The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-07-31

ON account of the city debt. Yet in or
der that the tax rate may not show the
extravaganza of the budget, the item di-
rected by law to be collected for this
sinking fund is omitted from the levy.
Why, if this omission is justifable,
would it not be equally excusable to
leave out all collections for all sinking
funds? The injury to the city's credit
would not be much greater.
THE ROAD TO INSOLVENCY.
In order to further cover up the ex-
travagance of this budget, an item of
| $4,000 is deducted as collectible from
| franchises, which no member of this
Board believes will yield that amount to
the city treasury. Why not make this
item 100000, and add enough millions
to the assessment of property to make
solvency would be shortened, but it
would not be made a whit more certain.
On the tenth of last March, there was
issued S24,24317 of temporary bonds,
which were sold to the Sinking Fund
Commissioners of Jersey City. These
bonds were issued under the act of 1899,
and mature during the next fiscal year.
No provision is made for their payment
in this budget, and their issue is there
fore made an avenue to increase the per-
manent bonded debt of the city. This
is in exact line with the practices
which brought insolvency to the cities of
Railway and Elizabeth. Surely, with an
unprecedented increase in the valuation
of property, the extravagances of this
budget might be abated sufficiently to
avoid the danger that must follow the
permanent funding of temporary obliga-
tions issued to pay floating debt.
BUDGETS OMISSIONS.
But these items are made almost in
significant by the daring of the scheme
recently hatched to not only omit items
from the tax levy, but to provide for the
payment of the current expenses of the
city from its sinking funds. These sink
ing funds are as sacredly pledged to the
payment of the funded debt of the city
as are the assets of a savings bank to
pay its creditors. Last week warrant
was ordered drawn in favor of the Sink
ing Fund Commissioners for 100000
This warrant is to be paid from the
money received from liquor licenses. The
purpose for which it was ordered drawn
is avowed, and is proven by the omis-
sions from this budget. That purpose is
clearly within the criminal laws of this
State. If this budget was drawn ac-
cording to law, it would contain the fol-.
lowing items:-
Temporary loan bond for $110, is
sued August Z, 1901, under resolu-
ton that provides, .aThat said sum
of $110 be placed in the next tax
levy"
Temporary loan bond for $5.266.-
~, issued January Z, 1901, under
resolution that provides, THAT the
amount for it's redemption be placed
in the next tax levy to be made"
Temporary loan bond for $1,000,
issued August %, 1901, as part of
an issue of $1S,216.61, with a pro-
vision, 'sThat $1,000 of said amount
shall be inserted in each subsequent
tax levy"
Temporary loan bond for $4,000,
issued November 20, 1901, with a
provision, 'That said amount of $3,-
600 be placed in the next tax levy"
Temporary loan bond for $59S04,
issued December 4, 1901, with a pro-
vision, 'sThat said amount of $59S.04
be placed in the next tax levy
Temporary loan bond for 81 ,039.
z3, issued December IS, 1901, with
provision, "That said sum of ST.
039.73 be placed in the next tax
levy"
Temporary loan bond for $36929,
issued December 18, 1901, with
provision, "That said sum of $36929
be placed in the next tax levy"
Temporary loan bond for $4S1.55,
issued December IS, 1901, under
resolution providing, "That said
sum Of S4S1.55 be and is hereby
placed in the next tax levy"
Temporary loan bond for S453. 73,
issued February 5, 1902 under a
resolution, "That said $453.73 be
placed in the next tax levy"
Temporary loan bond for $612,
issued February 10, 1902. under a
provision. THAT said $612 be placed
in the next tax levy"
Temporary loan bond for 50. 200,
issued March 5, 1902, under a pro-
vision. "That said amount of $4,000
be and is hereby ordered placed in
the nextt tax levy"
Temporary loan bond for $500,
issued March 5, 1902, under reso-
luton, THAT said amount Of 81, 800
be and is hereby ordered placed in
the next tax levy"
Temporary loan bond for $1,000,
issued March 5, 1902, under reso-
luton, "That 81 900 be and is here