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

N>~"-~~~--
BoNDHoLDERs.
New YORK., Jan. "a, 1874
To Hon. WILLIAM H. wIcKBAM, ex-Mnyor:-
SIR had the honor yesterday 10 be present At .
meeting held AT the Mayors ONCE, convened by him
TO hear q committee Of the Municipal Reform
crs 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
able Peter Cooper, Chamberlain George W. Lane,
Dorman b. Eaton. Comptroller Kelly and yourself
You commenced your remarks by expressing surprise
at the ignorance displayed by thc'gentiemen who had
preceded you. As Nr Kelly, the present COMPTROLLER,
was the one who Immediately preceded you-apd
whose familiarity with the affairs Of this city and char
q real relormer Is recognized by ALL was sur
prised the inacicacy Of your illusions TO ms iguo-
rance, well that OF the venerable 0ctogenarans
who had proceeded him. This was not only insulting TO
those gentlemen but your remarks showed
great ignorance In the statement that the Tax lew
tor This year was s27, oOoo 900 and the rate 26o when
Comptroller Kelly, preceding you, had stated that tho
appropriations composing the city budget for the
present year amounted in the aggregate TO
$50 269 49, the real to be raised is at
leas. SIS, asa, 900 as and with rate which Insist
will amount to ut least 265.
MICH REFoRMERs.
Not one Of the gentlemen who spoke at this meeting
suggested any practical measure OF Legislation 10 re-
form the abuses existing in our city government or to
reduce our present taxation. Many of the gentlemen
who thcrc representing the financial institutions
OF this city hold the bonds and loans OF our
city at rates Of interest ranging from SIX
TO seven per cont While suggestions were made
in reference reducing the salaries Of our city Off
Gals no mention made by any Of these disip-
gushed ba to the necessity tor reducing tho in
beng paid upon our city debt To the rate OF
iour ana half per cent (which Is the rate at which
the. Syndicate recently negotiated in Europe our
was any detailed statement or plan proposed or offered
BY Mr. Eaton, VINO appoarcd TO be the principal
speaker for tho Municipal Reiormers' ON the occa-
sop showing wherein the city bonds might be funded,
and city debt, covering accounts in tho Comp
trollers office numbering oighty, consolidated SO
to facilitate the business OF the city and reduce tan
alton.
HONEST GREEN
Mr. Senator Morrisscy has recently had resolution
adopted in the State Senate calling upon tho Comp.
troller report detail the bonds outstanding against
the city the rates OF nleres, paid and when they ma
ture suggest that this resolution should be SO
amended thnt the Comptroller also be requested to re-
port by what individuals and corporations such bonds
aud securities held. This additional inlorm nation
would probably show tho reason why none OF the dis
tnguishcd municipal rci0rmers' who were present
yesterday, had prepared any plan reduce pres
enormous rate OF interest to amount below Ave
per cent II isa fact patent TO every ctZcn that OF
the $50 600 upon which now seven per cent Interest
IS beng paid, more than $40 000 900 OF this amount
negotiated at this enormous rate Of interest during
the administrator OF ex Comptroller Green II is u
fact equally patent to every well Informed citizen
hat during the udnin istratou OF ex-Mayor Wickham
who with Mr. Green were members OF the Board OF
passed during their terms o. ON looking 10 ''lund
ng the city oebt and reduction OF the interest 10
a rate oil five per cent and under.
REfORM
MY object in writing this communication is simply
to call the attention OF the public TO the factthat
Mayor Wick ham and ex.Comptrolcr Green during the
nd
carried through real measure oil reform IN favor OF
the taxpayer. ana .nas uaarf 'mem our 'axes ana
extent rendering present city securities less valu
than those OF Boston with maximum rate OF six
per cent INTEREST," in the financial markets OF the
world. The Legislature OF the State oil New York is by
constitution prohibited IRON raising ny taxation in ono
anomaly exists that any the cities Of the State may
incur debts 10 any amount. An amendment 10 the
constitution should be had by which this city should
have its debt limited 10 at amount not exceeding
$l5U 900. 000 general law should be passed funding
and consolidating our present city debt, payable IN fifty
years, at rate OF interest not exceeding live per cent
PRACTICAL SUGGESTIONS.
1t is true that many of the bonds now existing and
outstanding against the city have yet many years 10
loaner would prevent, without voluntary surrender
Of the bonds The compulsory reccn, Thereof yst
could be immediately funded at rate OF interest
exceeding five per cent, and the Judgment" bonds
and IRE, enIc" bonds, amounting TO millions OF dol
lars could likewise immediately be negotiated and paid
upon the passage OF such an act from year 10 year
acts have been passed Dy Inc Legislature unuer the
auspices Of exComptrolcr Green, providing that hc
might negotiate our bonds at rate OF interest not
exceeding per cent? that have been made pay
abc different years running up 10 he year
1900. | am informed that in Of these
bonds has the privilege been given to the city las
should always be the bonds the government
state municipality, TO pay TO same OF at the
pleasure Of the government In this general law
fund city debt this privilege should he included
mad this existed the authorizing the present
debts OF the CITY, and eould they be paid OF at once
under a proposed bill for the funding anu conso,iia-
nj mar
would be saved to our taxpayers. l sincerely hope
that Senator Morrsscy may prepare and pass this all
important measure for the best interests OF our city
Yours respectfully, JOHN Is. HASklN.