The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1890-08-31

as debt against the city, and sothe item
counter balances itself; and need not en-
ter into this calculation.
A second asset that figures in the bal
ance sheet ISL:
Amount loaned water account. $244,000
It is precisely the same kind of q credit
with the Sinking Fund Commissioners
assets. IL the water Hccount owes the
general account $244, 600 it has TO be paid
by the city out of her water receipts. So
she is just paying into one of her hands
an imaginary balance she owes to the
other of her hands. This, however, is not
charged up against the debt already, and
should be deducted from the assets
A third item of credit reads thus in the
City Compuroller's report:-
Amount advanced for new pump bonds
MORE FINE TOOTH COME.
Here is another specimen OF the greedy
laundering exposed at the opening of
this article. The city is to have new
pump at Beileville Instead of paying
the little $4,000 il is to cost out of the
$500, 600 excess, the greedy Ring decides to
put the city property in hook for it, The
bonds were to have becn issued in June
last. Their issuance then would, how
ever, have forced provision for about $500
interest in the tax levy just fixed. The
Ring wanted that $500 for its own indi-
vidual purposes aud SO the issuance Of
the bonds was deferred.
Meanwhile, however, the pump had
been put up and its price was demanded
The Ring chose rather to loan the city
$4,000 OF her own money than to let the
$500 interest escape their clutches, and it
is that loan that is written down in the
Collectors report as an asset against the
city's Indebtedness. By and by the Ring
"a So l. ~
will give her note TO repay 1t. What Kind
of an asset will this item be thens Why,
none at all of course.
1t would be tedious to trace all
the credits of this class which
are made to masquerade in City Comp
troller Hough's balance sheet as assets
against the city's increased debt. 1t may
be said in general way that those who
are up to snuff will find most of the
difference between the net and the actual
debt, fictitious and Elusive; and that
that there is practically nothing on tn e
credit side to excuse or account for the
increase of the indebtedness from SIS, 500, :
0e3 to S17. 0o2, 1876.
The laws which the Rings Sinking
Fund Commissioners are obliged to OBJ
serve in the disposition of certain assets
that reach their hands may have put a
few thousand dollars of cash to the ac-
count OF the funds. The Ring is entitled
10 llu CIGQtb lOE pTCS60Cc III bu6
city's money vaults. But the whole of
them are SO small in total as not to
count appreciably against the 81, $3.50, 900
debt increase.
ABOUT THAT S40o, 600
His fraduleney's BOAST that 800, 900 Of
the city debt had been paid, was based on
the cancellation of assessment account
law pointing out the channels for the
use of the money collected under the adj
iustments of the Tax Readjus tment
Commissioners. forced that payment.
The old Board of Finance had already
set the machinery in motion to make it,
and had even accumulated $500 600 OF it
when it gave up the fort to the Ring. The
arrearages which the Tax REIMBURSEMENT
Commissioners are readjusting are the
great sums due for taxes and assessments
for years back. Those unsettled claims
have been pledged in bonds issued in
anticipation of their collection. Through
the adjustments made by the Adjustment
Board, the city has received &. 00D, 900 of
cash. Only four hundred thousand dol
lars of this great sum has found its way
into the hands of the bond holders who
are entitled to all of it. The rest has been
iuggled through other accounts. into the
pockets of the Ringsters.
Yes, His Fraudulency's Cabinet has
paid the 500, 600, but over a million and q
quarter disappeared when it was done.
and no account is rendered, either, as to
the balance of the remaining million and
half of the redemption monees
with which the debt should have been re-
duced.
A MONSTER STEAL
The $500, 900 excess grows apace in the
light of these revelations. The scamps
have not only extorted from the tax
payers and received in larger volume
from known sources of income, $500, 600
more than any government that preceded
them ever handled, but they have worked
the city's credit to the tune of at least
half million dollars as well.
The NEws's informant was right when
he said that $500, 600 didn't begin to show
the cost of the Ring to the community.
The sum of the excess of revenue and OF
the increase of the city debt is close on to
million and half of dollars.