New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-06

t,, and the result Is that, after fifteen years
-, oiro,,f homeless municipal bankruptcy, the cit-
z,rs Of Elizabeth now able TO hoin up '"''
beals and cay that they gradually getting ont
~ doh, and that with economy. the time Is not
far distant when Elizabeth will be entirely Tree
fro., outstanding bonds Mayor John I. RANKIN
r and his associates feel great satisfaction IN tne
work thai they have accomplished, ana II was VIII"
pride that thu Mavor yesterday told aIrlouhe re-
porter Nhl' IN" year lHo had drought i"''' ' '
affair 81 the city
"Nh.n the city failed" he said, there was an in
deht.dre-s of s,GVtD drawing Interest at the rate
OF per an annual output u over S'Vo"" LOT
that i-cm atone. This debt has been adjusted ex-
c.p, sl75o1 So that our city owes SS74.20 ana
bonded debt Of $500 for school purposes. on
mis- entire amount there annual interest charge
OF $1,000.
"Our total valuation for taxation purposes IS
SIG t6l.a, The rate of taxation Is y per thou-
.lnd producing a revenue for all municipal purpose"
II $4,000 g. This money 10 used 10 pay all the eX-
pcnses of the city government and The interest on
IN. debt I'm other words. the city is living WITHIN
its income and is besides aging UP SINKING 'u"u
Of $4,000 d year. which Is derived rom money re-
c.ved from Licenses The principal OF the inun'cpa'
debt is being annually reduced to this extent IL
has been the policy OF the administration 10 make
needed improvements. instead OF trying to make ID
sweeping reduction In the tax rate. and as re-
suit While the has not been materially reduced
all the cty departments are IN such CONDITION that
from now on 70 viii be possible to make small! ou'
gralua. reductions ia the rat"
'in the last I've years over t#O."' has been eN-
pended in improv.rs the city streets and the sewer
.,st.m AMI all these extra expenditures have been
r4lI for without mourning one cent OF Indebtedness
In fact tho city lfs BOO floating debt OF any Kind.
everything hr.ns PAD FOR A. II Is purchased ana
uo,hlrs bought until tho money Is ready for !is
payme-t Daring the same period Of time many
Improvements. have been made In our schools no
l~-.. than uiuc new buildings having been erected
ThDr. is POW iu course 81 construction what VIII
undoubtedly o. one ~ iLc finest structures for school
rlirn,.,s .u iA. St.ie D. Nin sat Isl" pupils ana
vii all greatly 90 tae appearance OF the city
The puu..r h.tlth OF Elizabeth IN 1888 was re-
markedly good. oar death rate WAS lower than any
civ wlthin nffy miles Of New-York. and We have
hlI BID contagious - combat. The adoption OF the
trolley system has done wonders Tor the accomno-
lAt.ou OF the pnh..c ard has added to the appear
ar," g.. our streets. The people take kindly to TINS
form of rapid Transit and further extensions OF the
lines are promised ior the current year The pros
poets Tor Lighting the cay ~lth ar lights are eN-
0'Hent ana when ihs D.. a''oinpl'shri y VIII h'"'N
''r.r po44.-. ander IN" direction OF chirf Ienncy'
lat- don" excellent service. lnd,. the ciTcum-
.-s..'-. D. nodded enlargement OF our i.i iiS %
t. .fi0n'i lnil W. get or debts pail bat NJ
utn naik lard and We have yet 70 near "ISht
a.tn-' ne honor or honesty oil odi guardians OF ts
p,ir. Ih.r nave been few crimes committed
Wn'r. fh. cIiDf.ts were not captured ana phn-hrl
Nr lre greatly u need q - paid hre department. but
'ni-. ~itn otHor improvements w!l have 20 await
tine work IN thr Ins. and We feel that they VIII
continue Go ven ia the future
There T. point ! should Tx" 70 MAKE anu
that s that The bonds - IN" city %; Elizabeth which
f,e var. aso w~rc quoted At 81 aro now worth
from 90 10 o., There has been effort on our
part 20 boom them. and We fee that this increns"
IN ih" price Indication that our credit IL I'M
prov .ng AT rapid rate Il IL TO our Interest 10
have these bonds sell low. nasnuch our sinking
fund e n-!u- Invested in them. but take the IN
!.ca Ion as an omen 81 ENCOURAGEMENT and ar. glad
;hr people OF the outside wori think wei
OF u- The matter resolves itself down To this
proposition. that Elizabeth IA trying honestly u Srt
out nC debt and at tho same time keep up her most
necessary improvements ana with patience ana
economy this Vu be done
"A notable accomplishment OF the year has been
the arrangements We have made for borrowing
money 10 tide u temporary siringencicS. The
banks OF Elizabeth VII. not pay us AIRY Interest on
deposits j. done In other cities. OF course. II
would be- impractcdbl" for ~ to deposit In banks In
Oih places. were forced 20 effect any other
deal From about March 10 July !. when oLr fiscal
year begins. ma small deficiency I'm the APP
piOpriitions for salaries AMI few other accounts,
and u becomes necessary to borrow. Il struck us
that tho banks should extend some courtesy Tor
using money without charge, - We Induced
them to loan Us money. In any amount and at any
time. without requiring Us 10 pay Interest This
concession IT,. admit rather presided afar, but
II is the best could 40. and IL shows that our
desire To ecInomiZr has practical silc 10 It,
The year which entering seems
fun Of promise. For one thing, I viii bring the
completion %; the elevation OF the railroad tracks.
This Is one Of the h,,t improvements which city
az New-Jor.rv can boast IL VIII have cost. when
done. over cocoon. and that without the cXpendi-
tuio ~ cent OF the peoples money There are
other good things IN store for Us that do not recall
nemsely"s 20 my NINA but We must wait and econ
on.zc until discharge the debt into which
were plunged 80 many years ago.