The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-01-28

In his communication to the Legislature,
on the proposition to restrict the city debt
of New York to one hundred and fifty mill
ions. Comptroller Kelly points out the evils
of reckless legislation at Albany, by which
the city authorities are not only authorized
but often required to issue bonds for pur-
poses not approved by the taxpayers, and
thus to add to tho debt involuntarily. This
naturally suggests the idea that all such
laws, which do not leave the question as to
whether the bonds shall or shall not be
responsible to the people, should be repealed
or SO amended as to leave the issue depend
emit on the vote Of the Board of Apportion-
ment and the approval Of the Mayor and
Comptroller In striving to prevent the in
crease of the city debt we should be
careful that we do not prohibit
ourselves from making necessary and
remunerative improvements. 1t would
be very short-sighted policy to place o
growing metropolis like New York in q
strait-waistcoat, which would cripple her
movements and compel her to lie powerless
on her back. At the same time it is desir-
able that we should relieve property in these
depressed times from an excessive burden
of taxation, and should guard strictly
against any increase of the public debt
through improvident or inexpedient ex-
penditures.
We can prevent the unnecessary increase
of the debt without tying up our hands by
placing the issue of new bonds wholly
within the powerAnd at the responsibility
of the proper city authorities, who are di-
rectly answerable to the people. But in
addition to this we need new legisla-
ton in regard to local improvements.
No new streets or avenues should
be opened until asked for by
majority or two-thirds of the owners inter-
ested, and then no portion of the expense
should be assessed on the city, but the
whole amount should be paid by the property
directly benefited. There should be no
possibility of vacating assessments made for
improvements. This would remove one
important cause of the increase of the city
debt. There should also be complete
change in our assessment policy. If we are
to continue the Objectionable system of tax
ing personal property our city assessors
should be careful to assess none Of doubt
full character. We have, unfortunately,
been anxious to increase the personal assess
ment rolls, while real estate has been depre-
ciating, for the purpose of keeping down the
rate of taxation. The result has been an
enormous tax deficiency year after
year, which not only makes the
unexpended amounts of appropriations
mere paper balances, but leaves us
short of the amount actually needed fo1
the years expenses. The amount OF money
estimated as to be received from the general
fund and the amount raised by taxation in
each year are made to balance the amount
appropriated for the year for the expense of
governing the city and for State taxes, in
terest on the debt and other annual ex-
penditures, with the addition of a small
percentage for errors If at the end of the
year we find it has not been necessary to
spend rs much as we appropriated at the
beginning by the amount Of one million
dollars we ought to have that sum on hand.
But if we have failed to collect two million
dollars of the years taxes we have actually
q cash deficit of one million. Without ref
erence to these particular figures such has
really been the result for years We have,
through non-collection of taxes, had a
deficiency against us each year, and as this
has not been met by direct taxation but has
been by some unknown process covered up
and "bridged over" it must be made in the
end an addition to the debt. The evil has
arisen mainly through discriminating
assessment of personal property, and this
should be stopped at once.
The first step toward putting the city
financially straight should be to ascertain
Just what our actual debt is. Revenue
bonds and assessment bonds that will come
back to us are not debt. But that portion of
the assessment bonds that either by vacation
proceedings or from any other cause will
not come back to us is part of the funded
debt, and should be there placed. Any
deficiency from uncollected taxes and un-
paid claims for which no appropriation
exists also belongs to and should be added
to the funded debt. When the exact amount
has been ascertained we believe that q
proposition to issue long five per cent
bonds for the whole debt would bring back
to us by far the greater portion of our short
six and seven per cent bonds for exchange,
and so greatly decrease the annual amount
of interest now paid by the city. The issue
of long bonds would relieve the present
taxpayers and give the accumulating sink
ing fund chance to pay off the whole debt.
Those Jersey Hcathcn Again.
The latest developments regarding the
brutal treatment of Mrs. Shepherd at Rock
Mills, N. j., last week emphasize the