The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1885-05-03
MUNICIPAL INDEBTEDNESS.
NEW JERSEY COMMUNITIES MAKING
A GOOD SHOWING.
What the Cities, Towns and Counties
of the State Owe-Nsw Brunswick
In Perii-Interesting Figures.

Oh the state OWe-NoW brum6W1cA
In Perii-Interesting Figures.
TRENTON, May 1.-THE parts of Comp
troller Anderson's report showing the rata
bles in the several counties, and the reports
of the townships in the State as to theil
financial condition contain some interest
ing figures. The report was examined by
your correspondent with special view to
ascertain the total indebtedness of the
communities in the State-the counties
and the cities and townships but the &C,
| complishment of the object sought was
defeated by the discovery that some of the
counties notably Hudson-and some OF
the cities-Newark notably-failed to make
| returns of any figures. On the face of the
| figures embodied in the volume there is a
total city and township indebtedness of
$50, 643, 351, and total county indebted
ness of ST, 229, 239. If allowance is made
for omissions and failures to report, the
county Indebtedness will not probably fall
short of 81, 500, 900, and the municipal in
debtedness will probably mount up to
100000 or more. Even these figures
show an indebtedness of only about ten
per cent upon the total valuation OF the
taxable property in the State, which is set
down in the Majors carefully compiled
Abstract of Ratables" at 1854, 1928, ia.
While the reports present no reliable to-
tai of the Indebtedness of the communities,
there are figures in the volume suggesting
interesting comparisons. The extent to
which taxes are 'ssworn off, by the tax
dodgers in some Of the counties is simply
appalling In Gloucester the tax payers
swear off, under cover of indebtedness to
f.4l - k<.Lo
of the ratables in the county of $14, 000,-
600; Hunterdon swears off nearly $8,000,-
900 on valuation of $20,000,0 600; Mon
mouth swears off nearly $4,000, 900 against
valuation of $50, 900, 900; Salem swears
off nearly $4.0000,000 against $4,000, 900;
Somerset $4,500,000 against $16,G00,000.
Sussex takes the cake with deductions of
100000 against $4,000, 000 Through
out the State nearly $4,000, 900 of proper
ty escapes the payment of its taxes by this
system of deduction because of the indebt-
edness the owners claim to owe And in
making the comparison it must not be for
gotten that the Assessors valuation is
never up to the market price. while no
statement is ever made by the deduction
swearer from his debts. Thus a farm
worth $4,000 has a mortgage on it for S.
900 say Allowing for the mortgage there
remains an equity of $4,000 that should
pay tax. The assessor, however, appraises
it for only about 81, 500, and the owner of
$4,000 worth of property escapes by pay
ing the tax on an equity of 50, 500.
The figures are complete enough to af-
ford room for some interesting comparisons
as to the debt of cities. Take the bank
rupt cities of Elizabeth and Railway as
bases of comparison. Elizabeth has
funded debt eff $4.032, 500, and floating
debt OF 1886, 560-a total debt of 81, ST.
060. Her property Valuation is So, 49,
625. The debt therefore represents about
26 per cent of her rateables. Railway has
a total funded and floating debt of 81, $780,
900. Her ratables are $2,5l7, 900, The
proportion of her debts to her property is
60 per cent. Except New Brunswick, the
cities of the State, tried by these standards
seem to be in good financial condition.
Hoboken's debt is only per cent of her
taxable property; Burlington only 81;
Trenton, per cent, Passaic, less than Z;
Paterson. only about 5; PhilipsbuEg trife
over 3, Grange mounts up to IA per cent,
and New Brunswick has debt of 81, 700,-
600 against Sc, 3O0, 900 of rateables. That
means that her debts approximate SO per
cent of her rateables-a large percentage
of debt than even bankrupt Elizabeth
shows The economist cannot but wonder
at the financial skill that enabled the
rulers and runners of Railway to keep that
city above water level till her liabilities
reached more than half of her assets.
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