The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-20
JERSEY CITY FINANCES.
Mayor nsooa Answers the Hoard or Finance and
Roiterntes Hi- Charges or Extravaganza.

The third chapter In the controversy between
Mayor Hooe OF Jersey City and the Board OF
Finance was furnished yesterday by Mayor
Hoos. In his first communication the Mayor
charged the beard with Encouragement of the
city's finances. The board retorted with a long
statement containing facts and figures to show
that the finances had been managed with ok
ceeding skill and ability.
Mayor Hoos's communication sent to the
Board Of Finance yesterday was highly favored.
He speaks Of the tax rate, and says that the
Commissioner are responsible for It because
they make the appropriations, and the rate
must be high enough to provide the money.
The Mayor says that there must be radical re-
forms in the method OF assessing property.
Continuing. he says:
"You say that the millions of dollars collected
under the Martin act have not been expended
for current expenses. and that those moneys be-
by the Sinking Fund Commissioners to DO
used to retire the several issues of tax ar
Sass Sc a s1nss n sssn. p sSss III; board xSq n Sss net 1T
Their the power nor the opportunity to use these
moneys for current expenses. and your charge
fsasFs the f @iliIonsy co dlllseSss' under ID; the e %sfsin
Fund Commissioners, borrowed from those Com.
missionere by your board. and the money used
exactly what has been done. The money Is not
in the sinking fund. The sinking Fund Com.
missioner. did not expend 1T. They loaned It to
current i eSpe spSas What did iG9 you o1u do eo With fRSi e, IL LOT
You say that the funds were invested by. the
sn9E Issa aSa ' sola %G chem e to y9 the o conn issacn ss.
demption OF land bonds. These are to be paid
when some one redeems lands which the city
be found who would pay the amount due for
public Sastion: Tho eity bought the properly
iInnsa F shsd d 1Sn ,ssEanssd to ~i loan the you s' .Se
amount paid. You got the money and tho Sink
{! seS pay wv When no the AUCTION Business sHd sSaf imRp aS%se1
The Sinking Fund Commissioners loaned. this
Yoni Sor 1H wee Gss on the Z, 1 repr ssens Ii 'f That ts this
land was worth the amount borrowed. 1t is not
the land thus mortgaEed to- the sinking. fund.
It /. charitable. in view Of the results Of sales
you did not even know the location OF the lots
upon which you were borrowing: -
content with this. new taxes were levied on the
WIFI viii not t. bring G the n nG1fcirsio i Siaes'G adjusted ted
against II, what do you think Of putting more
s sf5'' . "a i IL ssiss & shd is gRlnEins Fund sy cs shs
out Of these additional taiesi That 4
answer ans Vs~ that the money oaest IN the sinking ink fund mus'
be invested, but why invest IL in promises to
pay when the uncollectible is collectedi
Your Communication asserts that there were
82,955. 800 Of bonds paid by the Sinking Fund
1897. As the city debt increased $500. 900 in
tina: period. 1t is quite plain that you have reck
oned that every old note retired with n new note
was paid. Let mo offer a suggestion in the
interest of largo exhibits. II you make all the
securities thirty-day notes and renew them
twelve times a year. in the next dve years you
can show that we have paid OF an amount far In
excess Of the assessed value of the town."
The Mayor notified the board that he will moi
Sign any moro " subsequent tag bonds" and thai
he will not consent to the loaning of the sinking
fund upon any security that is not above
assault.