New-York tribune., 1903-01-06
THE YsToR's MESSAGE.

Maror Lows annual message SHOWS sfau-
fyinc condition of the citys hnances. in the
year 1902 the net increase in the permanent
funded debt was S102S3S23 IL. In the nFe
years since consolidation the increase mas peen
SO 1a4 1a3 os The average annual increase In
the four wears of Tammany administration was
therefore. about S15.oooooO, and the reduction
tbis wear signifies remarkable economy, when
the plight in which the city was left by ram
many and the absolute necessity of making up
for mast neglect are considered. Tammany In
creased the debt by s., 600, 600 more year than
Mayor Low has done. yet in the last year IN
MANY departments more has been accomplished
in the way of public Improvements than was AT
conplished in the four years previous.
That is a financial record for which the pres
ont administration is entitled to high praise. and
perhaps under existing laws it cannot De oel-
tered But the Mayor makes IT clear thal Tue
nublic burdens can be largely decreased through
the adoption of the plan relating TO the sihhihs
fund which has already been widely discusseu
and for which he Justly gives the chief credit
10 Deputy Controller Stevenson. In Drlei' IL Is
nronosed TO modify the law of 1878 which was
nasseG for the protection OF the CITY s creult"i
without full comprehension of its consequences
in such a manner as TO continue that protection
unimnaired and at the same time TO erect
LARGO reduction of taxation. At present 1t is
necessary to contribute to the sinking fund out
of tho city's revenues yearly increasing sums
which become constantly more dlsproporuonate
10 the debt which they protect ms accuihu-
lation serves no useful purpose whatsoever Out
ahsorhs a large amount of money-rechoned AT
SIS 100000 for the present year-which ought 10
he available for defraying the cost of govern
ment Mr. Stevenson's proposal is that the
legislature should authorize new class OF
honds in which the surplus revenues OF the
sinking fund should be annually invested. the
proceeds being applied 10 the reduction OF taAa
tion This plan conforms to the letter and spirit
of the city's contract with its creditors, is de-
clared TO be legal by competent lawyers, and Is
heartily approved by buyers of city bonds and
by other financiers In fact, an important hnan-
ciaI measure has seldom been so universally
commended. and there ought TO be no doubt
about the sanction of the legislature.
The Mayor also renews his argument for a full
valuation Of real estate for purposes OF taxa
fion urging that it would be far more equltapie
than the present policy and, in particular, that
if would largely increase the margin Of indebt-
edness which is inconvenently small 1t
Uould of course have that important effect,
and therein not a few intelligent citizens nave
considered serious danger to lie, inasmuch as
such an addition to the city's borrowing power
q
ugate or merely incautious, TO excessive ex-
penditures Doubtless the Mayors position is
logical but it suggests some reasonable appre-
tensions.
The subject of local transportation, including
enterprises nearing completion, others author
lied and sure TO be carried out, and various
bridge tunnel and subway projects whose
status is less certain, has become so generally
familiar of late that we do not need to review
it here, but we are glad to observe that the
Mayor expects an agreement on the New-fork
Centrars modified plan of terminal improve
| ment and thinks that such highly useful ex-
tension of the underground railroad system on
| the East Side as The Tribune has advocated Is
| likely TO be Completed within five years. Under
the head of bridge terminals, his most interest
| ing proposition, which we believe to be new to
! tbe public. is that the much debated Williams
burg Bridge connection with the transit system
should be made by means of a tunnel to the
Citv Hall and thence under WiIam-st. TO
1 Maiden Lane where it would form junction
with the proposed second tunnel under the East
River to Brooklyn and so with the elevated rail-
road system of that borough This scheme
avoids the valid objections raised against the
Centre-st and Park Row alternatives, and on
the face of it seems TO possess decided merits.
| The Mayor makes only a brief reference to the
| pressing problem of securing immediate relief
| from the distressing congestion on elevated and
| surface lines, with which he has already dealt
! IN special communications, but he reassertS
with proper emphasis the indisputabe and IN
| contradicted fact that outside of rush hours
much greater accommodation can be, and should
| be- furnished. The companies will not be able
| to escape their duty in that respect much longer
! if public attention is not permitted TO wander
off into the field of hypothesis and speculation.