New-York tribune., 1903-01-06

transportation.
The substance of the message follows:
There are SO many things worthy of report port IN ina
Cannot De pat into single message without max .
ing it fatally long. propose. theTeioIe, ID a rn1s
message refer only TO some OF the larger pIop p
jerns affecting the city a fortnight later sha az
s rs2t 70 oTK OF the Departments Later still
J may send in another message. making such com,
FIRST take pleasure in ssknGTledgiPg
Branch of the city government has received from
The Beard e haJs been R espe spe o. where prompt
action seemed he desirable: but for the most
End efcient conduct Of the citl's business without
delay end without embarrassment ! , Iahe be b1e
kause think that the public does not fuy ;; aag ,
Eity's business ,,..,--
30 the city's debt.
rHE CITY DEBT
xo.o.rbe- II; 1anscross funded s+ss 5os s23 2!
k0eoernber = funded debit z16 262 223 81
CO.. .r--,.s. .................. So 24l. .1ss sc
rro.s funded s4,s. .asS s2s 81 42s %
i1r 5o oe ts'a IN 4s.2 sa7 60 4272sos Al
Ot1s 5ef, N7ii ss11 eaa 2e5 % s4sa. .2s1. ia Sc
sess 81 sinking funds.
anu .@-+.. 1se34oe2o a. ISs.sssese so
Net permanent funded .o.- 49,. -, :.
hnoresse for the var iso2 si02S8 s2s II
There have been issued since consolidation.
without regard revenue bonds issued in antici-
patton Of taxes;
Bonds 70 the amount Size, .21 30
Seduct specisl revenue bonds. 25,SSS6ls IS
Gross Of permanent deb. -s15o.s 5s2 30
msfured 're '.tr'' 25ss. $500 zs
Net permanent s14s,257,7e1 SO
This includes sa4ss2 54 of assessment bonds which
should be pad ultimately, from for local i'm
during the period (stnce consolidation, only s7e.
oe0ofl as appears below:
s1et permanent funded debt. December 81,
s5et Permanent funded debt December 81 %
s7o1s4.1os os
The growth Of the sinking funds in 1901
100000 IN 1872 81 600 @ ee9 The @ tnerease Of gross
pended 10 his rep2Tt are tables giving in detail
finances.
THE SINKING FUND PLAN.
In my message to your honorable board. dated
March 4 l9G2 1 called attention TO some of the
were the excessive growth of the sinking funds
commitments already completely. partially made
embr @ as s@sfed by conroer coer IL to
mere than sT3.@o.eoa. without regard to the pro
buildings. for improved hospital accommodations
l s IN 1sge 81 'e rs fn & 1oI Tsyn o
streets for local improvements in any part of the
1eh. except as regards tunnel to Brooklyn. 1t
was then already clear that the city was SO close
the enterprises n which il was already COM
essential for its current life 4 more pulling
sprobien never confronted administration. The
tcity was threatened, the hand. with large
fetrfrnenai to its welfare and en- the Other with
o
EeloPment- while it is practically being rebuff OF
ent and future prosperity largely depend. j am
opsatoR % Of the coDtroiEer ad pge Ms Mayor way SG
has been found 70 rescue the city from this dan
time both lower taxes and longer credit
The message said that the difficulty as to the
sinking funds. Of which the city has ten, grew
out of the fact that the sinking funds which
protect the debt OF the old city Of New York
absorbed most of the available income of the
city The income Of The city pledged to these
sinking funds grew larger year by year with
the city-s growth while the volume of bonds TO
he protected by these sinking funds grew
smaller every year as fnstalments of the debt
Sell due and were paid off. No new debt was or
rouid he incurred for which these sinking funds
ware liable and the excessive taxation of the
present year. resulting from these conditions
was approximately Ss 100000 That was 10
say, if the oity's income went into the general
FUND fOT the reduction Of taxation. it ought
10 60, and the city were called upon to provide
only what was necessary to redeem its outstand-
sng debt. SC. 10000 locked UP this year in the
sinking funds would be available for the reduc-
zion OF taxation.
CREDIT FOR Mr.. STEVENSON.
The greatest credit was due to James "
stevenson, the Deputy Controller. for devising
q plan whicb would enable the city to keep its
contract with its bondholders in letter as well
as in spirit while the time relieving
The city nerma nently of unnecessary taxation.
II was proposed by Mr.. Stevenson that the
legislature should authorize the issue Of a new
class OF bonds 10 be known general fund
bonds in which the surplus revenues of the
sinking fund each year might be invested, the
proceeds Of which should be paid into the gen
erai fund for the reduction OF taxation.
The massage also set forth that by increasing
the assessment Of the city's real estate TO the
standard fixed by the law the city would in
crease its borrowing capacity without affecting
sn any way by that fact either the amount of its
tax levy or the amount of its debt Many OBJ
sections had been urged against the policy OF
FUN assessment but Mayor Low was persuaded
that II would prove to be one Of the most desir-
able reforms ever effected IN the city of New
York II was evident that individuals who had
been fe vored by the old system might have TO
pay e larger proportion Of the citys taxes than
they hsd been paying heretofore. but this fact
was the strongest argument in favor of the