New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-04

4I,o
stantsi part II il outstanding at tho bcsHans oil INC
Je s sy1" Or BE- ordinary expenses OF the govern
lhst are from sources: lirst taxation; su e''
the General Fund. Az the revenues OF tie POI ,c
1of hy law or otherwise specifically apf'C'Jiitu, az
wien received into the CITY Treasury Creut,u ~ ' ~
known as the General f1ldi "a a. 'is sand for
the Payment of interest on the citF dt1' or, ~ No.
~ 80 tsyes Tie amount so applied 1870 amounted
Ia ~ n90 900; acd at least equal sum wiz ~ await
able i'm $40 Tie aggregate OF Tire revenues Of INC en
cr5I J ana me surplus the interest account OF tho
Sinking Fund. are increasing from year u ytar' ,
TbU amount OF taxes ordered ans required ny inc bo'r
Of supcry-ur TO be raised is asFcrjinei N
dcducting the estimated amount Of thc genth li io
the year tneluding the surplus of the interest t", o
the Siukng fund.- the nt Appropriated ~ tnc
Board Of Estimate ana Apportionnet- the oSpHsS
OF The City Government IoF INC llopoitIon 81 VI ,it
taxes payable by the city, ior interest on lt C9
and Tor the various otGer purposes LOT "ion , be
amount of the tax levy for 1879 was l,tt5 -
hsyng Geen reGsa y m Of the amount due in 1875,
tor the Fourth Avtnue Improvements, 10 be ia'fu -
@ % amGiint TO he raised by taxation in 1870 as
determined y tle appropriations for the year VIII no
$4,000 800 oi-wich includes the mot 10 80, las
bonds inst mentioned 10 which small SUM ihay, 10
added by the supervisors to proNlue Tor ~ 90,
%S, coiiaeted TIere is Therefore decrease for 1876,
ns compared with 1879 OF over @l,@1o'VVV III Vho
amounts 20 lie raised by taXdtion
EXPENDITURES FOR IMPROVEMENTS.
Since 1872 when the cOndact of work streets ana
avenues M town, transferred from Tue far" De-
parinent to the Department Of Public Work no Pnoc
irovencns have been commence d. except such as nave
u9yabe rom assessments Improperly benefited
To realize money TO prosecute sucl WorI ci,N phu'
arc Issued Ie,.ecmabc lum fuHd INTO when are re-
ceved the amounts collected from me assesshe
are levied When the Improvements arr 'onpe'c1.
Tine expenditures for improvements made rom no
OF proceeds of such bonds Wee Ggllh9 -
i1SS4fT II and during 1870, - ~ 10 - uahiis
n tn ortlc two years OF 81, a. The mnonnt OF
assessment lists I0r coma ga ~ - t,d ~
kss7sats to enable them 20 asesS upon ana collect rom
t6c holders OF lie property eneH.c the amounts re-
al,f Al
and dlring $40, 1861 619 "a, Tie lists IN u4htto III
grl, wear including an amount expended IN the year Pre-,
yi.u. I'm. amount of the assessment liss ioi"diut'l
during the l1st two years tus exceeds t anrUnt oi
monet expended nd for which asse-sJrnL lonus were
ssref durlu. those two years by ,L0G6.179 20; aui
If Tie assessments had been promptly eoigc'tI rom enc
property holders, there should now oe iciHeto9 81 ne
tflauorarv bonded Indebtedness OF the city III mat
amount. Til, fact is that instead of reduction iHIc
has been actual increase OF that part 81 inc u' 80
shown Dy the abpyc s'Ae iuit. . A., q, ,..,,,
Council called attention 10 t!e steady IioGtA OF may
class of the debt, and suggested measures 20 bt lu
70 check H. t"c su9stt w., 49, ~, d,, ~, fiil,l
T.nely The uuubor Of bonds heretofore ssllcd o tit
character make ad,uuon or - 53l'luo 10 tnc
debt which interest must ice roIih'i IRON aA'oni
There should be leEisiu ON orldeihg ia tei sues h.i
thc entire amount outstanding j. reduced 10y redemption
Toned aul an enactment should also be haa requiring
.hat no obligation payable from iHe proceeds ci uni,
may be nym1cd ~ amy Dcpiilhyh. ON w.. I, y
of I'm appropriation 10 be made Tor II ~ inc bohiu 90
~ tc Druartuitnt Ivy which the pueY is 10 hc dis
,r-J of the amount demanded Tor Tire work. The e-
dcI oi an tAc items ana calculations which Diet lnlhe
H. ight he pubsAein ne C'y Rce'rd Tor ne Informal
ton 1 the holder, oi tine properly upon wlch tArco oi
ti v,ork il 10 be asscsecd-and the officer making It
sorjd d. E,a to q strict accoaEt for completion oi tie
WORT within the amount 0i thc c>tiat,,d Cost.
win rear 10 CATIONS whica may be incurred, maya
wa. lppJrc1tiy intended 10 unit iA.m by We appHPi-
aans previously made fol the SPECIFIC Object IS eiiDet
has be- a. sJlutagy; but tie d III results c.hns pg
fiy attained until there snail nc amendment OF me
law % cure present defect Courts nave helu Ih 'tH',
where no money. Of thc amounts apprlI4t' iyl'in.1
tn me credit ~ the account a-lin.t which claim was
matc that there must DO iud <l,ni against ia cit!
ia On action for H. the amount ntn !: snoH to H,"
tho liability originated out OF "hch the clam "iosy
oven though az that very tmc mere teic oh''ln"l5
contracts, uayaJle, wCih under them lH"-f'st'u'
out OF the account, aud for amount, eu,nn ~
the aggregate t. alb orb the Whoe o. on.
The reason the decisions seems Ia ho t az me ia
now stands, persons dealing WIN tic GO! 'ih''", 10
charged VIA lho" cage oi Tue ela'h.s "a ui -
uucXgvrled balances IN tao treasury. JulSH,n.s
tho proceeds Of bonds issued 'NlI'S.y I"f th.HI
and such. bonds every year udl T. Inc pGUlt
debt Tor which interest ANA ultimately tAg rI',p'',
must be iIo' ded o"' oI A'''i'h' " ~. -, i
Is suggest, that an amsniuont 10 tHe statute h lnt9e'
requiring iat sc'dnlr oith a. p'Lc ''' non 49,, ~
Gu Frc,rd no; only OF tie amounts appropriated q"
each account bat also Of TIE outslIn~ CONTRACT al
Of ne liabilities .acIrrcd, payable rom ,ari-a-d iL"t
every plol osl5s u ucdl wiz TO y p@il'i i'
viied Win which TO muto iayn ui- under contract
Wi q iu, tic contract l'sr r'ti Do m,t ' gre - l"t
5t your cooperation in cifos 10 attain those end.
may promise 10 diminish. % ro'.Dl ihr Hit '' '".ume
OF ire debit orat least prevent a""il'h. t' ~ 'A't' Is
49, -,ll7 L ,t,, ,, y,,,io ,'If mon u1s.,t re-
f"oi which 6yo.Aoacd tlc cly with debt
G.rl1r line lat lew years has bceu no Ilst
t fs,p3'r control and tai, with rIou.r cc0n-
Grafton between lccI Officials and Icls9naric com
rii.r 4. Iy the LEGISLATURE win representations 10 be-
t.I.., t, The COMMON Csnnc IN I1tt,e.s si. 1913 are
above re- erred tytHo hnaI. ai tron % i.C 'it VIII
bp steadily amclioIatci CuHsarlln- Tat id't i.clw.
I'll gI It.
ft1 u.t, 3. hut la snort tA'' - TIC ''J f'"t
Improperly owned bz tie corporation. DE 49, an, OF
alton, tIe circuit o. tc c! ""-.i -t'f "' ''''t as
mont our bru', should Pc ',od of .gfe 90. Iu,cIcsi
NOT 10 exceed five per cent. ana or prices quito 90 sood
SINKING IUND.
There 10 general III .ua with 4te'ri 10 The
Sinking Fund which seems Go De popularity supposed to
De pledged Tor The principal OF tie whole anou. of the
.btldn,s OF the city. Were that tle case t3 fund
should of COURSE De hcp. intact 10 acie redemption Of
the debt as it natures. Eut TIC fdt s that the sinking
Fi,ud ,rn now amounts 20 S27yJ2 80 81, q. pledged
only Tor certain sIb4d bonds and q ".. ai uniting
Is, ,h arc elae l, ,} Gt1CG3 So wai,irug Grrln- aud
after 1876. OF that 9m0urt Voter stocks aud Cioton
bonds yerJl GLASSES for IN to agTgBc, >lh'j2-
ing Fund and the prime PAL but rot Inc Mirro 81 Cen
trial Park stocks Of several classes, for D the aggregate,
eIOO9J7I is payable also ftom taa, tund. 1hc interest
annuh; AM as taa PRINCIPAL OF i 81 chs an" BONES, On
which that interest accIcs mature, and Is redeemed,
the ANIMAL amount Oi interest Ia. elC H. oi course
smaller and smaller.
Tie Sinking Fund sa h now largely IN excess Of the
amount of The securities for which ~ pledged ami TIC
amount OF interest earned by Tho inyc mems u Jne fund
h. aauuay, than - 900 coo IT, CNcrss of the in
erest payable by IT, That annual excess Of the interest
account H. the end OF each year, transferred 10 the
General Fund 10y authority of act Of 1862 aud then
used to reduce taxes But the principal 0f tho sinking
Fund swollen by receipts from many different source,
which Weld an aggregate every larger and
larger has Decn ateiuiy increasing IL has grown nearly
$1,000 900 since the end OF 1870, uOtWrstandng all
annual reductions 10 pay on matuupg bonds and stocks
Tor tlc redemption which II Is pledged. At the end
OF 81 the funded debt payable nom the sinking Fund,
wa- ah0us equal the amount Of the furd Itself But