The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-01-05
CITY DEBT INCREASE
Comptroller Hough's Report
Shows 1t to Be
S248,643.9I.
NEW CITY HALL TO BLAME
Water Departments Indebtedness
Slowly But Surely Creeping
Up-New Tax Rate.

City Comptroller George R. Hough to-
day submitted to the Board of Finance
his annual report, showing the receipts
and disbursements of the city treasury
(excepting water accounO, and a state
ment showing the financial condition of
the city on December l, 1894. 1t is a
lengthy document, and its completeness
does honor to the author. It's neatness
is marvellous. Too much credit cannot
be given Mr.. Hough for his work. The
report demonstrates the fact that his
office is conducted on a systematic and
business-liEe basis. An honesty prevails
there which would be beneficial if prac-
ticed in other departments.
The report shows an increase in the
bonded Indebtedness That fact was
somewhat discouraging to Mayor Wan
ser, but when he learned that it was
caused by the issue of $55O,000 of City Hall
bonds, he smiled and said:--
Il am being made to bear the sins of
Others
AS a little peace offering Mr.. Hough
shows the Mayor that there has been
healthy decrease in the city's net debt.
DECREASE IN THE CITY'S DEBT.
On December l, 1893, the city's bonded
Indebtedness was $13, 461. .263.16.
OF this general account fur
nlshed '.-' .'S s,sea' " sGa ~, ~ ~
Temporary loans. -. ........ 664, 335 "
Improvement certificates. :. 91,00e 90
since December l. 1888. the C city has
been issuing new bonds to quite an extent,
The sum total was S3,O51, ,6S3.32. These are
the bonds issued:-
AZ per cent. improvement GER
AZ per cent temporary loans
due Dec. l, 1884,. .......... 10,775 81
due Dec. /, 1885. .... -. 25,S8S %
AZ per cent. temporary loans
to pay per cent, bonds due
Hcenses.... -. 49,. :. -. 6s,oOo 90
account 1858 taxes. :. 345, 900 90
per cent. City Hall bonds...... $4,000 90
bonds account 1892 taxes 412,OOo 90
AZ per cent. tax adjustment
bonds account 1888 taxes S.. 100000 90
bonds account 1889 taxes... 125, 600 90
bonds :. -. 49,. -. 5000 90
mand, proceeds used to pay
property purchased at sales
For UNPAID adjusted taxes.... III. $50 sc
Unpaid adjusted taxes, 1885,. 102, POP 81
Unpaid adjusted taxes, 1855. 1885 9S
47a per cent. bonds due on de-
mand, proceeds to be used to
pay subsequent taxes on prop
erty purchased at tax sales. 1877 900 90
Sept /, 1913. 49,. 49,. -. $4,000 90
May i, 1924. 49,. .... 49,. -. :. 100000 90
Total.. .....s ,051, ,6S3 80
This Issue added to the bonded debt of
issS hsa Toea mdke to it aRSfag asas the
bonds were being issued rapidly, bonds
were also being redeemed almost as Quielz-
ly. During the year bonds to the amount
of $2,S03, ,039.41 were paid.
The redeemed issues were as folloWs:-
AZ per cent. improvement certi-
per cent. temporary loans, due
Dec. l., 1893. -. ............ Il, ,554 ~
due Dec. i. 1898 ........... 4o,7S1 81
mand, 1892 taxes. ..... .......... 1926, ,00O 90
per cent. temporary loans, de-
mand, 1892 taxes ................ 325, 900 90
5 per cent. Police Department,
due Jan. /, 1884. -. ..... 10000 90
10, 1884. 80. -. -. ........ 10000 90
May, 1884 " 49,. 49,. .......... S5O,Ooo 90
2, 1894. -. -. :. -. 80. 1000 90
1s93.... -. -. -: -. ...... 1900 90
1sss... 49,. 49,. ;. -. :. $500 90
1891. 49,. .... ......r... 100000 90
1854. -. -. 49,. -. -. 1,5OO 90
1854. :. :. 49,. -. 5s1, 600 90
-iSs4. .... -. '..-. 49,. .... -. 177,beo 90
to iss7.... ~. 49,. 49,. -. :. $4,000 90
to ISL 80. :. 1876. 500 90
4 per cent adjusted liens.... -. 69,164 81
1859. -. 49,. -. -. 49, s,2e2 90
isSs... ss . ~ 49,. .... ' ..... 1855 IS
sequent taxes. 80. -. ;. $1,000 90
This sum deducted from the amount of
bonds issued shows the city's bonded in
debtedness to have jumped from $l3, 46l,-
26S.16 to s13, ,709, ,907.07, an increase of S24S,-
643.91.
CITY HALL BONDS TO BLAME.
Comptrollec Hough calls particular at
tention in this section of the report, to
the fact that there would have been q
decrease of the bonded debt this year TO
the tune of s301 $500, if that issue of
$3.50, 900 of City Hall bonds had not been
compulsory. The bonds were issued just
bonded debt. 1t will be gratifying per-
haps to the taxpayers to know that part
of that S550,000 was spent in converting
the roof of the City Hall into wood
yard
In addition to the bonded eebt OF S13,-