New-York tribune., 1899-11-18
A PLEA FOR CITY DOCKS
CONTROLLER CoLER SAYS THAT NEW,
YORK SHOULD OWN MORE OF THEM.
uE ASKS THAT BONDS ISSUED FOR GOVERN.
MENTAL USES THAT ARE ESSENTIALLY BUsI-
NESS ENTERPRISES BE EXEMPTED

HE ASKS THAT BONDS lsSUED FOR GOVERN.
MENTAL. USES THAT ARE ESSENTIALLY BUsE-
NESS ENTERPRISES BE EXEMPTED
FROM DEBT LIMITATION.
Controller Bird 8. Coier delivered address be4
fore the Peoples Institute last night In Cooper
Union ON 'The Financial Effects Of Consolidation"
The baIl was well filed and the speaker was
listened TO attentively.
Mr. Coer said that the effect OF consolidation on
New-York's finances might be summarized under
two heads: First In regard 10 the annual taxes
levied the taxpayers, and seconu' III regard
n the ability OF the city 10 undertake permanent
nubl,c tmnrovements by the use OF It's credit
Under the first head Mr.. Coer pointed out what
he called the unfair proportion OF the taxes which
the people OF Manhattan were compelled 70 pay.
Under the second head he advocated an increase
in the cty's debt limit In order that more I'M
provements might be put through. He compared
Non,-vorL whose debt Is 253,OOOOO0 with Paris,
n,htcn has an indebtedness Of S400.0000O0 and de-
clorad that the greatness OF Paris az city was
dine 10 her liberal debt limit Mr. Coler then point
cd out the necessity Of Increased power on the
part of the city to issue bonds for the erection OF
bridges across The East River. lie praised the
.an. =, the contract for the completion Of the
rand Transit road as being immensely advan-
tageous to the city.
Mr.. Coler closed with plea for municipal own
ership of the docks. He said in part:
No one who is impartial and has really studied
the matter can seriously deny that the .d uun,C, ia
palizatlon Of the NewYork City docks, taEuy @ anu
| ingficlenty as II has been carried on, hds Desn
advantageous to the city. In the herce r,
competition which exists to-day between tne sieaI
norris on the Atlantic Coast OF this country NeN,,
York has been badly Handicapped " y,,, aeH ~ ~ u
wharfage room and transportation iaciIuSs @ i.oi-
| TentaI thereto So grave has the situation become
| that State Commission ha: been createn - a. -
anime into the causes OF ana re.hedls Heent nlans
nS the cty But thus far the cost has proved pro-
| the obstruction Of the Constitution. ,,oar. >,
The bonds issued by the city In recent years Sc 70
nav for the acquisition and improvement OF aocs &
ppronertv have borne an average interest charge of
about 81. per cent per annum. Up 70 70 ~, "A
Department had spent the sym OF prsperty from
whiah the rentals received amounted 70 >oeI.iy
or lilo per cent per annum on ye Sn the interest
charge OF such bonds Of more than $500 PEI an an.
num- sufficient to redeem u the principal - ~"
To adhere siavishiy TO the fetich Of constitu. @
tona provision is to shut the door 81 ts.e sbouS "
Ia tace rSad an az TO except from the Limitation on
tha indebtedness OF cities bonds issued 70 p.oy'Ge
tSer nbaracter are nevertheless. essentially 5usi-
ness enterprises, and from tne proyda sneedy
p,nnrt,zafion OF the indebtedness Temporarily IN
| Cured .
On. q, the questions asked the speaker aiter the
| addres, was: why shouldn't the city 90 us own
water supplying. instead Of paying a private cor
| poration for itT -, . .ho io.,
"weIl. rye been talking that idea Tor the ias'
! .hrea months" said Mr. Coler. Laughing by
a,aons ~ a gradual extension by the city OF us
| ,a,or connection as far as Lake George "hefs
| ,ha sunnlv is unlimited a vast amount OF money
oria he saved And even II the city tooh ~ nu ,,ebi %
pushed the thing through on i's sop % more cheapIy
now. S we would tb,s seRf Rsmapo Tna business"
'nTbn Tbs answer received hearty applause