The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-05-25
DEEP INTO DEBT.
All municipalities Constituting
Greater New York,
Are Rushing Bond Issues For
improvements,
WHICH THEY EXPECT
To Saddle Onto the Greater
City
When the Act of Consolidation
is COnSummateds
WHICH THEY EXPECT

New York, May 25.-A peculiar fea-
ture of the consolidation of all the mum
icipalities around New York into Great
er New York is the issues of bonds by
each of them for the purpose of getting
improvements started before the con-
solidation is completed. John Harsen
Rhoades, president of the New York as
ISOLATION of savings banks calls atLen-
ton to this as follows:
CREATE NEW DEBTS.
1.-THE smaller villages and towns now
to be absorbed in the Greater New YORK
are rushing to create new and large IN
debtedness, in amount sufficient to ruin
them as they exist at the present time,
in order that the public improvements
far beyond the existing needs of a small
population can be carried out, and the
debt assumed by the city into winch
they are to be merged; and these bonds
are being taken in the nope ana eXpec-
tation of reaping large profits in selling
them to the savings banks. under the
delusiOn that such bonds will be assu1n-
ed by the Greater New York under its
new charter While the legislature, IN
the face of the bill to create a Greater
New York, did not hesitate to authorize
millions of dollars of expenditures IN
| the general grab made by all the NUM-
cipaIities concerned to increase their
debts before the consolidation took
place.
If such acts as these are not moral
Iy dishonest, they tread closely upon the
heels of dishonesty, and 1t IS narVel
to my mind how the authorities OF these
place before their eyes without an IN
justice restraining such acts, and they
certainly will be neglectful of their duty
to the public and the taxpayers II the
legality of the volume of the debt so
created is not tested by the highest
courts before being assumed in the
general equalization of debt.
In order that the extent of these pro-
posed and actual increases in the debt
of cities and towns embraced under the
charter of the Greater New York may
he 1n6nTGf0O6 amend the
following list of such increase or pro-
posed increase of debt, and this is but
a beginning:
$4,000 Far Rockaway, Ii, 5s,Jan.25.
100000 Flushing, L. L, As, Jan %.
61S, 600 Queens County As, March %.
$4,000 Arverne-b y-the-Sea, L. l.. IS,
April 5.
10000 Jamaica. L. L, IS, April Z:
200, 900 Jamaica. L l., IS. April Il.
450, 900 Jamaica, L. /, April 20.
2O2, 900 Richmond County As, April IA.
SO 900 Newton, L. l., As, April 20.
100000 Newton, L. l., AIS, April %.
29,5oo Long Island City AIS, Apr. rs.
so 900 Brooklyn 312S.
10000 Richmond Hill. L. L. As, May l.
81. ~. 500
BONDS ADVERTISED FOR SALE.
$4,000 Corona, L. T., As, May IA.
400 900 Brooklyn 315s, May IS.
Mr.. Rboades then detailed the bonds
already authorized for New York, Kings
and Queens counties. The totals, as
given by him, are: New York, $21. 1885,
900; Kings, 81, 310,0 00 and Queens, $780,
GOO.
He continued as follows:
Let US not forget that this munich
pality is about to become the second, if
not the first, city in population in the
world. In consequence of this it must
take upon itself great and additional
financial burdens from the muniCipali-
ties being merged into and with it. Tt
is sadly in need of improvements within
the present confines of the city. More
money is needed for schools, for i'm
proVement to- our streets, for the con-
structiOn of our municipal buildings,
the improvement of our water front for
the creation and maintenance of parks
for our Over-cFoWded population, for the
enlargement of our present municipal
departments and for the creation in fu-
ture of new departments. Large sums
will be required for the Improvement of
our water front and for the building of
an underground railroad; and all of this
is required and will be demanded by
the residents of this city, in order that
we may satisfy its present needs and
realize the hopes of greatness for the
future gigantic metropolis of this cOun-
try.
iOus attention, as our savings banks,
representing largely the savings of the
working classes, are the largest credi-
tors of the Greater New York; and it
becomes our bOunden duty to see to it
that the burden of debt shall not be in
creased unnecessarily and that the city
shall avail itself of every opportunity
to increase its annual revenue in a fair
and honorable manner"