New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-10-19
THE CONSTITUTIONAL AMENDMENTs.

THE CONSTITUTIONAL AMENDMFN7S.
The Committee of Arrangements having
charge OF the mass meetings TO be held next
Monday, very appropriately style the proposed
gathering meeting for the reduction OF the
"taxes and debt of the city," The object oil
the most important of the amendments which
the people of the State are now invited to
adopt, is to limit the reckless expenditure of
money, which is driving the metropolis toward
bankruptcy. Mayor Ely stated in his Annual
Message last January, that there were por-
tons of the city debt so complicated as to make
an accurate statement of their amount almost
impossible; there were nearly four thousand
suits pending against the city, which involved
in the aggregate several millions of dollars
authority had already been given for the issue
of many millions more of bonded indebted
ness and there are certain purposes for which
debt can be contracted to an unlimited amount.
The total debt last January, less the amount
in the sinking fund, was given by Mr.. Ely as
about S120,000000. On the LIST of August
1877, it amounted, according to tho Control
ler's annual report, to $132, 100000 But the
fact is, rObOdy knows the precise figures. IL
is understood that i'll two years the increase
has been about $50 100000.
This is serious enough, but it is still more
alarming that the debt for a long time past
has been increasing much faster than the val
uaton of property so that the ratio of our
debt to our assets is advancing at IN acccler-
ating speed, and the burden of taxation is be-
coming heavier every day. In speech before
the Assembly last winter Mr.. Elliot {. Cowdm
showed that the valuation of property in this
city was thirty times as much as the bonded
debt in 1860, seventeen times as much in
1868, fourteen times as much in 1870. and
only nine times as much in 1875. In
this last mentioned year the taxes amounted
to the enormous figure of $50 for every
man, woman and child in the metrOpo-
lis, while luxurious London, with its great
public works, its careful police. and its cum
brous and extravagant system of admmistra-
ton, taxes its inhabitants only so apiece
1t is evident that we cannot go on at this rate
much longer The end is III plain sight, and
not far off
The Tammany Democracy has boosted Of
considerable reductions during the past year;
but we fail to discover, from an examination
of the Controllers latest detailed report, any
substantial change in the time-honored Gus
Of the debt in twelve months, as reported by
Mr. Kelly on the 1st OF August, was the trihe
of $500, 900, mere bagatclle, when compared
with the total of the indebtedness. The
amount to be raised by taxation this year is
$29.17S.9i0, and last year it was $751;
IO9,J21; but while the dangerous pow
er remains of raising money on bonds for
various branches of the city government, the
Tax Levy gives but an imperfect test of our
actual outlay. The policy of Tammany Hall
now Is manifestly directed toward profuse ex-
pendi lures, toward making work for the unem-
ployed, aDoishing the economies of the con-
tract system, and carrying on all manner of
great public enterprises for tho pleasure of
Democratic voters. Moreover. the weight of
our burdens is TO be judge by our ability to
bear them, and SO it may well happen that
tax of . 80 in 1877 is more grlevOus than was
a tax of 2. 80 in 1876. During the past year the
valuation of taxable personal estate III the City
of New-York has fallen $12,59S,0 900. In five
years 1t has fallen no less than 100000, 900!
The valuation of real estate, meanwhile, has
been pushed MP, and the advance for the past
year is reported by the Controller as $2,776,-
900, leaving net decrease of nearly $IO,-
taxation. But everybody knows that the Off
cial increase in the valuation of real estate is
fictitious II does not Indicate an advance in
market value or in productiveness. While the
assessors have been marking mp their esti-
mates, il is notorious that values have been
shrinking, rents falling, shops and warehouses
standing empty, lots left vacant, and the I'M
fortunate owners of real estate staggering I'M
der load of property which yields them no
returns.
If our city is to be saved, this reckless and
cruel waste and taxation must be checked, and
we see 10 way of checking 1t except by giving
the taxpayers what they have never yet had, a
reasonable degree of control over the municipal
finances We believe. If the case is properly
presented to the people, the common sense of
the great American pu.S,c will support the