New-York tribune., 1878-04-30
ALBANY.
THE CITY FUNDING BILL VETOED.

session UI tue AbStmuiy thlS S'Nuine o''NA''i
bills we're received from the Governor returned
without his approval Among tbem was the bill
relating TO certain indebtedness Of the City OF New
York and providing cancellation Of the same, and
known as John Rey's Funding Bill Following are the
principal points in the accompanying message:
THE VITO MESSAGE.
STATE OF SEw-YoRK, EXECUTIVE CHAaBEn:
ALBANY, April -. 1873.
To the assembly: return, without approval,
Assembly bill No. IGG entitled IAN act relating TO
certain Indebtedness of the City Of NewYork and to
provide for the payment and cancellation OF the same"
I have given 60 this bill careful study,
coming 10 its examination with strong pre-
IaGS IN and m c,nrocr Of the city OF Ncwyos
measure that Will simplify the financial affairs OF the
provide for the payment OF IT'S outstanding stocks and
bonds at maturity" My own examination Of
win accomplish nothing toward these purposes
beyond what wilt be attained the financial afiars Of
ana laws general objection TO the whole bill is, that
It's language is SO obscure ana mvo,yed ,hat
tain Trusts enormous as those Affected
by this bill ongbt not to be subjected to statutes want
THIS stated in the memorial OF ITS aathoriies recon-
iIs temporary debt payable from special assess
ments IA %2l 329,JOO; the revenue bonds which
are issued ever, year ~ ~ F HS tS aVr enf
OF the assessment bonds the moneys collected ana 10 be
bcse te,nn0,try assessment bonds snail be mixed up
yli the funded debt ana that the existing sinking fund
ri"d for tGc rSdcnpfion of The funded debt shall be
made liable for those mUorary bonds IL provides, it
il true, that the moneys now IN the treasury
nf The cify, collected account Of assessments
for local improvements, and all moneys that shall bo
collected hereafter account of assessments for ocui
improycm,us, begun snail D. pld INTO thc shhlnR
fud thar only the deficiency in me collections Tor
these assessments VIII IA fact he paId out OF the sinking
fund rhls provision Is not IN iLe direction or
simplicity, nor T. II consistent WIN Rnod tnlh;
Tie sinking fund was established tor. and - pledged
TO- The protection Of certain long bonds IL u OBVIOUS
that the,c assessment bonds are md. clargr unom
hr king fund. thew having shorter tne 10 run VIII
b. paid caller and nave Pfcicr"ucc over Inc bonds to
which he sinking fund belongs ana !, pledged. m
AGothcr class o. bonds hinplhtiuE To one hIIhph OF
dollars, receive Ike unfair preference 10 wi
CERTAIN bonds oi tit o%n, 4A"SAro 10 N - ~ oi M,
York rom Westchc,tci county lhe'bN S'ct on are u
De called in. redeemed Hnd cancelled Oht Oh SINKING
uud not originally pledged 60 lhSm ihrac "osIShesIgi
bonds have 5crd y Jtrh assulfI hy Tue CIV ln'it l7
no reason why shpnd not he rlt Ia get the benefit
OF the snku1 ~. J. IN common with the rcst oil The
bil prof ss.s :, ply INTO tine sinking mud whole
sum 10 he c'il from asses. .meni' u P,oVih's that
estate shall u cancelled OF record, tuus ncrcaSus thc
burden uniisy Iuposcd on the iii King fund for this
sccion q 81 The bill provides thar. Whenever IN any
year the COMMISSIONS oi me sinking ana SHAH 'ory
that The accumulauOns ~ thG smhlIE Fdhd are not
sufficient to pay the Stocks ana bonds b'com-
ine due in me n,Nt ca'cndar, year rue cry
shall levy toward ihe payment oi such bonds or
stocks, provided tidt such i1A sh' ui cA''d ~ aht
one year @lnoooOo ms $, I19, 80 .,' ,iohi '%,i. %
Ing Tor tnc ncnt and cancellation o 10, 'iy "e"i
which the tn o. ie bil proclaim, as les g9'r ~ Lrt
pttIN- Us dtnl "a f comes uir.
however wiIlire 10 may be to DO ~.
Ihe sinking fund ior tc redemption Of thc city dcht
was established many yr"is age y! oi1hthc. OF me
Common Council II lt Gdhsrrou' l"I l' - Ei- 3hI' u
meddle degree wan IT. ofrlhu pledges. II
was established To provide Tor the pa'ment "f
certain bonds OF the cy, which amount 10 ~ u 7l
5lO.Ui3 A.. not payuN" s'nc ~ th'n anti lHl' Tie
securities ~ tnc sinking iund amount now 10
S3l ,OoOO07 81; that Is I" say. there j. q
nominal excess OF F",''VUV"' ana "iI lhi~
stocks. in behalf o. Nnrh fund was credi,od are
ihy paid. Incro Is no a,ee,Aiuod excess Ihrre l. 40
@ ,',,..ri,, I,,rt a. M. dee J., ntprr iurr,.,.
Agau the uiiI authorizes the issne ui new brnls, 10
@ i'' ii iiV' ~ rnI i . rci cn, lai an" now
charge upon the city. IL does not hnt this Issue 20
time rom an iu-uniccucy OF t4c m.usys p.o-
vid,d ipuuy Icy tnr sinking FUNDS HHJ by the NaiiuG.
greater p the debt beyond the reach ~ tlr Com
mls.,uer tnc nhing FUnd. Despite the idct that
u cnorous anouuj, Il contains np provision fOr pu.
c,y advertising teir sale or exchange or for securing
COLLATION., and :Ae city might Ia. Io T'shI1 aL5 IaIr
premium wua'cycr upon Us ne" issue. 80,
wlHca wOuld with certainty simpler
ana better condition ui IN t!.y l".et and T3Noc I9r
consistent Win the ability ul uic taxpayer An a't,
pllsu with EJ AL tbr beneficial B., suits Wh"h are
ci1r,c to le lie ruIpu.e, uf t!s bill, without cneuun
tcrng nr objections wlcl many Of is provisions sug-
gc7t. Thc act sHoud provide:
first -Tuat tho c.y shall Day every year ai least
81 100000 toward, iae payment ~ the principal Of IT,
SCfonl-That wAeucy,. 10 any year the amount of the
principal which iu- du, D. greater Than The sum pr
yIG.d iol by tie sukIlg fund auG hy taxation, ihr
residue may He hct "i Le" 7Su' VI D"h"' uh''i
rIIydrTnt whenever the Commissioners Of thr sink
ip4 Fund hold snail purchase any oI the bonds or
,rchs, for securing tie p'j lths 0i Nhci thr ShhIA-
Fund created such "onla oI s,' b. snail be can
ccllcd. aud the interest oa t"rin 0hhI ','r'.
TOurth-Tuai whenever bonds l't me- purposes shall
DE i--urd annual taxes shan h"fcritef he levied s
pay Dc interest ana '"meei thr hrprinlrhl Nith
twenty wears. l.. ROBINSON.
THE DEBATE.
MI Fish said : L. order that the House r.y have
opportunity of passing upon ho vet o the Governor
and IN order that they may have opportunity
Of reading the message, which to me seems 10 be- Ell
lirely Illogical ana weak and In order that
the members may have chance 10 digest IT,
move that It bc laid the table for the present, giving
notice That rhl move at az carly DAY Tor tH passage
the bill over the veto" all" move At Toe printed
Mr Er1%hsl @ h3'g; 1 Gi m T 1e en- l,ia .'' ~ @ m
corded &c, and That u VIII receive thc attention of
ne Uonse to when II Yen viii frucuIhrr Mr
speaker that the Common Council Of New-iOrk by q
rect message from ~" Mayor 20 }0uf'ch. requested
vou 10 introduce thi, bill &" ,Lc House ANA vas m
r0duccd aud refer ed 10 III Committee on cities, where
II remained for good many ~eeSs, end where
II was defended by tle Council of Municipal Reform OF
inc city Of NewYO.k, IN winch are eminent lawyers.
If was defended bY The Council ~ Political Reform In
oiiicers Of the city Of NcW-Gork. IL received
tho unanimous assent 81 tne Common Council
democrats and II ever a bill presented 10 the
House backed by the strong opinion Of tho strong men
iu the Ciiy OF NrW-Eork,I II The bill upon thc
Spkrrs taOlc. Now, sir ~ some future time piopose
10 consider. far "a one ~ nay humble position NAV
contrast with exalted position OF the Executive al
mis- STATE the merits this bin and the opposition to
this bill ~ hps been presented by the Cover
nor Al ! wish to AT this time f.
thar the CITY OF New York, stated ~ nat rsage
hurcued with debt OF Sl2OOOOUOO, aud - 900 900
OF that debt bears interest Of per cent, S62 100000
b. ars an interest Of per cent, and only
ST 900 600 aud fraction hears interest Of per cent
The effect of this vote II sustained by the Assembly
will add i2 per cent 10 the taxation Of tho CIV of
NpN-York In the year 1879. also want 10 say that
tLe debt which New-NOTk has to pay In ls7S is !
81 G72 coo aud the debt which viii have 10 he paid I'm
The wear 1879 IL ~, ,7OJ 900 and II In order IN re-
Ii,ye the people OF that city from ,lat LARGE
arl,rnrnie nf inxallnn Lhnf nrnXsinn ,rna