The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-01-08

ir,n ,,.,n,'t! 22.:7l 400 ~ al.asa 40 %
i,,,U, bonds. 80 sie6"o' 49, 90
l.tttuc hUul.. l~i6 6uoL.Dp CO., A,lu" ~
h,,,nuc touis. ls''.. hHii.oo p1
Total .......... supsualo 80 SUI oio,ool
TI.c un.t yoar usIfl will be- memorable.
lYNa. as fN' beginning % u n w epoch IN the
ON 90 al history oi our city Go' rnmnuL
4 ..u ST lIv I'm ing. From an ind thtcd-
nD.- oi about slSnunnnO ON be-. 81. lsj7. NJ The
~ roan' hgi IN ir3e. ''I'' ,n' tssoliigI26
tti- pyerrd the roriod oi ih' war durins Two
y..r- of whmb, 1868 and lsd4 more than sl2.-
llN nll WIS aided TO the Debt.
From 1867. Y may I've dated the access on ~ the
corrupt ndmn,strion known M th' Ring
t'ful 'antrnl. This dynasty wu' uucd in plw-r
iur uuars five years. until 1872. during which
"rigd "a" aggregate dcut 81 the clty Increased
Dee a. i-cs asos,e,7 81 DC a. is7i aeo $50 %
Zee Ai, isi, tl ~ 60 y. Doe 81, 1917 ".as2 1913 %
Then followed nm almost entire change Of adj
ministration. and many sincere Efforts to econ
oml2r expenditures aud diminish the increase
of thrpuoltr debt But such Efforts were only
to q limited degree successful. ~ the following
table oi It's increase from 1913 to 1876 Will
show:
be i.-a 1ois-ao bee 81 80 80 i"si SO 50
During the year 1877 the BOMBED debit II the
, city, - noted above. was reduced to. and now
I TINS rodu ton Of more than $4,000 900 from
tn" debit ut 1876 ~ mainly auri1uttnl" To- tho
Chr'iul and economical management OF our clty
{ rhr new issues Of bonds made during tho
/ yrur just rosrd were only such us were mad"
I ,"nru. sorry nv existing lawa nnssrd prior 10
! Jan. L. 1871. except NJ n small amount ttA.-
'"'.5u PASSED in 1877, and were Tor the follow
! ruii ,,ork,-strcet openings ard improve.
/ run c wo,s.- ,roon water work........ ~, ~ ii
1hn ID .ru Court ious ............ - 80
a. 60. n i.i t."Ni w II, $3.50. 't't'.'''.' ~
Jwismcni and claims TOT an.ries aud nj, 49,, .o
/ Thri a,cuuc woru.auai impro,,m,n,... q - ~
Sow County Court House ........... ..... 49, -
! This is exclusive ~ reissues and OF tenn
porary revenue bonds issued in anticipation Of
Inc last issue Of city bonds were Ave rcr
cont bonds, made payable in from thirty TO lty
YEARS. and were awarded at from par TO 2.05
THE SINKING FUND.
II further issues of bonds for public improve
| ments could bc stopped. the HccuWulatlOns in
| the sinking fund would soon relieve us OF the
burdrn of debt.
Many OF the objects for which now bonds are
| directed TO be issued are near completion. and
MAT the l"gislatur" should not authorize any
additional permanent bonds unless for some
are issued during the next eighteen or twenty
years. except To renew al those that IN the mean
| time mature. and thus the de- br maintained
OF that period the sinking fund will reach an
amount larger than the entire city debt
TAXATION.
For many years past | think our eyetam OF
taxation and expenditure has been radically
| wrong. In January We find IL necessary TO
borrow money for the current expenses Of the
| city and TO continue the praetlr. until the
month NJ November. when the yearly taxes are
payabe. That IS; we live ten months in advance
ofour income. This Seems To No. Ia be- IA vicious
system. and ought to b. remedied OF course II
cannot be done suddenly or n single yesr.
Ii would not be pra ticable to levy new year 5
fuNI- This month for "a lNIs when
taxes uf 1877 ar" stiil in large measure unco-
l'ctel hut zach year we might collect our an
nUll Irvy one or two months earlier. and So N
a few years let back to the only proper system
| 81 collecting our moneys before expcnd NJ
them. This would result N saving in interest
o! t5iO!OOO per year on revenue bonds issued in
anti ipatiun of tax receipts.
| II has been suggested by able nnanclers that
II power could be lodged in proper hands to
| make the necessary transfers. tue city dent
| M shi he cousolda ted in a long hond ~ four
AMI a half Der cent interest After paving the
current premium On me bonds " o." city row
outstanding. having higher rates OF interest. II
j. "~tliuatnd that very ncnrly or quite mill. on
Of dollars per annum could be thereby saved IN
our annual interest
In addition to this. think market for ~
least one-iourth Of our entire city dcht n bonds
OF small demon nations az Jour and half per
'-eut annual Interest might ha found among
the Industrial class.s Of the city. whose distrusi
Of savings institutions would lead them e. seek
such an Investment The taxation for the year
just PASSED Wis based upon general valuations
not greatly differing from those OF the year oT
Two preceding; cons luenilv. In many IN
| NANNftN lufNf H~~fhf llitNf pf'fn bu NHiNl-
tons much greater than the Present market
Vau' of the property. This II continued
| would work a double wrong: Fret. IT 10 au
improper and onrrouS ac,ion from the own
% ie property: and secondly. II givesa hctl-
tiou- aggregate to the value Of city property
III u winch our proportion OF STATE tax -. I,
som. extent. based. think II the same rule o
valuation should be- applied to this city as Il
Other parts Of the STATE, our contribution iol
State purposes would be- diminished one
quarter. aud would reduce our burdens IN tn,
extent % another million Of dollars annually.
aul.fUif a fulll ff aSepsasI valuation of
amt personal estate. the ratio Of tax, ANA Thu
aUloGnt OF taxes levied IA each year from ls7.
to ls77 inclusive. furnished by the Comuis
slourTs Of Taxes:
4..,,. frls <ss al ralua-