The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-30

July paid. There 10 no ascerained excess. There 10
untll then the accumulation must as matter Of GOOD
ian go on a. By tho original terms q inc
ing OF tho excess which will be found ia tho und II
al goes well when it's original purposes shall nave
by the ordinances OF the Common Council the Com
missoners OF the sinking Fund Obliged 10 make
sinking fund has accomplished It's original purpose
whatever excess or surplus there may be will DO
found IN The various outstanding stocks OF tho city,
ready ma1e sinking fund for stocks. BY letting
things alone. BY leaving tho sinking fund operate
with the creators whom fund was first pledged,
and yct Is constantly doing the very best thing TO
debts
The most accurate c,lcula,iou have becn alto 10
mako show that In 1883 the shaking fund.- u lot alone.
will have nm accumulation of $50 900 900 after having
pad $l2 $780, 600 OF the principal OF tho debt coming
duo In the meantime Again. tho bill authorizes tho
ISSUE OF new bonds TO run from twonty 10 hy years
10 exchange for all bearing interest at more Than nvc
per cent that are now charge upon the city. u docs
not limit this issue to tho nccesstios OF the city
arising. from timc 10 time, from nsuiccncy OF the
moneys provided Jointly by Tho SINKING funds and
by Tho taxation. tho probable effect OF TINS section
would be 10 place tho part OF the debt beyond
tho reach OF bhe Commissioners of the sinking Fund.
Despite the TACT lhut bil provides for exchange
ciiy securities enormous amount Il contains
20 provision tor publicly advertising their sale
change or for securing competitive bids rho entire
msttcr Is ioft 10 private negotiation, and the city
might tail TO realize tiny iar premium whatever upon
It's new issue Transactions OF so large an amount In
valuable securitos ought be made public notice
and 10 such way TO secure tor tho city the most
profitable disposition OF its bonds.
Tho bill. us have said, Is obscure ana ambiguous
IN It's language. Financial statutes ought, above all
other laws, 10 be ccar and precise leaving no room
Tor misconstruetion would promptly give my
asscut to any bill which would secure with certainty
= simpler anu better condition OF the city anancce
and provide for tho ext n1ushment Of it's debt
idly as Is consistent with the ability OF the Taxpayers
An act clothed IN very fow words and containing
would accomplish with certainty ali tho bcncnc,al
results which are claimed To be tho purposes OF this
on without encountering tho objections which many
OF It's provisions suggest
Tho act should proviae, first, that tho city shall lay
every year AT least 600 900 toward tho payment OF
the principal OF its debt; second that whenever, In
any year, tho amount OF tho principal which fails duc
Is greater than the sum provided for by tho sinking
iund and by taxation tho residue may DO met by o
now ISSUE oil bonds under proper restrictions; third
that whcncver the Commissioners OF the Sinking
Fund hold or shall purchase any Of the bonds
stocks tor securing the payment tho sinking
jund was croatcd such bonds or stocks shall DO
ccllcd and the interest on them shall ccase fourth
that Whenever bonds for new purposes shall DC issued
annual taxes shall thereafter DO LEVIED sufficient 10
pay tho interest and to meet tho principal within
THE DEBATE
After tho reading OF the Mr. FISH said In order
that tho House may havo opportunity Of passing
upon tho veto Of the Governor ana order that they
may have an opportunity OF reading tho Message,
which 10 mo seems to be entirely illogical and weak
and IN order that the members may have chanco to
digest u, move that II DO on tho table for tho
DAY for the passage OF the bill over the veto. Also
move That II DO printed.
sage viii DO pruto and that tho r.speo. due 10 90
important Message from the executive Of the state
WIN DO accorded 70 IT, ana tina. !. viii receive the at
member. Mr.. speaker, that tho Common Council
o. New York, by. q d,rcc. Message from the
Mayor TO yourself, requested you TO intro
duce this bill to the House, and !, so
introduced and referred 70 tho Committee Cities,
y was defended BY tho Council Of Municipal Re-
form Of tho ony OF New York. 10 which
tho couaelI OF Political Reform. 10 ''s winch .;s
o.se a. 1 IVY ~ ives Sy tho law law
unanimous assent OF the Common Council OF
Now York. Of republicans ~ won - OF
democrats, and II ever . bill was presented 10 ,hs
tho city OF New York IL was ihs bill nov upon the
Speakers table. Now. sir. as some future time pro-
may contrast with tho exalted position OF the Execu-
tive OF this State tho merits Of this bill and tho oppo
70 All wish pa 70 say sss TIM. 'Is
that tho city OF New York, ss s stated that Mes
600 or sh. deb. Dears an interest," Of ns1
cent, $62 900 600 bears interest Of six per cont
and only SIX millions and friction bear Nm interest
Mr.. 6ALS-M.y Just correct tho ssn.lsmans
Mr.. DALI merely With 70 correct you in your
Mr.. BRooKs--I havo the figures by me-
Mr.. UALY-Fity-uvo millions OF dollars worth OF
our bonds bear interest at seven per cent $40 900
al SIX per cent and bot SIS 900 600 at ve per cent
Mr.. BRooKs-wcli, tho gentleman is az fault, on
Mr. DALY-will tho gentleman permit NOR l. - In
Justification OF what say. Tho statement l now
annual message.
Mr.. BKooKs--rhe ratio Of interest tho above
stocks and bonds classified foIiows-At i've pcr
cent, S6.ll50o0; nj SIX per cent, $62, 537OC0; at
seven per cent, $4,000, ooo Now. who is right aud
Mr. DALY-in Justification to myself l shalt state
tho nsurcs and statistics have qaoted certainly up
pcar N tho annual message Of the Mayor
Mr.. BRooKs--I quote from the City Rrcord
Mr.. DALY--l quote from Tho Mayors messaye
Mr. BRooKs-f am sorry to BE- interrupted, although
courtesy. when am asked
Mr.. DALY-Nctbcr do ever fall
ADpisG TO NEW YORK TAXATION
Mr.. BRoogs-I want TO say thai tho effect OF this
veto, II sustained BY tho Assembly OF ihis State. viii
DO 70 ado ono and nall per eons 20 the taxation Of
say that tho iebt which Now York has pay IN 1878
is s3,672,o0o. and tue debt which will have
and Il was in order 10 relieve tho people
OF that city from that largo aggregate Of tlxaon ba
VIZ, providing that mot moro than 81. 0O0O0
year should DO imposed upon the people Of that city
so sow 10 tho sup nn
Of tho features OF the DILL, and u Il dont pro-
pose do than mako these bio assertions nero
now and argue thcm, " necessary, by and byD
In order that tho people OF New York, whore
they required Ia rase 81. 705 900 for the pay
OF debt 1879, might DO rciievcd, that this bill
was introduced. and In orjor TO relieve tho burdens
OF taxation OF that people partially By the introduce
ton Of this measure, aud IN order that Tho city might
exchange some OF It's bonds TO tho amount, as have
said, OF SOL, o00,0ds, Tearing seven per cent inter
est, Tor lower rate OF Interest when
those bonds might DO exchanged with tue consent
OF tho part,cr, 10 la tho case u tue wcstchcstcr
bonds, which were bought ut nero nominal sum,
much below par Il was IN order that tho people OF
New York might 10 relieved 10 part from tho burden
taxation that this biil was Introduced
Quo word There Is no gentleman upon tho
floor OF this House VINO has more respect Tor
mo Governor OF TINS state. personally and poiiti-
caily, thnn myself l have served with hlm IN tho
Constitutional ccmmiss'op. have known OF bis ser-
vices elsewhere nuAGciai olnccr and No publio
offccr, and especially MS Comptroller OF this state
know nim TO DO an earnest. upright, honest, aud
Will nd, persistent and determined man, and
when he acts hts fuot down | do think
u Is In the power OF anybody 10 tako up, snd being
OF that character aud entcrtaiDius no doubt honestly
tho views no has expressed IN regard 10 this hill.
has thought proper 10 do that which, IN my Judg
men will ipnirt serious injury upon tue
OF tho city OF New YORK. HoIdine those opinions,
aud holdug the rignt that mnn on thus noor
may dissent from tho opinion 81 tho Governor
without subject kind,