The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-10-29
EDELSTEIN'S FAKE.
Doings of the Board Of Finance Last
Night-The Fraudulent Rate.

The Board of Finance held ashort meet
ing last evening, which was chiefly re-
markabIe for this campaign address,
which was delivered by President John
Edelstein:--
"GENTLEMEN:-In taking the final steps
in the confirmation of the tax rate for the
coming year, it appears proper to call at
tention to the notable lessening of taxa
ton it involves. For the ensuing year
the tax rate Will be $2640 per 81 000--a de-
crease of 81. go when compared with the
figures of the current year. This rate
might have been still further reduced,
had it not been for the increased demands
of the county in order to provide for the
proposed parks, the county boulevard
and other large outlays. The State
isho0s sso tax per r0r s1o and yeag fag
figures will be the same in the coming
year The tax imposed for all city pur-
poses of the current year is $40. 10 per
81. GOO, and it is in this item that reduc-
tion, that will be most satisfactory to the
tax payers, has been effected. fhe tax,
to cover all city purposes next year will
g S17. 20 per 81, ,0O0-a decrease Of $2.40.
This reduction, had the county rate not
been increased, would have lowered the
aggregate tax rate to $2560 per 81. 900.
The county rate, however, is to be raised
from 81. TO $500 per $1,000, and thus
runs the total tax rate up to S26. 40 per
81, 900. 1t is to be regretted that the
county's demands could not have been
cut down. Whatever the county asks,
the city is compelled to grant, and there
is no appeal This means q great deal TO
Jersey City, as we have to meet about 65
per cent. of the tax levy made for county
imposes. Jersey City owes much, how
ever, to the members of the County
Board of Taxation who have striven to
increase the valuations of outlying dis
tricts to proper proportions.
DEFENDING THE BUDGET.
'.In considering the coming tax rate it
must not be overlooked that although
big reduction has been effected, various
city appropriations have been increased
notably in the cases of the Police and
Fire Departments and for the conduct of
the Public Schools. IL is gratifying to
know that the various departments have
thus been rendered more efficient and at
the same time the clty's tax rate has been
reduced to less than it has been in years.
In fact, the coming tax rate will be the
lowest Jersey City has known since 1873.
and with the exception Of three years, the
lowest since 1670-a period Of twenty-one
years. Results of this kind will be ap-
preciated by our citizens.
Unsatisfactory work has also been done
towards cutting down the burden of
bonded indebtedness which has SO long
hindered Jersey City's progress. The
new Sinking Fund Commission since
June IL, 1889, have paid in cash the fol
lowing bonds:-
Seven per cent Street improvement
Bonds. ...................... 500 900
Seven per cent. Public School Bonds. soc
seven per cent. Water Bonds ......s.. $1,000
Seven per cent. Soldiers Bounty
Bonds s.................-....,. .... $4,000
Three per cent. Tax Arrearage De-
mand Bonds: n NJ. ~. eSl,0o0
age Demand Bonds. $4,000
Total. $2,oTe, 900
This means the wiping out of this large
amount OF debt with the interest it car
ried. 1t is an absolute reduction Of the
city dent to that extent.
I'm addition to this splendid showing,
the Sinking Fund Commission have pur-
chased and now hold city bonds as fol-
lows
Six per cent bonds....-.-,.,-. 5000 90
Four and half per cent. bonds...... 205,672 II
Four per cent. bonds. ................. a6,h62 So
Three per cent. bonds s-........-....... $1,000 w
This latter amount will, 1t is expected.
increase steadily and enable the Com
mission to wipe out at least million OF
dollars of maturing bonds during the
coming fiscal year.
GOOD WORD FOR HIS FRAUDuLENcY.
''Such facts as these exhibit III It's true
light recent management OF the city's
financial affairs and the credit will De
placed by the people where it properly
belongs. II becomes our Board to ex-
press our obligations to His Honor, the
Mayor, the Tax Commission and tho
Sinking Fund Commission, whose
earnest labors have brought about such
grand results Such d record will raise,
and, in fact, has already raised our cityts