New-York tribune., 1877-08-31
MUNICIPAL FINANCES.
THE CONTROLLERS ANNUAL STATEMENT.
CONDITION OF TIE CITY DFBT-vALUE or coRPO-
RATION PROPERTY.

1
| Tn accordance with the law Of 1873, re-
quiring the publication months before the election
OF charter officers full and detailed statement Of the
receipts and expenditures OF the corporation Controller
Kelly yesterday completed his report 'or the year ending
August /, 1877. The period OF time covered by the
statement embraces parts Of two fiscal yeaTs-nye
months in 1876 and months in 1877.
A summary OF the operations OF the city treasury
shows the receipts for the year have been S72464
132 81 and the expenditures S71 7Js .194 OF, leaving
balance in the treasury on August OF
S7O5,93s 27. The sinking fund. devoted to tho
redemption OF the city debt, received from
various sources sJi36.2s4 II, which, with cash
on hand at the beginning OF the last year $27s2 93,
made the total fund S5 4O67 o. There paid out
Of this fund. redeem the city debt. s2jOOOOO and
invested IN city stocks and bonds, S2749l37- There
remained in this fund August !, 1877, $lO77f 3d.
The total receipts OF the sinking fund oT the payment
OF interest the city debt ~, ,l64 8A -. or this
sum SI1OOOOO was transferred 10 tie general fuRd FOR
the reduction OK taxation aud f04fs 50 was applied
10 the payment OF interest on stocks ana bonds The
cash IN this fund August l, 1877 was S4l13GO H.
The sinking fund oI the redemption Of the city debt
the Controller says, IS frequently subject Of mistaken
discussion He adds:
Vague proposals are sometimes made 20 abolish II en-
treiy and cancel the city bonds held by the C0mms-
soner5 OF The sinking Fund 10 relieve the taxpayers
taxation for interest them 80 f2r G8 the bonds
Which the sinking fund is pledged by las con-
concerned, IT cannot be touched by any power Of TO
State city Government IL Is true that there is
large surplus IN tne hhhluE iuLd over dbh dNDFf INC
amount Or bonds for the payment of winch t is pledged
by law. THIS surplus could be applied 10 bords payable
from GXati0n ana thus provide for the payment OF nc
from taxation mature ia certain Ye9Ts and, n no ptOyis
ion is made for fher payment by tbe sinking iuId mo
payment OF interest annIaly The city securities IN tho
sinking fund, distributes taxes for payment OF ihe pn-
cpai over long pcri'd. aud by This means e4esssye
taxation ~ any one year ., OF tSe In'u.e , WI ] 20
should be continued ana Increased by spProgains 20
ne" revenues ana oe applied aNo to th; ~ n Va
tlz ut bio lfW II
been estimated indrrd that II ne nS,ng iund J. not
-, ~ - c3, = X, 80 ,,,yalle from Ia yat on and nc
debt itself increased by special LEGISLATION neyo1d
the amount auih,I I'D Dy law ire sinsng iurd wJh
its res, revenues WIN alone pr0vdc for tine extinction
Of the debt without resort To direct aXagu for the pay
mcnt OF the PRINCIPAL o ne inte aeDt lne si a
the sinking fmd Is obvious by reference - -chrdue E
showing The amount Of otOcA, ahd Do4s oi '"c i"tsd
debt payable in each year; III some ]eais over 9IV"VV-
on Decembcr 81 1870, the sinking fund amounted 20
Slsll2soi ~, and ~ the sae AZ & G&.. M m y, o. D. 20 9
yea.s, while within the slme pcHod gohd. ha., it,
deemed by the sinking fund amounting to oN',1ti,oOy
ed debi siJ7l29 Ol less AUGUST l. 1917 han on
August 1876 benz Yl 5oSl4i = SJ he Ci.lot % aii
"D" on August l. 1917, the amount ot 'sinrLt
bonds outstanding ~ 900 les ian on January 4,
1877 as shown by the same schedule.
TIE MUNICIPAL DEBT.
The total amount OF the city debt on August l. 1870,
was S132 903 290 26 the reduction during the year be
inc ssU6 29s o. The following table shows the city
debt 81 all classes Of bonds on August l. 1877:
Less sinking Fund. ..........----....- 2"o7H"'' %
Net Funded Debt.---.-......-..-...-. S3lbjlol3 q
Temporary Assessment Bouds..... s42ll4409 %
Temporary Debt-Keyenue BoIds......'-.. leJ"e'' IL
Total. ............................ Si32096902 %
In regard To the Of the debt statement the Com
troer saws that unless and other classes Of
bonds are distinguished from each other. It is easy 10
msapprehend the tie amount, the increase
within short periods aud the comparaiiyc magniude p.
different dates Tie revenue bona' are l',,u NJ % l,,,1
early current expenditure IN advance 81 te coeeilo1
Of ua taxes, anu are taken up "Aen the aAes ace pd
in. lie says:
Bonds Of this cas, are both temporary aud hlctuatng
IN amount sometimes reaching twenty millions or more
before the annual tax levy is imposed. and fading 10 ave
or FIX million dollars a the close of tne year. after tc Ivy
and collection OF portion oi the taxes and Lc r-
dempt0n revenue boui- Ilc Whole boIi debt ' ths
issue cf yeue bonds 90 enable the Treasury 90 meet
expenditures but ls redneen al me eld oi que gt@t ~
tneir redemption. Tue actual city debt consequently,
Ia moi pcrnaucny increased 10y thr issue OF revenue
bonds provide Tor anuIa expenditures chalgeaDe 10
tie annual appropriations
On the subject OF refunding The corporation bonds a
lower rate Of interest. tie Controller says;
However desirable such iess may be- very siirht
osition ID s quite impceucaie lhe slo'A, shd eonas
for ios terms extending eyra into ne next century.
aud bear in,cr, at D. and pef cent n"t ajr.i 20
,ity Of Ncw-York stands high they hcl as pe,
D. Iucut investments. Do large bocas Doh a home ih
fo tiaf or Government bonds o. ke uLf ard 81 ,iae
ger. sven Do Acw-forh q. lrnts culu hc pnic-areb
at an. 10 cary Oui scIemc rf fniura.uE ne
amount of tie debt wurld LARGELY lgfre .cd bY tl9
gI0tplu uf the prem Mass VII. would it a ,audcd td
.fI auy adv lta-t. '- iycd ffOl ItdI $50 l he afo
o.. mt.rest The Ct, 0f New YORK could D.. 1y refund
. botts Ld stocks fsN orabie terms tnc Uued
~ut.. Government If c bonds SUBJ uclll 80 ar
for rel@mpti,n NrgUtiOis and sacs - cy securities
are always effected an tc Oac,t cur,p ff,- ot inter-
est Asss,uc, bonds, i0r tt amount g c ncenrcs ID
the fnnd provided by low for thcli redemption, rlOre
reir red TO- might be adyantagpOusy refunded, by con-
vcla- bonds this class maturity into funded %
permanent debt bon0s aud thus removing th necessity
a tis.Fp IL -
could be placed Tor.
TIE ClTYs RESOURCES.
The statement concludes 5 follows:
In view Of the present wealth and the assured
future expansion the of the cry VI Now.
YORK. the -Icat commercial emporium and financial
centre oil comment. there occasion Tor any alarm
al the inaSaitgic o the city debt TIE city debt is rgc,
and taxes through ell Known exceptional causes.
heavy; but honest aut economical administration uI tho
Government. and the restoration 90 the NATIONAL
finances and che great ndUstIcs and cOmWercr of tlc