New-York tribune., 1876-01-04

reliable proposals by responsible contiac'oisi
| but he points to the State canals for proof
that we need not expect "tO find remedy Tor
"the evils Of one system by changing to the
: "other." Expenses have been cut down IN
! nearly all directions, the estimates for every
| Department except that OF Edncation being
less for 1876 than the appropriations for lS75.
| The increase in the expense of tho schools
amounts to $4,000
The money question is the principal matter
with which the Mayor has to deal. He tells
Ms that there has been "a decided improve
" ment in the finances Of the city as compared
with lS74.n The debt, if we leave out Of ac
count the enue bonds and assessment
bonds, has decreased nearly half n mill
| lion, although il those obligations are
to be included there ia an increase
during the year of $l,431 ,506. Why they
should not be inclU led we are Mt loss to
eee. The debt payable from assessments has
been steadily growing and bearing interest for
long time it now amounts to S2l ,lOo
and all attempts to check it have thus tar
failed. The revenue bonds are issued every
year TO meet current expenses, and are PAID
ont of the taxes whic' come in at the end OF
the year. Thay now amount to S4,l42,927
and since they arc being cancelled from day
to day rs fast the money becomes avail
able the MayOr does not regard them
IA properly part Of the debt But they will
hardly be out of the way before fresh bonds
will be issued in anticipation of the taxes OF
1876 and so the debt is carried over from
year to year. Practically the city is only re-
newing its notes. 1t is habtually spending
its income before it falls due; and what is
that hut perpetually running in debtf Count
ing all classes of bonds therefore, the indcbt-
edness of the city outstanding Jan. i, 1876
deducting the amount III the sinking fund,
is S1lG,G19,4SG. This does not include
the floating debt, and Mayor Wickham and
all the rest of us are rs far as we were year
ago from knowing what that amounts to. In
his last message the Mayor said that
it was valiously estimated nt from
S1OOOO,OOO to $2O,OOO,OOO. This year
he can o.ly tell us that " 80 far ns he is aware
it has not been increased; on the contrary q" a
"substantial part of it has been liquidated'
during 1879 To SUN up his information: !.
Nobody knows what the aggregate debt Of the
city is; =. Nobody knows whether it Is in
crcasing or diminishing.
The Mayor wisely proposes to check the
piling up of assessment bonds by n law for
bidding further issues until the entire amount
OUTSTANDING is reduced to a maximum much
below the p csent figures, and u further law
rcquirin- hat 10 obligation payable from
"the proceeds of bonds may be incurred
"by arv Department beyond the limit
"of m appropriation 10 he made for II
"by the Board of Estimate and APP
portion cent, after careful estimate
"by the Department 10y which the money
is to be disburscd of the amount demanded
" for tho work" Legislation of this sort
wOnld doubtless do much to curb extravaganza
and reckicssness in unnecessary improvements;
but something must also be dono to limit the
incurIing Cf obligations payable from taxation.
1t was supposed that the law combining cxpendi-
lures within the appropriations previously made
for the specific object had accomplished this; bat
the courts have held that claims are good
against the city when there was money TO the
credit of tho appropriation at the time the
liability was incurred, even though there
were outstanding contracts, payable a. the
work under them progressed, sufficient 10
absorb the whole appropriation. This
trouble, the Mayor thinks, can be rem
cdied Ivy on amendment 10 tho statute
As for our present burdens, those can be
reduced from the sinking fund. The
sinking f1nd ia not pledged for the principal
of the whole debt, but only for certain part
of it. At present it is s7,000,000 in excess of
the obligations it has to meet; and the Mayor
thinks this surplus ought to be devoted to the
cancellation Of bonds and stocks OF the city
held by tho sinking fund.
The appropriations for the coming year, as
determined by the Board of Estimate and
ApportiOnmcnt, are $3i,9O1,395 showing
decrease of little over P2,0O0,0OO since last
year. The amount to be raised by taxation Is
$50 OO4 30J-a decrease of about $3.50. 900.
| If the appropriations cOrrospondcd with the
expenditures this would be fair showing
but we have already seen that the debt
continues to increase, and that no way has yet
been devised for keeping 1t within bounds.
! What with lax laws and legislative usurpatiOnS,
New-York City, while it is uIjnstly taxed for
half the entire expenses OF the State. is not
allowed to regulate the cost of it's own admin
stIation. The Mayor presents remarkable
table to show how little of the whole budget
Is subject to the supervision of the local
authorities. Out of the 5000, 900 estimated
fer 1876, nearly $2S 100000 has been appro-
pria;ed by acts of the Legislature, leaving
| Onc-hfth of the whole amount upon which the
city rciOrmcrs are at liberty to exercise their
ingenuity in retrcnchmcnt
| The Commission recently appointed by the
! Governor TO report upon a general plan of mu
| nicipal government viii find no branch of the
inquiry moro important than that which re-
lates to local taxation, local selr-government,
and their mutual connection. Awaiting the re-
| III - 10. LII. nC