New-York tribune., 1908-02-25
NEW YORK CITY FINANCE
Sharply Criticised by Assemblyman
Bennett at albany.
IBy Telegraph to The Tribune.


Albany Feb c4-Bitter criticism of the fnan-
cfsl methods of New York City was expressed
tonight by Assemblyman Bennett IN advocacy
of his resolution calling on Controller Metz Ior
detailed information regarding the city oe"'
and yearly expenditures before the Legislature
adopts any of the pending resolutions excluohls
from the debt limit bonds issued for SUBWAY
building and other improvements
THE citys financial standing now is far peio"
that of other cities. he said. Bonds are pei'is
sold on 6 per cent basis--a rate of interest
higher than other cities have to give III we
sweep aside the debt limit in twenty years from
now, ve shall not he able to sell bonds on any
ba Sis
This question declared Mr.. Bennett In cah-
ing I'D his resolution. he considered the most
inportant before the Legislature. 1t was, Writ
ually should the city sweep aside the constilu-
tionaI limit imposed by wise and conserNa'iNe
men and go on with reckless expenditure UNI"
bankrupted or should 1t hold TO the same ruieS
as govern any business institution?
"I am not attacking the city or any officer
said he Il would preserve the credit or the
CITY instead of sink it. Our officials themselves
are not united on the wisdom OF TINS coul se'
Controller Metz says sweep aslde the oe'' HMM
Mayor Mcclellan says Mo-
Then Mr. Bennett reviewed the four resoiu-
tions nresented involving practically the same
principles. The Travis-Lee resolution. fa'nereu
h., Controller Metz. he said provided that bonds
for subways or dock property should be eN-
cIuded from the debt limit. but only when the
Anne,late Division on application of the Board
of Estimate had decided that the bonds were
earning an income in excess of the interest on
then, The Controllers resolution, though, pro-
vided for the raising of this income by taxa
tion If necessary which Mr.. Bennett thougnt
objectionable There might be a deficit, he SAID
some years vet the bonds would not be inciud-
ed in the debt limit.
There is great demand now for public I'M
proyements" he said That must De cohslu-
cred but so must the burden which Wouiu De
imposed by these resolutions on our chlidren 10
the second generation. If we keep to the r1ght
line we shall get the improvements and not
overstep the debt limit
He continued that the city's debt, funded ana
rnfunded for improvements under way and
onternpIated reached the enormous sum Oh
s1O12 900 900. more than the debt of the United
States
"Our great danger lies in this condition, SAID
he I'm the last five years the Street Cleaning
Denartment has spent about S36O,OOO year
ont of the proceeds of Soy bonds for harness,
blankets. bicycles and things of that nature,
which will be useless in five years. l am making
no charges against Metz. but that is the situa-
tion Our mail Is burdened with missives about
woman suffrage Sunday baseball. vfvesection
and such things but not a word about TINS
mighty matter If business corporation We're
to issue long term bonds to pay its running eX-
penses it would go into the hands of a receiver
in short order. The recent panic showed that
the city had suspend payment just like any
bank or mercantile house
Mr. Palmer. the minority leader. who had
moved that the resolution he referred to the
Judiciary Committee. withdrew his motion, say
Ing this resolution demanded serious considera-
ton. and asked that 1t he taken up further next
Monday. It went for week.