The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-01-28
REFORM THE REFoRMERs.
SOME LIGHT THROWN ON THE Acrs OF THE
COMMITTEE OF OBSERVATION-DISCLOSURES
BoNDHoLDyRs.

COMMITTEE OF OBSERVATION-DISCLOSURES
BoNDHoLDSRs.
New YORK, jan "a, 1871
To Hon. WILLIAM H. WickHAx, ex-Mnyor:-
srR-I had the honor yesterday to be present al q
meeting held the Mayors Office, convened by him
to hear u committee Of the "Municipa Reform
ers'' OF this city make suggestions IN reference
to q reduction OF our city taxation. Not being
a member OF tina, committee had not
the right and did not publicly say anything on
the occasion. The meeting addressed by Messrs.
William A. Booth. William Cullen Bryant, the vencr-
able Peter Cooper ex. Chamberlain George W. Lane.
Dorman b. Eaton. Comptroller Kelly and yourself
You commenced your remarks by expressing surprise
at the ignorance displayed by thc'genticmen who had
preceded you. AS Mr Kelly, the present Comptroller,
was the one who Immediately preceded you-and
whose familiarity with affairs OF this city ana char
actcr as real rclormer is recognized by ALL was sur
prsed at the inaccacy Of your illusions 10 ms igno
rance well that OF the venerable octogenarians
who had preceded him. This was not only insulting to
those gentlemen but your remarks showed
great ignorance In the statement that the tax levy
this year s27, 00o 900 and the rate 26o, when
Comptroller Kelly, preceding you. had stated that tho
appropriations composing the city budget Tor the
present year amounted in the aggregate 10
s30 2o9 49, and the real amount to be raised is at
least SIS 4s4 269 As, and with rate which Insist
will amount TO nj least 65
MICH REroRNERs.
Not one of the gentlemen who spoke at this meeting
suggested any practical measure OF legislation 10
form tho abuses existing city government or TO
reduce our present taxation Many OF the gentlemen
who were thcrc representing the financial institutions
of this city hold the bonds and loans oil our
city at rates Of interest ranging from six
to seven por cent. While suggestions were made
in reference reducing the salaries Of our city OH
Gals no mention was made by any Of these distin-
gusned ba to tho necessity tor reducing tho in
erest beng pad upon our city debt to the rate OF
and half per cent (Which Is the rate ~ which
the. Syndicate recently negotiated In Europe our
United States bonds TO tho extent OF $50 0OO0,0 nor
was any detailed statement or plan proposed or offered
by Mr.. Eaton, VINO appeared TO be the principal
speaker for the Municipal Rcformers" ON the occa-
Sion showing wherein the city bonds might be funded,
trolers Office numbering eighty consolidated so
as to facilitate Of the city and reduce tau
alton.
Mr. Senator Morrisscy has recently had resolution
adopted in the State Senate calling upon the comp
roer TO report detail the bonds outstanding against
the CITY, the rates OF interest paid and when they ma.
ture | suggest that this resolution should be SO
amended thai the Comptroller also to
port by what individuals and corporations such bonds
aud securities are held. This additional information
would probably show the reason why none OF the dis.
tnguishcd s'muncipal reiormcrs, who were present
yesterday, had prepared any plan to reduce our pres
enormous rate OF interest TO an amount below nve
The 600 600 upon which now seven per cent interest
being paid, more than $4,000, 600 OF this amount
negotiated at this enormous rate OF during
the admin stration oi ex Comptroller Green. IL Is
fact equally patent to every well informed cltizen,
that during the administrator OF cx-Mayor Wickham,
who with Mr.. Green were members Of tho Board OF
Appropration no law was suggested by them or
passed during their o: otc. looking TO "iund-
ingn the city oebt and reduction OF the interest 70
a rate oil five per cent and under.
sHAM Reform
My object in writing this communication is simply
shs Lie n hA fnCt lint nV
Mayor Wickham and cx.Comptroer Green during the
administration OF their several Offices proposed and
carried through real measure Of reform IN itvor OF
the taxpayer, ana that under them our taxes and
our CITY debt have been increased 10 AN
extent rendering our present city securities less vaiu
able Than those OF Boston with maximum rate OF six
per cent ntcrest, in the financial markets OF the
world The Legislature OF the State OF New York Is by
constitution prohibited from raising ny taxation In ono
year an amount exceeding 81, 900 QUO The singular
anomaly exists that any the cities OF the State may
incur debts 70 any amount An h 20 ,1
have its debt limited 10 al amount not exceeding
$751; Oo0. 600 general law should be pissed funding
and consolidating our present city debt, payable IN nifty
years ut OF interest not exceeding i've per cent
PRACTICAL SUGGESTIONS.
1t Is true that many OF the bonds now existing ana
outstanding against the city haveyc many years 10
run, whore tho contract between the city and tho
oaner would prevent, without voluntary surrender
of the bonds, the compulsory recent thereof; yet
there are $22 00O, 900 Of ''asSessment bonds which
could be Immediately funded at rate OF interest
not exceeding five per cent, and the Judgment bonds
ana ere, enuc" bonds, amounting to millions OF dol
lars could likewise immediately be negotiated and paid
upon the passage OF such an act. IRON year TO year
acts have been passed by Inc Legislature unaer tnc
auspices Of exComptroIlcr Green, providing that he
might negotiate our bonds Eat rate of interest not
exceeding per cent that nave been made pay
abc In different years running up 10 be year
1900. | am informed that in none Of these
bonds has the privilege been given to the city las
should always be The case IN bonds the
State or municipality to pay TIC same OF at the
pleasure of the government In this general law 10
fund our city debt this privilege should be included,
ana mad this existed in the acts authorizing the present
debts of the city, and toud they be paid OF at once,
under proposed bill for the funding ana consolida-
ton, tho amount OF nearly $3,O0O,O0O per ahnum
would be saved to our taxpayers. l sincerely hope
that Senator Morrisscy prepare and pass this all
important measure for the best interests OF our city
Yours respectfully JOHN Is. hAohiN.