The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-08-07
The BUDGET FRAUD
Commissioner Brock Pillories the
Pagan Combination in Open
Finance Board Meeting,

to publicly apologize for the statements
! made. and | request him to DO SO ior
the following reasons
First. He states that under the act
of 1890 there have been issued $l ,4oO,ooo
of bonds, towards the payment OF which
there should be placed in the tax levy
n sum of $35 600" Failing to do this,
he goes on to state, 1t would be dlnl-
cult to strike more direct blow at the
city's credit" In answer, l will read
the resolution as adopted by the Board
of Finance at meeting held March ~,
1891.
After reading the resolution, Mr.. Ba-
con went on
You will observe that that resolution
Estates that sinking fund be and is
hereby created to pay off the principal
of the said 81, 100000 of assessment
bonds hereby authorized to be issued un-
der said act of June 8, 1890, by deduct
ing from the collection of assessments
the sum of So, 900 per annum, said sum
to be placed in a sinking fund and to be
used exclusively to pay off said new as
sessment bonds when due. Nothing IS
said about putting $4,000 in the tax levy
for this purpose. | am thoroughly sat
isfied that the $4,000 will be in the
assessment account to be transferred to
the sinking fund by resolution of this
FRANCHISE TAXES.
Second. AS to the franchise tax, it is
said, I'VE may as well put the figure
at 100000 as at $4,000" This state
ment speaks for itself The franchise
tax for 1901 amounted to S42, 1886, of
which 500 267 81 has been paid. In fact,
every company has paid their franchise
tax as assessed except the Hudson Coun-
ty Gas Company, and no reason, legal
oil, hos raf mr.
to us why this will not be paid. You
will thus see why this city, in place Of
collecting $4,000 as franchise taxes will
undoubtedly receive $42,1S9.56.
Third. "On the tenth of last March
$24 .243.17 of temporary bonds were sold
to the sinking fund.- Mr.. Brock states,
mo provision is made for their payment
in this budget and their issue is there
fore made an avenue to increase the
permanent bonded debt of this city,"
and then goes on to say, This is in exact
line with the practices which brought
insolvency to Railway and Elizabeth"
How a man. who claims to have made a
study of the city's bonded debt, can make
such statement without a public apol-
ogy | fail to understand. The bonds he
speaks of were paid in March, few
days after they were issued, and for
some months have not existed as debt
THE BIG BLUFF.
Fourth. The report further States:-
"That each and every one of a number
of temporary loan bonds, enumerated,
are each and every one omitted from the
tax levy"
If the gentleman who prepared that
statement had had enough interest in the
welfare of the city to examine the bud
get he would have found each and every
one of the bonds mentioned, specified and
provided for in the levy.
Fifth. As to the charge if ratables
are increased that the tax rate should
decrease every member of this Board
knows that it was mandatory to increase
certain appropriations, notably the coun-
ty. State and school taxes, and to pro-
vide for the increase in the salaries of
our teachers i'll our public schools and to
provide new teachers for the new schools.
The first item amounts to about $4,000
to over $4,000 more. These two items
alone necessitated an increase in the
tax levy of this year of about $63, 900.
And last The charge has been made
that two members were not asked, and
no opportunity given them, to argue
upon the requirements or contents of this
budget If ] read that statement Alright,
l cannot understand it, for | know we
have gone over the different departments
item by item. together, and | have re-
peatedly heard you ask, Mr.. President,
if any one had anything to offer or any
suggestion to make.
/ do not claim to have attained great
legal knowledge, but | do feel that |
know a moral right or wrong, and /
hope that MIR. Brock does and will take
this opportunity given him to withdraw
the statements he has made.
Mr. Bacon kept addressing his remarks
to Mr.. Brock. The latter sat all the while
with a pad and pencil in front of him
taking notes.
BROCK STUNS THEM.
When Mr. Bacon resumed his seat Mr..
Brock stood up and said:-
"AIr. President, allow me to speak in
answer to Mr.. Bacon, but before doing
so, you will help me if you will tell me
where you find the $685. 900 placed in the
budgeti''
President Ringle squirmed in his chair
but made no reply.
sWhere did you obtain it? asked Mr..
Brock.
"This is no place" Mr.. Ringle be-
gan.
Before he could finish Mr.. Brock
said:-''It is the place. Tell me now
where you got it!''
@This is no place." said President Rim
gle, getting out of his chair and walk
| ing over to the clerks desk to get a
match to light his cigar.
"Yes it is the place.
81 don't think so.''
81 want to know now"
!, 81 can explain, but not here" said
Ringle. Il don't want to get into any ar
J gument.
Il ask you for this for the Information
of the public as well as ourselves said
/ Mr.. Brock. "Do you decline to answer
Il can give you all the information
but don't think this is the place, said
President Ringle again.
a sTANDsTILL.
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