New-York tribune., 1901-12-06
COLER SPEAKS TO CHAMBER
HE WOULD EXTEND DEBT LIM1T-Dlf
FERENCEs OVER RECIPROCITY.

Controller Coler made address by invitation
before the Chamber of Commerce at It's regular
on+b1, meeting Yesterday. His theme was the
city's debt limit and incidentally he spoke OF 'he
manner in which the city debt hao peer ,nci eas
in recent years Ninety corporations "hich HhO
heen under no restraint to debt limits were coh-
solidated in the greater city. ne saio anu many
of the small corporations assumed large indepteo-
ness lust before the consolidation. Speahihs VI 'e
cty's requirement of paying property ne saio;
THE greater the earning capacity OF prl'ate
corpora ton the greater becomes Its credit II Is
not so with New-York City The greater our earn
ing capacity becomes the smaller our credit De-
comes
Mr. Coler drew the distinction between city eH-
penses for improvements which pay and others
which do not pay In the first class he placed the
rapid transit tunnel, piers and water supply. WINE
schools and public charities were paceu III 'Ne
second class. He continued;
There is something radically wrong In system yeili
of finance in which the resources of the community
actually keep it from going ahead- open alone
COO without 40 b wasT n Of heSf about its
the expenses OF ,he cry Sear verv little about its
assets pS% To-day NewYork CITY owns property
We income bearing property enough & aet 20 four
large pTopor9 of 9gf in the neishborhood Of
bonds More than sS9eo oo OF 'hat bSh hS
history has proved in the past pay themselves s the
principal and interest. without being any direct
In no on city hf in the World going
on at It. spsn aRid ana Ta5e rshH a
city is present nearing the hrso ord pace III eoi
After the Of the year I will be o found Sa pder fsal
remain at n saRdss a3 I'll + rP' sha ae
our high taxation because we have more to show 3
in he a nsanee Gd our @ property
US s4oOooooO, and yet to-day oei'eVe 'ha' ]" Is
"T1.n The budget Of the city of NewYork. upon which
t,a ordn
find that no substantial reduction Will be or can
be made.
The Controller then advocated an extension OF
the debt limit for bonds issued for paying improve
ments
Il am not advocate OF any ehua"aeah'
schemes of municipal ownership SAID the I'm
troller In closing, but If body sucn as 'iiis'
COMPOSED of level headed business men, couio oe-
wise some plan by which the city could make i's
improvements Weld revenue II would tend 10 lessen
taxation and at the time help the develop
ment of this the greatest city In the "orio.
Before Controller Coler made his ADDRESS the
Chamber transacted some business. There was an
apparent division of opinion in the chamoe1 over
the following resolutions which were presented oy
Gustav II. Schwab:
Resolved. That this chamber hereby expresses It's
dsapproXai OF the aG,G in Washington on the 10Th
utino as subversve of all attempts to brins apous
to open new and wider markets for our products'
aI2a ReasoIved, That the chamber views with appre-
bension the policy advocated by the RECIPROCITY
Convention as likely invite hostile leglsaton on
the part of other nations against thls couIl-
rry 10 the great detriment OF Its commerclal IN
tereStS.
lanes Talcott and Charles A. Schieren opposed
the resolutions and later Mr.. Schieren reported
for a committee that represented the Cnampef Oh
Commerce at the Reciprocity Convention After
giving brief outline of the work of the convention
and saving that the largest manufacturing inter
ests of the country were represented al 'he con-
vention Mr. Scheren said It would Ill become the
Chamber of Commerce to criticise its work
After the discussion ended the chamber re-
ferred both the resolutions introduced by MT
Schwab and the report OF Mr.. Scnieren 10 'he
committee on foreign commerce and revenue laws
The chamber passed resolutions thsnkihE rns
Governor the legislature and the people or Iex2s.
for the hosritaty extended to the delegation OF
the chamber that visited Texas by Invitation isst
April and Offering to appoint committee 70 confer
with a committee 70 be appointed by Governor
Sayres relative to the promotion OF investments III
Texas enterprises. ~, ,s,.
Resolutions were passed. expressing belief tnat
the tendency legislature to raise revenue for
State purposes only indirectly was un"se ana that
legislation tax mortgages was not adNisaoie-
C9nies OF the resolutions will be sent 10 members
OF the Legislature. . =,
of the chamber after the building and occupancy OF
dent member and s25 for each nonresident member
The change made to meet the increased expenses
IT'S new