New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-17
DEBT md EXTRlTAGASCE.

l..
the Assembly on an old subject OIL WHICH 'no
people of Ncw-York have not yet heard nan
enough. The story of our municlpai eA-
trayayance has been told over and over again.
but it ought to be repeated and dinned mo
our ears until for very shame and WEAKNESS Oh
the topic we take some earnest steps to"aiu
reform. The financial condition O. the mo-
trorols i. little less than chaotic. lnere are
portions of the debt 30 involved, az Mayor
EJv saws. that it is difficult to estimate thcir
magnitude. There are branches oil tho cX-
penditure in which the power OF mnnlcipai
officers TO contract new debt Is practically
unlimited There are $500 suits pending
AGAINST the city, which involve millions OF dol
lars. Ouy obligations are greater to-day than
they were Yesterday and they will be greater to-
morrow than they are to-day. The increase ~
rand and steady. Nobody knows exactly howfast
we are piing up this mountain OF debt; no.
body even knows with precision how much VIC
owe at present. In round numbers 1t Is not
less than Sl45, zoo, 900, which is just about
800. OCO 900 more than it was III 1860, ana
s2S. 900 900 more than it was in 1879. Nor
do these figures show the whole severity oi
;he burden. In 1860 the valuation OF prop
erty in this city was 30 times as much as
the bonded debt; in 1868 1T was IL tmeS
as much in 1870 it was Ia times as much;
in 1875 it was only times as much. SIM
ple arthmetica calculation Will demonstrate
how soon at this pace we shall reach coniisca-
ton. In proportion to the population, our debt
is far heavier than that of the most extraya-
cant of the other cities Of the New World,
that m
commercial cities of the Old. The debt of st.
Louis in 1875 WAS $3S per capita, OF Chicago
$50, of Brooklyn $72, of Philadelphia TSl, OF
Baltimore sos; while of New-fOrk 1t was no
less than $13S. Enormous debt means enor-
nous taxation. The amount raised 10y the
municipal government in 1879 was $3o Tor
each man. woman, and child within the city
boundaries Luxurious and costly London
taxes it's inhabitants only so apiece.
We say nothing here of the absurd quality
of the misgovernment for which we pay 30
high a. price-of filthy streets, fever-breedlng
piles of garbage, crowded prisons and unpun-
ished crime, swindling and inethciency per-
yading many of the departments, and depre-
citation in values traceabe directly to the
action of our rulers; even if we got good
none the less our duty to cry Halt! There ~
no use in blinking the truth the City OF New
York is marching straight to bankruptcy Taxes
and assessments have sent q great many citizens
to ruin already, and are driving the city itself
to the same catastrophe 1t Is only question
of a few wears how soon the crash shall come,
unless we adopt quick and radical remedy.
Private corporations when they find them
selves in such a dangerous situation cut down
their running expenses, reduce the number
and pay of their employees, and stop every
outlay which is not absolutely essential. Our
ablest business men are now pursuing this
policy to meet the present depressed condition
of affairs. In like manner the City of New
York, Mr.. COwdin urges, ought to
arrest at once and absolutely all ex-
trayagant schemes of sO-callcd public
improvement, postpone even valuable works
which are to cost much money, and refuse to
spend dollar on public buildings not vitality
necessary until the treasury is in condition
to pay for them. So much for the first meas
ure of retrcnchment. Then let us revise our
salary list. The pay of day labOrers in the
employ of the city has been reduced the pay
of salaried office holders should be cut down
also and their number should be diminished.
The whole list of persons drawing pay from the
city treasury, not including mechanics and labor
ers, numbers about s, 100 Their pay amounts to
$40 100000 year, and the greater part of
this vast sum is not given as an equivalent
for services fairly rendered to the public, but
AZ a reward for activity i'll behalf of poiti
cal party.
Mr.. Cowdn's suggestions will be vigorously
opposed at Albany and at the City Hall. But re-
trenclment always hurts somebody, and it
will be impossible to devise any means of
bringing our expenditures within our income to
which politicians will not manifest a bitter
hostility.
THE CONFERENCE YIELDS TO TURKEY.
IL the report Of the action Of the Conference