New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-11

During the present year 1t is probable that the
amounted of funded debt viii DO st further increased
by the requirements of the now Aqueduct and other
objects OF expenditure which have been authorized
by law. Among these are the new small parks;
Street Openings. If tho payments for the purchase
of the new parks in the annexed district be made ,
during the corning year. an unknown but very large
sum VIII be added to the public indebtedness II IS
doubtful. in view OF the s. which must nd
other objects of permanent expenditure, whether Tor
S to any can nn Ho co%e 10
the taxpayers through reduction in the rate OF IN
terest, which already stated is going on In salts
The amount required for the payment Of inter-
es, in 1886 sS1 AZ - 81
The amount allowed for 1883 1l6l7l 81
Which is gratifying reduction when 1t s cons derei that
the principal OF the debt has boon increased over Two non
REVENUE BONDS
During the year s17.2i2. $40 20 were borrowed on
revenue bonds in anticipation of the receipt OF taxes;
The larger portion Of this amount was borrowed at
per cent interest 1t would be very desirable If the
payment of taxes could be distributed throughout tho
YEAR so as to mako 1t unnecessary to borrow this
large sum of money but this could not be effected
without total change In the system OF the collection
more than Offset the interest paid by the city. / do
how this improvement can be effected with al
vantage to the city The present system undouDt-
eddy piles up in the Treasury toward the close OF the
year, very large amount of money but or Its pal,
the city has received rate OF interest nearly
If not quite equal TO the rate paid on the revenue
bonds. The loss in interest received and paid amounts
The revenues pledged to the Sinking Fund for the
payment of interest on the city debt are largely In ex
cess of the amount required for that purpose. This
by law is transferable to the Sinking FUND Tor
hs amomPt o was to which
extent the current taxation was reduced; so lhat
as now Constituted by law which works The dIsad
VANTAGE of the taxpayer Under the constltutionet
amendment, however, compelling the payment OF inc
debts of municipalities by such annual instruments as
Will liquldae the nrtncpal In thirty years. there mas
pc me ana smou ny sone to be levied by annual
ton In 1886 the amount thus required was $s9s;,
OF 10 in 1887 the amount was 1919. ~ 70 In 1855
the amount required will be S1773. e44 o..
For this increase there IS no remedy and unless me
constitutional provision should he changed no scncfe
for refunding Inc municipal debt involving the issue
of bonds having moro than thirty years to run would
be practicable.
During the year 1897 tho total roccints on an
| incn1'ng the balance In tr Treas
n1y december 81 1855 Cof s6S77242 5p. -, co.. 20
TN" total expenditures during tie same period
for all purposes oHooo 10
leaving a balance IN the Treasury the 3lst
of December 1887, amounting to.--.-.- SSOHAli oo
Which all deposit and earning interest at the rate OF
2o cent per annunL
FINANCIAL STANDING.
From what has been stated IT will be seen that re,
gard the finances Of the CITY TO be In per'ec,V sonn
condition. that the public moneys arc In safe HANDS.
and that It is not possible to make any changes by
which the buhn Of hoGs now @R0n nT as h
price British consols which are Justly regarded as
Ina as the total ndeStednes Of city cannot
at any time exceed 10 per cent of the assessed y3nes
Fund IL VIII not be found difficult hereafter TO main
tain the high standard of credit which has been
achieved but there must necessarily he very con
siderable addition to the sum total of the debt IN the
of the next few years for the execution Oh I'm
prOvemcnts already authorized and which must 90
surely unlcrt aiken in order to provide the city win
the necessary appliances Of modern commerce ana CIV
ilization. The parks will OF course never D.
of income but the contrary OF Increased OK
pcndnre. The New Aquaduct cannot yield any In
creased until the water supply shall be In
creased by the construction of the Onaker Bridge DAM
which will require several years for its completion
Nevert hcess the New Aqucduc necessary for tho
security of the city against water famnes and espcc
ally for tho extinction of fires. With two incts for
water, each Independent of the other ;hc city VIII b
reasonably safe. and the large amount OF interest,"
which will he annually charceale 10 this account mnSt
be REGARDED as an Insurance fund against calantes
which otherwise would have been imminent ana rrcp-
arabic.
THE ANNUAL EXPENDITURES PAYABLE FROM IANA-
TON.
The amount appropriated by the fnalac
o thu Board OF Estimiie and aD-
portionment fol- the year 1856 was S55,SoZ'ozoo %
ror1as7 - s34 $4,000 rs
For lssa ................ 81 05l 053 90
The increase over last year anountsto $27OSo3l 80