, 1876-02-25

line UU B3ONBF 10 CQH9Gt H. &Qu b0 t1Hut HHAI6FQf
IN tho lien, Or In The money until II gets into
tho pubtIc troasury. This appropriation really
amounts to promfso TO pay tho dsbt out Of Z
cottafn fund when tho money is collected; but,
unlcsH tho tax In toviol and appropriation Of II
made to pay debt which Las been created In
shs. constitutional manner npon tho faith Of
aucl, specific tar and appropriation, the Ootu.
mon Council Of = city haa complete pswoe 10 re-
poat tho levy Of tho tar. Withdraw tho warrant,
and Aunul the appropriation.
The length Of time that daht llaa 10 r1,p.
whether ono day or twenty years, tlooa not affoct
tho fnet that It tn debt. Tho prohibition Of
tho Constitution fB TINT no city shal! bs allowed
to booomo Indebted in anY n,annor. etc. Dobss
money, purchasing property, employing inbof9,
etc.; aRrcoinR for Credit or EivinR certificate
Of indebtedntsa. or promlBso1Y noto, OF bond. Ia
not necessarily any part OF or connected will
Tho becoming indebted. ~ this floating debt
law t was void In It's origin. aud no certificate Of
indebtedness can g!ro It validity
II the constitution lad not prohibited Tho in-
croaso OF dobt. stilI tho floating debt Of tho city
you'd ee VOID :, under tho ehatter Of 1872 because
cover tho whole subject Of inturr,ng debt, aud
vest tho p0Wor exclusively Ia tie Common
Council. This, necessarily, works a repea! OF
Al poner to borrow In any other manner than
TINT designated or through any oshor oflieera.
No dobt csa DO incurred except By specific orlor
or resolution, aud even much d resolution cannot
inurehBo tho lnbt ONO popny boyant tho limit OF
9 par cant. The doctrine that auch gonerN law
neooaeasily wotka repeal OF proyieions Of
apeesai esAttors lak wa dtst announced in An
June !sst, a''l has becn affirmed tbIs winter in
four decisions, including the South Park casea.
Tlio sophistry Of The ideA that no delt has
boen incurred OF IN evidenced by tha Certificates
conntisuscs only an approximation Of tle ta1oa
TO bo col!ectod. is made moro apparent by tic
Comrtroltors 8nggeaston that tLeao millions
Cannot be paid out Of the taxeB, and that shoso
ta3eH were In fact lcglcd for and appropriated 10
other purposes by tho Cotauun Council,
Nacoaslty for shis rigorous Limitation Of the
totai amount Of indebtedness IL found III tho
fact that evory dollars worth OF property In tho
city ts morlgn9cd for tho payment OF oyery law
i,,i dobs, .rd ~ l. Tho acneraI Assembly must re;
10 pay ovosy such debt.
Many tuwns aud cities had incurred debts 10
great a. to destroy thotr prosperity. Now York
lad incurred floating dobt the amount Of which
vas tor long t!mo unknown. aud supposed to
discovers dontinR debt almost equal to tho
rovenucB OF a whoio year. IT this Ii valid, tho
san10 ot!icora cnn In tho same manner create
debt oana' to ton years rnvenuo. aud tho courts
eau cosnpol tho levy Of q Tax to pay H.. On tho
other land, tho power to obtain credit for i'm
portaut purposes may bo thoughtlesBly exhaust
cd OH fF1volons subjects by subordinate officers.
Tho necessity TINT the Common Council aluue
shall provide for tho creation Of each debt spo-
cilically by lta ordinance grows ont Of tho limit
atio1,, for It Ia only in eomo such mannor that
tho Council and the creditor can know tho total
OF dohks a1d tho point where tho power OF tho
Council is exhausted and It ceaseH 10 bo Tie
agent OF the people authorized to mortgage
their property.
Upon tho certificates Of iulebtoduoss ouib-
bio Ia attempted by tho panlo to exempt thom
from tue denomination Of city bonda This ia
not correct. Any written obligation for the paw
mont Of money aea!od with tile Boal Of tile cor
posatiou, or ovon signed by it's officers III
mAaner authorized to croatia an obligation to par,
OF writing obligatory" is bond Within tEo
general meaning OF tic term. Counties, oitica,
and private corporations rarely give ponal bondh,
and oftener give mere pEumiEBory uDtes than
anything elso. Yot in railroad foreclosures It
hAH novor boon doubted that the mortgages ia
terms given to BocuFo tho bonds of the COM
pnny did, In fact, stcnro those Writings obliga-
tory by TINT description. These caFtlfcateB OF
indebtedness constitute . bonded debt Of tho
city Of nothing. EDWARD nobY.