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

Tollows:-
Permanent debt 500, 600, 263
Kings county debt 1920. .............. s,7S9 200
Tax certificates. 2,S7sOOo
Total. sss, 77o. 46s
In comparing the above with the city debt on Decem
Der 81 1874 it is shown that in the year just closed
there has been decrease OF so 70 The changes
the various loans of the city also given in detail
permanent loans to be met by the city at large and
the temporary loans 10 be paid by the parties directly
benefited
Since the year 1871 no new improvements have been
authorized by the Legislature which would swell the
city Indebtedness Still it has taken five years reach
point which may be considered turning point in its
The In 1872 amounted to 81 591 All; that
in 1878 to 81 5l6 that in 1874 to $5l2 os9 and the
decrease 1875 TO S. 226 Since the year 1871 all the
city officers and members of the Legislature
have refused TO sanction any schemes for increasing
our debt and it was high time they did II
the city TO be saved from bankruptcy.
The Mayor will continue to advocate tho
same financial policy in this respect, which he sup
ported during the years 1872 1873 and 1874 Comp
troller-namely the policy 'of paying CO. y and
opposing any scheme however plausible it may appear,
for adding another dollar 10 the already too heavy bur-
of liabilities We must collect all outstandings and
reduce the amount of the debt In enhance
property the estimation OF those whose attention
desire TO attract purchasers and residents
ASSESSMENTS AND LOCAL IMPROVEMENTS.
The collection OF assessments has not been rapid
as required to redeem the assessment and sewer bonds
at maturity, which is recommended to the
sderaton Of the Common Council Some of the
ments have been set aside for one Of three reasons.
Either the Common Council other authority had no
power to make the Improvement or the assessments
levied ON the property benefited were in excess of the
percentage which the city could legally levy or BY the
apparent caressness and neglect those having charge
OF the improvements contractors received payments to
which under their tracts they entitled There
doubt that some of these liabilities incurred
through objectionable negligence by the arbitrary
and unauthorized exercise OF power by officials in
the cases Of the Reid avenue and Sumpter street
ments under former Street Commissioner and as in
the repavng of Seventh and other streets un
der the former Board OF Water and Sewer Commits
soners. The ease with which money has been pro-
cured since the year 1861, when the system OF
selling bonds TO raise money for local improvements
was first introduced, has led into many errors The
taxpayers at large have been heavy sufferers in
quence Of the careessness Of officials and the cupdity
OF parties benefited by the improvements Legisla-
ton procured at Albany by parties directly benefited
has often resulted in sadding the city at large with
bills which they should have paid; and we have not
the last Of this yet shall until this system
of issuing bonds for local improvements Is abolished
and the Mayor hopes that further local improve
ments of any kind will be ordered until some other
mode is provided for paying for them. 1t may have
been desirable in former years to adopt this system in
order to facilitate necessary improvements which could
DOT nave been procured readily in any other way.
RESERVOIR.
The Mayor calls attention incomplete reservoir
and discussing the law in the case recommends that
the Common Council directs the Board OF City Works
TO advertise for proposals finishing the dam under
the specifications heretofore adopted and that such
estimates shall have been obtained to make the appro-
pration required In order that the work be done
II the contractors have any claim for damage conse
quence OF this action let them prove IL in court The
they could possibly would be insignn-
compared with the amount of damage that the
city would probably suffer ii should wait for the ter
minaton of the litigation At the Same trno a ia
recommended that tho Legislature be asked to repeal
the act 1875 providing for expenditure OF $500
for the completion Of tho reservoir as the Mayor be-
eves that without that act the powers of the Common
Council amply sufficient to guard the best
Of the city.
THE EAST RIVER BRIDGE
The Mayor says that after the East River Bridge was
made public work between New York and BROOKLYN
stockholders received certificates of Indebtedness
their subscriptions from the company These certd-
oates were made payable in the month of November
1875 The time for payment has passed, and for
OF means the certificates remain unpaid Tho authori.
ties OF New York city have neglected make the ap-
preparation OF money called Tor by the and the
financial officers have refused pay the money Sew
eral Of the stockholders have sold their certificates
and SUIT has been brought for the money now over
due Of them. This suit with others which
likely to follow, may result in a sherif7s sale and
in making stone quarries Of the bridge towers
and anchOrages, unless the city of BROOKLYN
will hasten to issue its bonds for the redemp-
ton Of the certificates Of the company The !
city of Brooklyn should not-and is believed will not
go and finish this immense work alone II is 10 be
hoped therefore that the directors will succeed before
long in getting from the city Of New York the assist
provided for by the law Of 1875 that the work
may be speedily completed.
Though the tax per capita IS much larger in mos, .,
the large cities in the United States the i'm
pression prevails that there more heavily
taxed than Brooklyn While its population consists Of
nearly 900 Of souls, show but $25 900 600 as
tho assessed value of our property Boston, with only
about $50 600 inhabitants has assessed valuation Of
k775, 900 600 Of property Boston's expenditures an
nualiy exceed Brooklyn's by far But the tax rate
there from l. IS TO SO per cent only and II we
should spend much Boston our tax would be over
i've per cent In New York the tax rate NJ two and a
half per cent and Brooklyn's is 24I per cent: still If
only economical in all our public expendi-
lures New York city Is our taxes would be above
per cent per annum. AS compared with other large
cities Brooklyn has not had extravagant govern
mont when the total sum OF It's annual appropriation
only is considered and we compare the amount
OF tax which Is here paid on improved property with
that paid property Of similar kind in other large
cities viii be seen that our taxes are no higher than