The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-08-03
4.ssS,1s7 s6

The Comptroner's report for the year yea
ending December |, 1888 shows that our,
ing tnat year the city issued bonds @ a., eng "a
certificates to the amount OF $2o55, oS5.o4
and paid 81 1856, ,92005, leaving the pondeu
debt at the close of the year increased IN
the sum of $1l3,0G0 over the previous year.
The Comptroller states as folloWS:-
''The increased outstanding amounts OF
Improvements certificates, temporary
loans account of taxes) and tax redemp-
ton bonds cause this increase"
This statement is annually applicable
to the gradual increase each year. In
that year the first item in the list OF
count debt had Increased to the sum OF
S., ,964, 427.39. In 1894 we find that this
item which is the actual bonded lndebt-
an Increase of S346, 1861 in 1893, and of
81 232, ,652S Sc in 1894 over that of 1892 In
1895 we find this item to be $S,599, 790S4,
December /, 1896, this item is Sc. 935 1885,
decrease of S64, 602.79 over 1893, and of SSl4,-
973.17 over 1894, SO that if it was your IN
tention to place the responsibility sht 1 dor Ior
predecessor and the Boards of his selec-
ton your statement is without merit, as
it is well known that during the years
May l, 1892, to May l. 1894, this Board was
not of his selection and the city was en-
gagged in meeting liabilities previously
contracted. The analysis also shows that
the Boards from 1894 to the present date
have been reducing the actual term bond
ed debt and not increasing it as you inti-
mate It might be well to recall to your
Honor that since 1892 bonds to the sum
of $9O0,O0O have been issued for the erec-
ton, construction and furnishing the
new City Hall; bonds have also been is
in paying for the new Fourth Regiment
Armory; $4,000 new engine house in
Greenville section of the city; $4,000 new
engine house in old Fourth district sec
ton. Moreover by the operation of the
acts of 1894 and 1885, known as the inn
provement laws an additional assessment
account debt has been created as refer
ence to the comparison of the city debt in
1892 and 1896 also given will show. The
second item of the debt statement of
December l, 1892 shows that the assess
ment account debt (Exhibit No. 23) was
$4,S2S,5 500. Improvement certificates (Ex-
hibit No. 32), S43, 500. While on December
!, 1896. we find these items to be as fol-
lows
Assessment account debt, Ex- -
hlblt No. ~ $1,000. 49,. s4,2lS,660 90
One year improvement GER
tificates, Exhibit No. SO. 100000 90
Six years Improvement certifi-
Gates, Laws Of 1895, Exhibit
No. 36 ...... .... So. 464, ,665 10
Six years Improvement certifi-
Gates, Laws of 1895, Exhibit
No. g.. ....s.... ......i IA, 1854 >21
Hence we find that while the old assess
ment account debt has been reduced
S6l000O since 1892 the improvement certi-
ficate, debt which was only $46.6OO in 1892,
has become 1851, 52931 an increase of
$53S 29.31 in the improvement certificate
debt, but actually decrease of $23, ,470. SO
IN the total assessment. account and i'm
provement certificate debt of the year 1896
below that of 1892. But it must be evident
to your Honor that the city debt can
properly increase annually if you will
consider an item in the annual debt state
ment under the cover of bonded debt and
temporary loans, and that is the annual
deficiency of unpaid taxes, in anticipation
of the collection, of which bonds are an
nually issued. In looking back to the year
1892 we find that the amount of bonds is
sued to meet this deficiency is as fol-
lows