The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-05-02
he deficiency likely to result. from assessment, sollec

deficiency likely to result from coIiec-
tons"
rms imputatlon upon the honesty OF the oficiuis
who may have charge Of the hnances OF the Guy Is
class Of bond debt more than another The bill pro-
vices the ment OF the bonds and has effect
on the collections OF assessments. Tho assessment
laws are as eGscllve orcement OF collections Of
assessments under one system OF payment OF the
Iecled from assessments account OF which the
bonds are snail all be paid into tho sinking
fund.- and 20 that extent they apply to the re.
tnued q special fund. II 70 well known that
a large deficiency now exists N the fund formed by
collections of assessments, arising from vacations by
the courts aud direct charges under special lawl
against the city, OF the expense Of large part Of
causes Tor which the city treasury 10 actually liable
equally with any other bonded indebtedness Undri
the existing assessment bonds can be issusd
ouly for tho term Of nve years. greatly the dsai
vantage OF the treasury, aud constant renewals ara
man by property owners as weli as the deucepcies
fund referred TO- This Dill meets this difficulty
ny an extension oi the term OF reissues OF bonds
Tor Twelve years until the assessments all
collected, wblc tho payment Of the present liability Of
the city account Of vacations OF assessments. &c,
Is provided Tor by the sinking fund without arse
10 taxation special issues OF bonds otherwise
sary Tor this purpose The Governor objects also to
providing for iunung and paying certain bonds Of the
Tow ns annexed TO the CITY from Weslchssor county
amounting TO about 900, 900. and which debt
OF the city under the AunexatIon act. He says
.Thers Is Why they should not be lett TO
get The heneht oil the SINKING fupd In common with
the rest OF he funded debt, Ia their proper turn"
Exactly what Is meant by this Is not clear, az
the sinking fund now applies only 70 = small part
OF the funded debt. The objection made elsewhere
10 the It's Tor any purpose until
tain long bOnds tor which u Is pledged are pad aud
II is SAID that unt the stocks 10 behalf Of which
iund created are fully paid there 10 no sscer-
Ia, ned excess. here is no sum which the Common
Council the legislature can properly direct or pledge
10 other purposes" According - this version Of the
provisions OF the sinking iund It's revenues must 80
on accommodating without application 10 any other
purpose .nan the payment o. suea oonas as the ,uad
bonds mature In the year 1917, 70 the amount Of
81, 900.
me Governor dissents from the provisions OF the
bills In several other MINOR details, IN regard 10
which difference OF opinion may be honestly enter
tanned by different persons but they are not essential
the principles OF the bill aud practical working Of
the plan OF paying the bonded ndeDtcdness Of the
civ through the medium OF the sinking fund.
But alter presenting the reasons Tor his objections
TO the provisions OF the bill the principal OF when
nave referred TO- he proposes TO the very
objects OF the bill, and which believed to be FULLY
provided Tor by Il with an act "which shall not ell.
counter the objections wnicn many Of the provisions
Tuis is merely matter OF opinion which others are
equally quaihed TO determine. and which by
policy which alone warrants the interpretation OF
by the Executive oi either State the federal
government opposition 10 the deliberate and
press action OF the Legislative branch Of the govern.
ment.
me high prerogative of the power was not con.
ferred upon the Executive tor the exercise OF private
Judgment IN tho dlrection and dctation OF Legislation
II be exercised justly and lawfully only for tho
correction OF improper Legislation, comprised UNDER
the heads OF violations OF the provisions OF the
stiIuton, fraudulent purposes nimcal TO the public
welfare, aud and defects OF hasty legislative
enactmenls. 10 none OF these objections are the
provisions OF the bill amenable they made by
Governor Robinson.
HONESTY CALLED IL QUESTION.
The honest administration OF city officials who may
be Entrusted with lhe financial AFFAIRS OF the city
under the provisions Ut the pill ia called In question:
but the reflection may be made IN regard to all
pubic financial trusts under the law generally.
The Governor says-"Despite the lacI that tho bill
provides for the exchange OF city securities To
enormous amount II contains no provision Tor pub
lcly advertising their sale exchange Tor
ing competitive bids Tho entire matter Is left to
any fair premium Whatever upon its new issues.
OF so large In valuable secur.
ties ought DO made public notice, and In such
way secure Tor the city the most prontsbc as.
position OF It's bonds"
1t Is difficult TO account for gross q reflection
upon the character Of the fiscal officers oil this city
by Governor Robinson, except a. an inspiration from
quarter IN which 10 arrogned the exclusive possess
sion OF Official honesty. Tho plain answer 10 this
allegation that tho reissues provided Tor under tns
bill are the consolidated stock OF tho CITY Of
New York" Under existing laws the Issue OF
this stock must be specially authorized by
the Board OF Estimate and Apportionment and
under the PROVISIONS oil the bill IL Is required that the
sanction and authority Of the Commissioners OF the
sinking Fund shall be given also before the stock
be issued or 10 any manner disposed OF
Respectfully submitting tbs brief review OF the OBJ
jeclions by Governor Robinson for returning
tho Bonded Indebtedness bill TO the Legislature
without mis- approval, have tho honor to be, verv
respectfully, JOHN KELLY, Comptroller