The New York herald., 1877-08-31


The refundns the Corporation bonds at lower rate
OF interest than Is paid those now outstand ng
often proposed, put however desirable such scheme
may oe very signt examination Of the subject
that as general proposition It quite lprscticable
Inc Stocks ana bonds forming the funded so-called
permanent" debt run Tor long TERMS extending even
into the next century, and ut ve ak aud
seven per cent not subject Call not IN the mar
ket lor sale The credit o tho city New York stands
SO high they are held permanent Investments ia
large blocks, both ~ home abroad and comma nd
premium nearly quite equal to that OF sovernmen1
bonds OF like interest aud character Even II New
city bonds could be purchased ut all to carry out
scheme OF relunding the amount OF debt would be
largely increased ny the addition of the prem III ma
which would be demanded to offset any advantage de-
rived from reduction IN the interest," rhe city
of New YORK could probably refund its bonds and
stocks on as favorable United States gov
ernment toe bonds subject cali at par Tor re
demptl0n. Negotiations ant sales city securities
are always effected at the lowest rates OF inter-
est. Assessment bonds for amount of d.
IN tue und provided oy law for their redemption, be.
lore referred TO- might DO advan By
converting bonds OF this class at uriIy into iunded
or permanent debt bonds and thus removing the ne.
cessity uhder existing laws OF rcissuug asssssmens
bonds ior short periods hgaer rate OF In esl
than long bonds could be placed tor.
THE SINKING FUND.
Tne SINKING iund or the redemption Of tho city debt
is frequently subject oi mistaken d.scussou Vague
proposals sometimes made to abolish It entirely
ana cancel The city bonds held by the COMMISSIONER
OF the Sinking Fund, to relieve the taxpayers from
taxation ior interest thcm. So far bonds ol
which the sinking fund pledged law are concerned
II Cannot be touched by power the State or civ
government. IL Is true that there Is large urplus
bonds or the payment OF whioh II Is pledged Dy law
TINS surplus could be applied bonus payable from
taxation ana mus provide for the payment OF the
whole iuhued d"Ot. Large amounts OF bonds payable
from taxation ma years, ana II no pro-
VISION Is maze Tor their payment by Inc sinking iund
the taxes at those porous will be exceptionally heavy
Tho payment of Interest nuaily city secur,
Ties In the sinking iund distributes for payment
OF the principal over long period, and by this means
excessive taxation IN any year the iuture will
be avoided. Instead Of aboshng the sinking fund Il
should be increased by appropriatIng to
O tho reJo
lion Of bonds now payable law from direct taxation
u has been estimated, indeed that II the sinking fund
Is not DISTURBED, but IS applied also 10 the
oil that part of the city debt payable taxation
and the debt Itself Is not increased Oy special legsa.
tiou beyond the amount now authorized BY law the
sinking luna with Its present will alone pro-
vide for tho extinction oil the debt without resort IN
funded deot
Or December 81, 1870, the sinking fund amounted
10 SIS ll0, Ss4 AZ, anu at cate IN 1876 10
$2s 24 40 an Increase Of $10 1852 81 in seven
years. whie within the periou bonus have been
redeemed oy the SINKING fund amounting ST. 284 GOO
through the operation of the sinking iund the net
funded debt was $57l29 VI less August l, 1877.
than on August 1876, peiug $9l, SOs 744 % at tho
former and s9l 05l ,6l5 II the latter date On An
gust !, 1877, the amount OF assessment bonds out
standing was S227 ,00O less than January l. 1877
POBLo PROPERTY AND RESOURCES
In view oil the vast present wealth and the assured
future expansion resources Of The CIV or Nav.
YORK, The great commercial emporium ani hnnncisi
centre of continent, there Is no occasion for anv
alarm al the magnitude OF the city debt The civ
deot is large ana taxes, through well known excep
soo"' Sea"es "sc He"Ny, Out honest ana
aomusa'ioh OF the city government, the restor-
alton Of the national finances and the great
ana comnerce vi the whole country. will soon re,evs
the people oi TINS city OF the burden debt and taxa
tion only lew years ago the of the real esta
oe0nsng M 70 me Corporation was appraised at nearly
$3.50, 200 OOo II IS true that there mas been orst
shrlnkage 10 values, but ~ the time large acct
slons, too have been made city properly turoupb
expenditures for various public such as n
COCKS ,ne ofoton aqueduct and reservoirs the Brook
yn oriage, &c The actual value OF CITY properly
zoooyo,ooo or more than double the amount OF the
VALUATIONS TAxArrosa
The assessed valuations OF real and persona, s.,.,.
SUBJECT zee @ 70 taxaon In the present year amount 10
which is $9,SZl, l0l less than In 1870
To total amount of assessed yalualions nr na.
sonar estate has decreased 500 OOO 600 within
tne iast I'VE years, whilo tho valuations Of real
estate nave increased very nearly much during tne
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