New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-14

There is food enough in these figures for
serious reflection, although it does appear from
them that this city is not quite the most hcav-
ily in debt i'm respect to valuation; there are
cases of even a more rapid increase OF muhlc-
iDal debt, but il is enough for u TO look ut
home. Except in 1850, 1866, aud 1867, every
wear in the last forty-iive has added to the
debt and although in general the increase OF
valuation has about kept pace with that OF the
debt. the contrary has been tie fact since
1869. Every half year shows the inevitable
increase and the $116,773,724 of the above
table on date of January /, has become Si32,-
$685. by the latest monthly statement,
July 81 The condition of the city's finances
would undoubtedly seem more startling II II
were exceptional and no other municipality
were loadcd with debt; but our situation here
would he no more serious in that case, nor IS
it any less so because there are similar loads
elsewhere. That the Tammany Ring did most
of the mischief and that the later bondng was
largely of q funding nature are nothing to the
present question of how the course Is to be
changed The character Of the Increase OF
debt is its most significant feature. For ex-
annie, of the S2l 49,, 36S of bonds issued
since Jan. / only T1,7O9,7lS is plainly re-
ported as in redemption of prior debit and al
though it may be claimed that n considerable
portion Of the new bonds put forth FROM time to
time is ia the nature Of substitution and stands
in Mace of floating debt and claims which must
be assumed sooner or later, the stated increase
of the total shows that there is something
more going on than substitution. Inc worst
| form of that something is revenue bonds ana
| bonds for current expenses, the explanation OF
which is that the city is not following ont the
safe maxim, Pay as y0H 90. Revenue bonds
| bonds rcpayablc out of local assessments, ana
tax certificates are three very seductive aud
dangerous eXpcdlcnts. Experience has shown
! that the assessments rarely come and that III
| the end the debt rests upon the city tins has
bren notably illustrated in Brooklyn The
assessment bond is simply more plausible
form than the strGglt-out bond of mortgagirg
the future for the sake of supposed advan-
| fage; the revenue bond and the tax certificate
| are devices for putting oil until next year
what il due and Ought to he paid this year.
| All are temptations to which cities yield easily
| and by which they are led further into the
| slough of debt.
! The interest charge on the city debt, assnm-
ing an average of Gi2 per cent, Is pow
| -, sos, 713, and it is apparently growing at
the rate of million OF two annually. III Is
unqueslionably difficult to collect taxes enough
| to pay expenses and interest, exclusive OF any
1 actual debt reduction but when will 1t be-
come easieri And is it possible for city to
| escape the application of the laws which lay
| up trouble for an individual who yearly sup
plies by borrowing the margin between re-
cripts and cxpcnscs7 Can this process OF III
c,easine debt, because the city does motif
YOU please, because practically it cannot
make every year bear its own burden instead
of throwing part on the next, continue, with
out injuring the city's credit and bringing up
! some very unpleasant financial questionsf