The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-01-24

end END te e E END This should be. done al
once II # It Is intended to ever do IT.
has received most Unfortunate blow e
IT'S march of progress, If the water agita-
t5on ion ls Is 10 10 be again renewed. and for
sympathy upon the result of the Judicial
.,1, Tbs Mayors speech was frequently
sat down he was cheered and rewarded
with WITH cries of Nothing the matter with
congressman McEwan came next to
prove that Jersey City was all right;
put ne began with mild protest that
Was waS amone ony re btle tile boy and his place
nde AZ me time given to him to, Mr.. Nc
Rermott, and as for his toast SO long as
an6 ane Board ;nsait OF Trade held such dinners
surely be all right He wound up by
giving the Board clean bill Of health,
u thon apfpiyng ~ od s Byron's words about Mara
/ When President Corcoran felicitousIv
fha announces na1i On MT. Allan T. McDermott as
glasses, clapped their hands and gave him
the warmest of greetings
~ CON- propose to amuse you," began
Mr. McDermott, glancing at the toast list
on which he was down to talk about
Jersey City's finances, 'ibut I want yo,ff
nearing saig and thought. The city's debt is
Just as much as If it was a mortgage on
| your house. A statistical account of that
aept IS IKE building and loan statement
not agree on some of the conclusions.
put there will be. nothing personal in any
ritm Ting ! say say while standing to the integ-
face Mr.. McDermott plunged into re-
| view of the city's debt, showing a pro-
round knowledge of the finance, a sub
| lect which he treated with great skill.
| He said
On the first of December, 1886, the
dahded dehf debt t Of Jersey City including the
porary loans, si01, 500 for imp Improvement " srl
sate and apd ooSnS WaFS 81 spgassd dr to bss
due taxes As temporary loans and i'm
provement certificates in our municipal
the dignity of bonded debt ana as the
iS4upssquently i4ams mt a t9 1885, funded add these
been sls.ess,5 ,546. I choose this date as q
starting point because there had then
the law providing for the s taxation s al'oof of
tlons tis9l J. h had not commenced under the
tasAs and assessments. Of this s debt
there there was held by the Sinking Fund
S6olmdmssloneEs 6oldnd aa1s the sum Of s754 This
funded and destined to be funded. may
be properly stated at s17,ss4 9S8. For our
year ending December /, 1891. / do this this
because the next fiscal year was under
On the first Of December 1891 the funded 1Hst
s. debt I was $l257 ,S1S, the temporary loans
ana ans tb dab+ i
total Of SIS. .2s2sls. Of This this sdIiboeVfY debt there
@ WaS owned by the Commissioners of the
sinking na Fund sl4l6s7o This holding be-
debt of Jersey City, December, i, 1885.
to, fS be fundsd ed os on o the 1st of December.
Jersey City had been called upon to pay
all her bonded debt, temporary loans
aisa and II improvement % certificates held OUT
a,e aD,eecoember, or no 1886. size. would have needed
sl7 81; ,SS4 sSS to meet the call If a similar
caalha cal had been bee made on the first Of De-
tax take the fiscal year ending December /.
December not being published. On the Isl
OF December, 1894 the funded debt, tenn
porary loans and improvement cerfifi-
an and s.. the he water debt to $5,1S6, a total Of
sinking fhll funds 7S s, was si,S55, ,Sas Deductins
Woud have needed @ sfea sa5 oee oegsfg 6atgg 6Gtg
paid her bonded debt, temporary loans
Of December. 1894. than she would have
required, on the first of December. 1891.
On the latter date, there was due to the
sum Of So, 399, ,2so. BY the first of Decem-
b Der; +; 1894 lSs this had been decreased to
s3o - ,ts ess. Making all due reductions for
missioners, and due allowance for all
purchases by the city. at its tax sales,
in the three years ending December
1894 a decrease of at least one million
dollars instead of an increase of SIPS 900,
use OF a dollar received on. adjustment
OF assessments for improvements. The
IN sp9s e e Sasf anpaa fases appSnsa aDa
fs555 fai%s saa]asfss
has been collected by the city. The WORK WorI
Of the Commissioners is entitled to
praise. just. what has been done with the
seems seems to. be matter of bookkeeping
but | assert tonight that, under econo,
mieai mic management; every dollar of that
make an unqualified, honest est reduction m
Ct # the city debt. as i was found on the
nrst of December 1886.
travesty of finance. We are told bV b the
sinking SIN ng Fund q. C9mmissioners that they
Of which s17ss45a IS sasper was IN lSsa S''
$131.7S2 in. cash. The legal Contemplation |
Of our sinking funds is that they Should be
duc5lon OF our city debt. Instead they are /
used to accelerate its increase Let me |
ax wah What 75d is = known he
credit of this fund. s434,00O Of bonds were I
issued. ,;ss due on the first of January, 1897. /
~
pledged the unpaid taxes of 1890. For the /
benefit of this fund. $213, ,227 of those taxes |
had been collected on the 1st of Denem- |
Der. 1894. This seems we'll, but when we
turn to the report of the Commissioners we i
ma that their assets consist of other tax I
arrearage bonds. temporary loan bonds. I
subsequent bonds' redemption of land I
ponds and Improvement bonds and water
bonds. and s12.4S6.71 in cash. Now. no one
IN his proper senses believes that the CITY
WILL on or before the first of next IanI-
ary, pay the bonds found in this mixing |
fund. and # the Commissioners intend to +
make that $l2.4S6.71 of hard cash grow to
$434, o0O before next January. they will have
to turn financial tumbles enough to entitle I
them to the distinguished consideration Of
the late Mr.. Morgan and his syndicate
Among the securities credited to fh's fund +
are tax arrearage bonds. account taxes
Of 1888. $4,000 That is, the fund Of
1890 being on the lane known to financiers
as Easy street" proceeded to buy S7o.Oo0
by the Commissioners to be paid from fine:
collection of taxes levied in 1888 On
their face. these bonds of the fund of 1890
are. payable in May. 1896, and when
look at the account of the fund Of 1883 as
It stood December |. 1894 find that It will
falling due next May. and that it had, on
the day mentioned, on hand toward max
ing this redemption. SIS 265. IS of temporary
loan bonds due ION demand y and Se 48S Sc
IN cash. venture to say that the bonds
Of the fund of 1888 held bv the fund Of
lssO viii not be. pad next May by any pro-
cess which will work reduction Of the
city debt. In plain words the tWentv
four sinking funds of this town are not
for the reduction Of fhe cifv
1ebt, and do not add to our credit Their
statement OF assets Is nonsensical because