The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-05-02
THE STATE CAPITAL.
Freight Determinations To
Be Investigated.
EXCISE REFORM BILLS.
Mr.. Days Plan to Regulate
City Finances.
INSURANCE MATTERS
Passage of the Public Burdens Bill and
Canal Appropriations.
EXCISE REFORM BILLS.
INSURANCE MATTERS
IBY TELEGRAPH TO THE HERALD.l


ALBANY. May 1, 1878.
To-day Mr.. DAILY who represents in the Assembly .
section OF the democratic party opposed TO Comp
troilsr Kelly and very much in sympathy with Gover-
nor Robinson, introduced the following important
bill, which Is intended to replace Mr. KeIiy's recently
vetotsd by the vernon, and meet views OF His
Excs'snoy as above expressed. In the meantime the
Assembly has taken no action the Of the tor
mer bill, although the Tammany members and their
republican sympathizcrs SAIL hot about It, and II Is
pretty safe TO say that Mr. Daiys measure whatever M
merits however would DO 70 receive the
Executive approval, will bs met with . showing OF
teeth
COMPARING BILLS.
The principal argument in favor OF the Sinking
Fund bill that was vetoed the fact that
next year there will be payable from taxation
about $4.5oo,oVo Of bonds, and that in ine pres
ent depressed state OF property, so large IN
amount will be onerous upon the Taxpayers. One OF
the provisions Of that bill 10 that not more than
81, COO 900 shall be raised by Of tho
principal OF The debt In any year.
By another provision OF tho bill, however,
the surplus revenues oil the sinking fund for tho
payments OF interest the city deb, which amou united
last year to Sl,l00, 600, and which by law
transferred the general fund in reduction OF taxa
tion, Is transferred to the sinking fund for the
demp,on Of the city debt Tho effect Of this provision,
would be to add another milnon of dollars TO tho
amount be raised by taxation year. DO paid
into the sinking fund, 50 that practically the
taxpayers would contribute something
81, 000. 900 next year toward tho payment OF the
debt The Daily bill provides directly that 81 000. QUO
shall be raised each year accouns OF the payment
the debt. and that whenever a creator amount OF
debt than 81, 900. 600 becomes due IN any year
bonds may be issued for the Therefore in
spect the amount OF taxation next year the Two
bills would produce the same effect
After next year the amount OF dent coming due In
any year until 1884 will be In OF So 900
each year, hencA taxation In those years would not
be affected by either bill In the vetoed bill
however, the $l,000,UO0 to be raised by
tax not DO raised there is a
surplus In the sinking fund over the amount for
which It ID plsdgsd bile the DAILY bill Axes
form amou ut TO DO raised each year. In tho vetoed
bill there is, as observed by Governor Robinson, no
prov requiring the bonds and stocks OF tho city
whereas the Daily bill provides that all
bonds Of the city shall DO issued only
In public advertisements and to the highest bidders
Both pills provide that for any bonds hereafter issued
there shall be included year yhe tax levy an
amount sufficient with tue accumulation OF interest
thereon TO pay 'hem At maturity.
Tue provisions thus stated constitute substantially
the whole Of the DAILY Dill, which in no wiso effects
contains many provisions, such transferring Ms.
sessments 10 the sinking fund making assessment
and others, which arc declared by advocases
Of the now ono TO DO cumbersome and
the prssen. bonahoaors. viii be- unaissraDIo here.
alter. They DAILY bill, they say, simply
meets the question OF equAiiziIs tho pay
that they VIII DO UNIFORM each year. Mr. DAILY hun
self claims Tor his bill tue merit Of putting positive
stop to the paying Of commissions to middle IN
sale OF ties, whcn treIy
Of the bgn credit Of NE city Of New YORK aud
the easerness OF competition for lis bonds. He
says thar II answers fully TO the requirements OF
sinking iund bill, as stated IN the HERALD Of inns
morning
An lct TO provide for the pay mcnt and cancellation
OF certain bonds and stocks OF the city New YORK
and Tor the issue Of bonds Tor that purpose:-
1. There shall be included In thu estimate for
each year m made ey ts ssrd OF E,,n.,. and
s2ooooo toward the payment OF this principal st bands
bonds maturing during the calendar year Tor
which said estimate is made aud the Of said sum-
stocks falling due in said calendar year. shall
stocks payable rom ..xs.Ua Other than bona
ms.urng during the e.ena.s year % which ..a s...na,s
.mouns u said bond. and stocks failing due ~ said eaen
stocks payable fre% ss.s.oS other ,nsn rsysnso bonds
hsnsss9 yss1 and stock. Of
the city Of Ssw srk rom tssa.ion o,ss5 than
~ due the compsro,sr ct, q '.,a city may on es,rs
,s,a exies. over e. 1000, mentioned bonds
sa per- .naa and shah ss PAYABLE no.
.s ys1 ~. .s
a %
a the psy%sa u ali bonds and stocks OF the said city
here s:1ea TO ,n .. any statute
psysble from taxation, other than
sosa s. sha ss IN the .hs
sae 80 Ie raised BY tax on the estates real and
with the accumulation VI interest thereon. d
ehsrss The smoan q sad bonds and stacks cy .n time the
said Board o. r.timate s-sd Apportioamen, Dy the
." IN i It, 81, q s"T %ss s P.S % ss then
fluid for the rsas@pl,on stock. a, ms,a
my and shall Invested BY them IN ,he same manner
bonds oond o. me city he shall invite
ps" ,,n day. " sse Al .ss to- 10.
bidder therefor divided shat proposals shall %
ei the purchase 81 BOND. anu .oes as aforesaid s
ss q fna the 81 81 ss
shall ..,sad sad :. ,te time aud place spessd In We
shall r. opsm.a sisrs The time seesih ahors,
= majority. Of them, .nsi as,srmiss ~hies and
s wss aps Sss tho s a s p NAL De ss ss
,ss ,s,peeys y %, nT'o. rss,s Yid, are
provided that tue ,omp.rones may, With the |
sent u the COMMUNIST nct- =, TIE sinsing iund.
pos. he .n s dem tor the paoe Interest ss Gu sS
bonds shs, ser required, rssdvrr,sed aud
propoals invited and awards inas La the above
specified
FKElGHr DETERMINATIONS.
On the 9th OF the pas, month the following me- |
moral aud concurrent resolution IRON the Mayor,
Comp ROLLER CHAIRMAN OF the Finance Comm
of the cay oi New York. mo Chamber OF Com nercc,
importers anu Gr0cers' Board of Trade aud tue
Board OF rtaie and Transportation were presented N
Assembly by Mr. Brooks, read twice und reisrred
10 the Committee on Railroads.
To rus HosogsnLs tn. LsoisLAroas ras Stars ov
Nkw Nonk ~ stSArf AND ASSEMBLY, coSyKssp;
May please Honor able bodies
respectfully represent 10 your honorable bodies that
prodrcim4 and eommefciai Interests the state
and particularly those OF the city OF New
York, have suffered greatly aud .tnl sui.
ering by reason OF the unjust driscr ations aud
other dciects existing 10 the ~ tna rAIl
roads chartered by the state of York. that said
rsrvsds the habit Of carrying freight Tor the
ciiigrns OF other states, and also for citizens ~
cyn countries at lower rates than tor the citi.
VI tie state Of New York. and that individual
citizens OF tins state are given special privileges rates
OF all proportion public
In general
Details Of these atusss set forth in the appendix
to report VI q c"fnmittce OF the Chamber u Com.
merce eopy o. which y herewith submitted aud