The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-01-15
BOARD OF
TOmciaI Proceedings.l

Adjourned meeting of the Board of FIJI
nance. held in its rooms at the City Hall
on Wednesday. January ., 1898, at eleven
Present President Brautigam and
Messrs. Bailey, Kellers. Midlige and
Simpson,.
on motion of Mr.. Simpson the Board
took up the order of Unfinished Business.
The veto of His Honor the Mayor of the
resolution adopted by this Board Novem-
Der II. 1897. TO borrow s2I 1924 on bonds. to
be issued In anticipation OF the
# lands bought by Jersey City 1s at o Dre.
scented TO dashboard December s. 1897, was
taken up for the Boards action thereon,
on motion of Mr.. Simpson
The following communication was pre-
scented by the Committee on Finance, and
the same was received and ordered spread
in full upon the minutes of the Board
Office of the Board of Finance.
Jersey City, N. j., Jan. 3, 1898.
To the Board of Finance
Gentlemen-Your committee have noted
the receipt by your honorable Board of
the veto of His Honor the Mayor, under
date of December 2 last, concerning'a GER
tain resolution authorizing your commit
tee to borrow 1921, 792.4S on bonds to be is
sued in anticipation of the
of lands bought by the Mayor and Al
: bremen of Jersey City. N. j.. at the sale
vof the City Collector, made November l.
1887. of lands for unpaid adjusted taxes,
assessments and water rents, said bonds
60 be payable at the option of the city.
e with interest at the rate VI IouI Pei
.entum per arnum, payable with the
bonds. and the proceeds TO be applied for
The certificates of sale of the property
purchased by the Mayor and Aldermen at
said sale, etc.
The text of the veto is as follows
Il cannot approve of the practice of is
suing bonds for the purchase of property
by the city at tax sales. 1t is so pur-
chased because private parties are not
willing to pay their liens for which the
property is sold. To make the purchase
by the city a basis for increasing our
bonded debt. is not. in my opinion, com,
mendable. If the law does not compel
this course. and I am advised that 1t does
not, it seems the better policy would be to
let the matter stand without furthef
\. action, until the time comes for absolute
sale. Resolutions of this kind are but the
4 'Jrst step towards the issuing of subse-
suent tax bonds, concerning which nave
ready communicated my views to your
q asard.v Since June last, when His Hon
the Mayor attempted to engage your
lsslaneial methods and policy of this
fly, we had hoped that time and in
cnunicipal problems might have convinced
! MIN of the faIacy of the policy then in
1augurated by him of attacking our fiscal
hystem, would be made apparent to him.
1.-The extraordinarily high prices realized at
sene various bond sales since that time,
.lnave so strengthened our city in the
financial world as to best evidence the
confidence of %fnanciers in our fiscal policy
and nave fully demonstrated the incor-
rectnesS of the attacks uttered by him I'M
der date of July IA and August IA. 1897.
To the first of these communications
this Board replied in q somewhat lengthy
letter under date of August 2, 1897, con-
tanning a partial explanation of the fiscal
policy, which in our judgment was suffi-
cient answer to the statements then made
concerning the insecurity of our financial
system. Our explanation was made con-
corning only those statements which We're
80 arranged as to misguide and deceive
the public mind: but the sabsurdities of
fhn t. nm m II n in1 tin1 nfHLIIfV Ia in Canaral
were so palpable even to those urlac-
quainted with public affairs. that in the
compelled to decline TO further discuss
Them or the communication" 1t did not
seem TO us thai it was at all proper on
our part to continue a controversy
detrimental to the credit of the city. and
f~ruitless of anggood result. After the re-
eeipt OF the Communication of August IA
it was apparen&to this Board that our
lettdS of August$ had so completely an
swered the attack of July IA and made its
absurdities so apparent that as it con-
tanned nothing more than a repetition
Of the statements previously made. it was
impossible for you Board to dignity the
pmmunication or its real author by any
Rer action than placing it on file. We
hoped that by allowing the matter
~ be dropped, and the experience gained
daily in the routine of his office, of which
we are aware. the Executive would have
been convinced how fallacious and I'M
trustworthy was the advice he was ac-
-epfing as his guide in municipal financial
transactions. We submit that If our fiscal
system is unsafe, and the Mayor knows
where it is so. it is his duty to point it
out and to suggest the remedy. But we
will not concede that there is any merit
IN any of the objections made by him in
his communications of July IA. August IA
and December 2, 1897. When those obiec-
lions are sifted down we find that they
show nothing unsound in the fiscal policy
Itself. but a bald statement that in work
ing it out some detail is Objectionable to
HE Executives adviser. But no sugges-
ton IS offered as to a remedy: The let
Ter Of August IA contained the threat that
His Honor would not sign any more sub
seo,1ent tax bonds In order that the OPP
oortunity for doing SO may not be given
ner II which is the subject of this report.
IN order that 4hesresults of his action
may be made plainly apparent, it will be
necessary to give a minute explanation
# 4 portion of the financial system which
was not elaborated upon in the
otter Of August 3. 1t has been made
,slear that the IA rate Is established an
ssiallv. BY dividing the ratabies into the
.&fotaI tax levy. as per sample Tor the year
,rs ecember 1 1896, to December ! 1891, the