New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-12-15
WORK FOR THE LEGISLATURE.

A good deal in the way of municipal reform
WAS ACCOMPLISHED by the last Legislature, but
mnch remains To be done by It's successor
Owing to the new Constitutional Amendment
limiting the indebtedness OF cities, this WORK oi
reform will need to be taken up early III inc
session. The bill to improve the condition OF
the city's Sinking Fund, which was passcu ~
the last session and without reason vetoed by
the Governor, will no doubt be- one OF the irSt
10 claim the attention of the Legislature. Ihnt
bin had the approval Of u largo number OF
leading nnnnccrs who had taken the trouble to
inform themselves upon the subject. u con-
tcmplatcd the cancellation by the city 81 III
redeemed bonds, whenever that could be done
without impairment Of any oil the lega'
obligations Of the Sinking Fund. The city Is
now placed in the ridiculous attitude OF holding
its own evidences Of indebtedness ~ an asset
and annually lcvying tax TO pay interest 20
itself on its own bonds.
There are in the city vnults S35, 100000 OF
these uncancelled bonds. They are menace
rather than a source of strength to The cry
credit. and should be cancelled so far "a that
can be done without impairng the possible
rights of any of the citys creditors. Under the
bill PASSED last winter bonds 10 the amount OF
obout SOC. OOO. 600 would have been destroyed.
That would have removed any difficulty pre-
scented by the new Constitutional Amendment,
and il would have been wise safeguard placed
about the ciiys credit. No other municipality
or government conducts sinking fund upon
the plan of that Of New-fork. Elsewhere
bonds when redeemed are destroyed. No other
course would be tolerated by the people OF the
State or Nation.
Unless that bill IL passed or these sinking
fund securities excluded from legal computa-
ton of the city's Indebtedness, under the
amendment. there will be an attempt made to
increase the valuations of property for taxable
purposes. That ought not to be done Already
the valuations are much higher here than i'll
almost any other county of the State. AS
result the city pays an undue proportion OF the
State taxes In fact, nearly one half the cost OF
maintaining the State Government falls upon
this city. An increase in the relative valuations
here means a further addition to the already
excessive proportion of the State tax now paid.
II is a recourse that should not be even con-
sidered, much less permitted.
What is needed is an honest and economical
administration of the city's affairs. The
amendment will be beneficial i'll enforcing that
requirement.. Considerable may be accom-
plLshed by Kidding the city of unfathtul officers
It would be fortunate II the Governor, now
that the election is over, could be induced TO
take up the case of the derclict Sheriff. Much
money is wasted in that Office. The Excise
Department is badly in need of reform. The
Dock Department should be placed on the same
basis as the other departments, and not
allowed, as at present, to conduct its business
| independent of the Board of Estimate There
is much important work of this kind for the
next Legislature, and it should be done with {
view alone of improving the city government