New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-20
NEW JERSEY STATE FUNDS.
MONEY SUNK IN LOANS A,D MORTGAGES
EFFORTS TO OBTAIN CLEAR ACCOUNT OF THE
SINKING AND SCHOOL FUNDs-MoNMOUTH

| SINKING AND SCHOOL FUNDs-MoNMoUTH
COUNTY LYNcHING WATER SUPPLY.
TRENTON, ~ J. December 19.-There VIII be another
effort this winter to do something in relation to the
two great funds which the State holds one for the
payment OF s debt and the other for the benefit oil
tho public schools The stato debt Is insignificant
compared with ordinary public Accommodations Of this
kind amounting to about million and half To
pay IT, the legislature at the time OF Its creation
war timo-orlercd annual payments TO small amount
and the creation Of q sinking fund Nominaly. tho
fund is now almost as big the debt which is not
payable for some years but as matter OF fact, no
one can tell exactly what the fund Is worth. 1t APP
pears that when all the world and hs friend we're
seeking investments in mortgage securities the State
conceived that New-Jersey should join the numerous
throng and lend its money TO needy citizens within
its borders. Shero lack of applicants. and,
might have been foreseen some extraordinary loans
made when tho applicants had influence to back
them. For dozen years tho consequences OF these
poco financial transactions have been evident and
since 1880 there has been wearing struggle 10 re-
cover tho money which planted In the lands OF
tho state with such Dferte results There have been
many foreclosures but the pro crty has been worse
than the mortgage. Where a sale could be made IL
has been done, and the Sinking Fund Commission
has faithfully invested in National bonds similar
unmpeachahle security whenever there was money
idle: but there l. still n large numler of properties
held by the Commission and still moro mortgages
which cannot be disposed or except at loss Al
active and self critic ng Commission might do more
than has been done toward putting the fund in
thoroughly safe condition. but il has not been easy
to find who could or would surrender the time
and contribute the labor necessary for the work for
the paltry salary paid. Something should DO done
and it Is prot able that measures will be taken at the
approaching session clear out the dead wood OF the
fund and restore it to a condition where the nominal
figures VIII in some degree represent actual values
The other fund. that for the schools Is in better
condition far nVestmcnts go; but il Is cumber
somo. and the trouble it causes will probably
grow. The income from the sales and leases of ri
parian lands goes to this fund. and it amounts to
three millions and will increase for many years to |
como. 1t is doing the cause Of education little !
eouI and its Usefulness could certainly be greatly |
increased. There is general belief also that 1t l.
already larger than it should be. and that further
accrctions should 10 div erted elsewhere The DIM |
Guilty that IT protected by the Constitution. the
mother in law Of the wJerscy Legislature, and |
cannot be tempered with except hy some legal device /
too cunning for ordinary laymen TO comprehend 1t |
is one OF the where it is agreed that some
thing should be done" and where the something is |
exceedingly difficult to ascertain.
The county OF Monmouth has been less |
'cOnvulsed" tho ynching Of "Mingo jack ever |
since the astounding announcement Of the crime was
made. 1t has lately taken i curious phase When |
the demand for the punishment of the ynches be
came loud ignored, detectives were employed
degree OF efficiency it capable Of No facts |
we're obtained suic cnt to warrant prosecution, but
liz werc - in Just the The sum Of $40 |
was charged drtcc,iNcs services. and though the
W apparently explicit. the County Super lsOrS
declined 10 pay the amount. The supreme Court !
then issued a mandamus, directing the Hodn to orcr
tho payment aud. protest. the SuperNi-Ors dd
authorize the county officers to lay the bill The |
detectives rejOlced iut all too soon The county |
Auditor. 20 whom the bill presented for aunt, !
declined to approve it, and produced the law which !
avs Zee shall not allow any claim "unl"ss satl,ie
that the same is justly duo and correct" He says
he is dissatisfied and that his powers are judicial,
not merely ministerial and proceeds in long letter
u lrv.e That charges cAtrdN a-lnt lie Is |
,,lsG..l, > lOrui.l -. ,IuVA. .Lo ueslio al 'iOh
nOuth is that the citizens OF the pace where the
ynchng occurred should made to bear the expense
Il osSipe, the ground that they were Indirectly, |
If not directly, responsible.
The agitation for an improved water supply IN !
Newark and Jersey City has resulted IN an enbar
rassmcnt OF riches in the way of I'll csted rcmede-
he following plans belOre the Newark pubic Tor
consideration: To retain the present supply, the |
Passaic River. enforce rigid system OF Inspection
and litter the water; to buy the right to divert
certain streams, construct Ors
and mains thus Possessed OF ahuna ant,
foro 10 mako contract with
OF large corr OrltOns lately formed. but hold
NJ Properties and vacr rights said to he sufficient;
make dual system obtaining good drinking water
rom height Orng spiIgs and using the present sup
ply other PURPOSES or to rctan tho present sup
lily and stop complaints. theIe objections to all
difficulties OF every kind, IN fact; yet state OF feel
ing and Intelligent understanding OF the subject
which should, III the of Newark, at least result
some pubic adv antlge.