New-York tribune., 1901-12-18
FEITNER on DEBT LIMIT.
WOULD AMEND CONSTITUTION TO IN
CLUDE CITY's NON TAXABLE
REALTY IN 10 PER CENT
CALCULATION.

Thomas 7. Feitrer president of the Department
of Taxes and Assessments in a letter to Cohuoiier
s-oler has taken exception to the foilo"lng state
rnent quoted from the Controllers recent ADDRESS
before the Chamber Of Commerce on the DEBT limit
of the city:
President Feftner the other day advocated the
allowing the city tax It's own properly ~ tll
snoebteneag eFs soe 10000 and would be very
simple way of reaching the point anu o"'oiiiiIis
money for immediate relief
sfr Feitner saws in his letter that such state
rnent of his suggestion would be absurdty and
continues:
To avoid further misunderstanding of my att-
tude on the sun3ece; Pc mn H the % Fdft6r of The
Record and Guide recently. and correctly quoIeu
by that publication in its issue OF SATURDAY NO
In Article VIII Section TO- the constitution % tuition
among other provisions, declares that no county @
or city shall be allowed 10 become indebted tor any
cInding existing Indebtedness shall exceed 10 per
centun of the assessed valuation OF the real estate
appeared by the rolls of such county OF
ricr TO the incIIrring of such Indebtedness.
NY proposition is to amend the foregoing pro- pro-
vision by including the assessed valuaton OIL oI al
real estate owned by the county or city eXehkt
from taxation shown by the assessment roIIs py
subject TO taxation the words. including the as
esssd Taluaton ot a on fea1 faSton entirely
concur with your expressed view OF the s1tudIlol
that there is something radically wrong IN the nac{
that the richer a city gets the more contracted
becomes its credit and as fprtheI siI1
would he permit the city to incur an hdeDttuo 80
ness not exceeding the assessed value OF ali the
real estate by IT. and now exempt ar q NeLE
conservative valuation. q SUBSTITUTE loi 'iie
,,raeerf constitutional provision of 10 per cent
A. a business proposition. this would he the
simplest and would present itself to an is
-ner as the only basis OF Indebtedness, oeing
vayraeF7te by substantial collateral III the assets
actually owned by the municipality IL hoNeNeI'
rF7a first proposition Is more acceptable anu per
hans more restricted in its limitations lheh IL
would simply add per cent of the assessed tdIue
- ne sxeI77t ronerfv owned by the city to its re-
r,,zir,g assessed real valuations as hasls
1ir7+f hose
equal as 10 the amount to which the eep' iih1i'
mig hi be extended under present conditions:
n ais be mind in considering inns
question that the present budget necessitdteS ltA
rsf.s gf more than 81. centum, ana thdl any III
crease of the Indebtedness will as ma tura! cohSe
1e11ce fr,C-esSe the budget and therefore the rate
unless in mourning such indebtedness the pFopeig
should be revenue prouuCiiS
- +l,- 1TT+ of the Increase in the budget so that
the Sinking Fund the legal repository OF 1heSe
<1,,zs shall be pruportionately increased tneIebA
,,,-eIiz+Tr and offsetting income and expenditure
and it Is quite palI1able that Nheh proPei =
CURED hy the city such parks. schools etC,- -
,1o+ revenue producing in this proportior 'hets
rns+ he an increased rate and budget y men Wotid
T1erhaps conflict with the coust1tuuonat pro'isloi
governing the rate . ,-....,e..-
% he "a ised nv tax county or city purposes IN
any county containing city of over hteo m
i.ohi+an+s or anv such city Of this state. IN aA
fion 10 providing for the principal aad nh1eIes o
erie++r7p del,f shall in the aggregate exceed IN
orv one wear . per centum OF the assessed Valua-
80 III the real and personal estate OF such county
~ rfTv to be ascertaired as pTescrlhed IN lhlS sec
fion in respect to county or city deoI