and at least equal sum will be available
The aggregate OF the revenues OF the general fund
and the surplus IN the interest account OF the sinking
fund are increasing from year to year.
The amount Of the levy Tor 1875 s32 III 472-
having been reduced by of the last Legislature
which authorized S7S5 600 OF the amount due IN 1875
for the Fourth avenue Improvement 10 be raised by
Issuing bonds which 20 be paid out of taxation in
1916 The amount to be raised by taxation IN 1875,
determined by the appropriations for the year, will be
$50 904, 395-which includes the moneys the
bonds just mentioned, to which small sum may DO
added by the Supervisors TO provide Tor possible def
oiencios in the amount actually produced by the taxes
/ when collected. There is therefore decrease for
1876 compared with 1873, OF over 81 $780, in the
amounts TO be raised by taxation.
The expenditures for Improvements made from ad
vances Of proceeds Of such bonds were during 1874,
81 5s3 AL and during 1875 So 239 no making total
Tor the two years OF s. S22 SOL The amount OF assess
ment lists for completed Improvements transmitted by
the Department Public Works TO the Board of Assess
Ors TO enable them 70 upon and collect from
the holders of the property benefited the amounts
raably due from each WERE during 1874, So III,
and during 1875, S. OIL GIG, the lists transmitted IN
each year including an amount expended IN the year
previous The amount Of the assessment lists for
amount OF moneys expended and Tor which assess
mont bonds were issued during those two years by
o ana u the 5as been promptly
be reduction of the temporary bonued Indebtedness
OF The city in that amount The TACT That instead Of
reduction there has been actual increase OF that
part Of the debt, as shown by the above schedule.
SINKING FuND.
There is general Misrepresentation with regard to
the sinking fund, which seems to be popularity sup
posed to be pledged for the principal OF the whole
amount of the Indebtedness Of the ctv Were that the
should,
redemption Of the debt II natures But the fact is
that the sinking fund which now amounts to
$7 902 54 pledged only for certain prescribed bonds
and stocks, amounting In the aggregate S2 042 Cos
maturing during and after 1875 OF that amount water
stocks and Croton bonds Of several classes for in the ag
gregae, $40 952 1872 are payable principal and inter-
est, from the sinking fund.- and the principal but not
the interest Of Central Park stocks OF several classes
for in the aggregate, Ill is payable also from
that fund The interest account payable Is now the
rate OF about 5000 600 per annum ana as the principal
OF the stocks and bonds on which that interest accrues
natures and is redeemed the annual OF interest
payable is, OF course, smaller and smaller.
The sinking fund Itself is now largely in excess Of the
amount Of the securities for which it is pledged and
theamoun ofnteres earned by the investments of the
the fund is annually more tnan ST. 600 900 in excess of
interest payable it. The annual Of the interest
account rs the end of each year transferred the
general fund 10y authority Of an act OF 1852 and then
used to reduce taxes But the principal Of the sinking
fund, swollen by receipts from many different
which yield aggregate revenue every year larger and
larger, has been steadily increasing. IL has grown
nearly $40 600 600 since the end OF 1870 notwthsand
standing all annual reductions to pay of maturing
pledged AT the end of 1872 tho funded debt, payable
from the sinking fund, was about equal
but since them that debt bns bee gno redeemed
It has matured; the surplus credit OF the
redemption account is now nearly 100000 and
above the amount of Obligations II has TO meet What
shall be done with that surplus question demanding
prompt attention So long remains 1t is invested
obligations OF the city upon which nearly $500 900
be raised every year by taxation
which is paid back to the taxpayer by the roundabout
process OF transfer to the general fund used to reduce
a n n 10
MUNICIPAL EXPENDITURES.
The appropriations for 1873 $50 $50 472 and the
whole OF that amount has been will be spent meet
obligations Of that year
The appropriations for the year 1876, as finally deter
mined by the Board OF Estimate and Apportionment,
amount only to S34, 90i S95-showing decrease, as
compared with last year OF So, 052, orc
1t seems proper to call your attention to the
nous amount OF money expended for the Judiciary.
number OF citizens have from time to time remon-
strated with me on the subject enormously supposng
that the city government has an undsputed power 10
cut down those sums The tact Is that all the judges
including those OF the police and district courts
held be State Offices and not only their salaries
prescribed by acts Of the Legislature but they have
claim the power TO select and continue In Office all the
various court officers and attendants at salaries also
prescribed by the Legislature. 1t insisted that the
city government has authority whatever with regard
TO them The Board OF Estimate and appointment sent
however, to all OF the Judges, during the summer
aud autumn circulars calling their attention TO the
subject and appealing to them TO cooperate in efforts
to reduce expenses In compliance with those
quests the Superior Court and the Court of Common
Pleas made substantial reductions in their estimates
attenuQntS-NniCh.
deducted by the Board in in which 1t to
be authorized to do So make the appropriations for the
Judiciary for 1876 Sac $50 less than ls75ndependent
of the amounts IN which certain salaries OF judges and
others were reduced by the Legislature, by chapter
4s0, Laws OF 1875.
LAW DEPARTMENT
As illustration the improvements in the bureaus
OF this department may be mentioned that the sums
paid by the present Corporation Attorney, be-
tween september !ihe date Of his appointment and
ceedings for violations Of ordinances, &c amount
SAIL whereas the sum paid over by his predecessor
during the time between January aud September l.
only 81, 0S9.
The appropriations for the Law Department for 1876
Cncudng the Bureau of the Corporation Attorney and
the Bureau Of the Public Administrator amount
$l6l, 600 being S3l, $50 less than for the year 1873
DEPARTMENT TAxEs.
As the Department Of Taxes and Assessments is at
present organized, the functions imposed upon
performed with fidelity to public duty and proper
gard to the rights Of individual citizens.
The Appropriation for expenses OF the Office during
1873 amounted TO $l2s 500 the sum allowed for 1876
Sl2o 0O0-a reduction OF ss,SO
TAXATION.
The socalcd equalization Of State taxes continues TO
be the Of injustice and loss 10 this city. Al
request OF the Common Council commission, consist
ing OF Tax Commissioner George II Andrews, Wilson
q. Hunt and Isaac sherman, appointed by in
August present the State Board OF Equalization
claim for justice. The duty promptly and
thoroughly performed.
The assessed value Of the real estate in this city for
1874 which the subject OF the action of that Board
IN 1875 SSsl 547 996 Notw standing the repre-
sensations made the Board thai this bore
sessmenis IN the State, there imposed upon us an
additional valuation Of SOL 502 4O4 for the prolessed
purpose OF raising the assessment OF this city tho
general average The effect OF that act which had no
ibeter justification than the mere power 10 enforce IT,
TO impose upon the city Of New York than hty per
of the whole State tax, or over 81 GOO 900
OF the requirements OF an equitable apportionment
Ii Is but just 90 that this action opposed by
minority OF the State Board The majority, however,
impervious TO argument acted upon the principle,
probably that million more less could make little
difference city already so heavily burdened and to-
liz xwffb ran mt at IN n hal
WORKS.
This department has control OF among other thlngsl
public buildings public and works OF drainage,
and Of all structures and property with the
supply and distribution OF Croton water. The reve-
received by the city from the OF Croton water
about 600 81 % from each nhabitant per
Rnnum. During 1875 the department, among other
works Of public Improvement constructed II O. miles
basins
The appropriations for the department for 1875 were
1l0SzuOO Tor the current year they 81. 434 600,
! .-.-- L.