New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-04
FOR CITY'S CREDIT
MAYOR PR1ISES III.
Bonds Best IN the WOrld, He
SaYs at Dinner.

l
avenue, The Bronx, last night. that there
were no better securities on earth than
the bonds of the city of New York, and
he said that ne wanted those present 70
spread the information among their
friends all over the city.
He referred. as he has done before, to
those who. he said. have decried the city g
credit on the eve of a new issue of
bends he wanted his auditors to under
stand that the financial condition Of the
city was not excelled by that Of any city
on the globe.
You have been told" said he, that We
are on the eve of bankruptcy. The news
papers have picked it up, have used scare
headlines, and it has gone all over the
United States and Europe. Not all the
newspapers have done that. There are
some of the best newspapers in the world
in New York City.
'Mhy. the net debt Of the city is consid-
erably less than s60o010,c00 The debt of
Paris, which is only half as big. is over
$50o,dN06no. and the comparison holds good
all over Europe and in this country, ex-
cept in the case OF some cities not allowed
to have any debt at all, like Chicago.
There is nothing more stupid and
timd than capital. The credit OF the city
was blown upon and its bonds vent down
Last summer the city of Baltimore sold
its per cent bonds at 1857 and other
cities like Baltimore did as We'll But
the bonds of New York city sold down TO
100.14. over five points less than the bonds
of Rochester. of Toledo. Baltimore and
Boston
Now, if it is possible to make the in
telligent people of this city and of the
whole earth understand that there is no
better security Shan the corporate stocN
of New York city, want to do it.
They said to me in Europe last sum-
mer, Why, / wouldn't buy a bond of the
city of New York and | said, Why not
The city cannot issue bond to exceed i
per cent of the value of it's real estate,
so if it came to the worst we would stin
be 90 per cent away from bankruptcy
Oh they said. but we have read the
American papers. oh. dear said l. You
have. and | know what papers YOU read.
The bonds of the city of New York
have behind them forever and ever the
taxing power of the State of New York.
They are better than the United States
bonds, because tho United States govern
ment might collapse and be superseded,
but whatever happens, the corporation of
the city of New York viii Jog along just
the same
The city is about to put in force new
DC nd issue, and hope the gentlemen With
the short handed minds and tie long
handed fingers viii take down the figures
/ have given right. The credit OF this city
is d matter which is uppcrmost in my
mind Just now. would like 10 see the
per cent bonds of this city sell as they
ought to sell-like those of Baltimore and
Rochester"
You will want to know what will do
for the Borough of The Bronx he con
tinued. well. ! have helped our Park
Commissioner to q yellow coon with a lame
foreleg. They tell me AT the table here
that YOU are al interested in suhways, and
after hearing this applause il is evident
that they told me the truth IN order 10
build the subway the city must haze credit
When we have this we will be able to give
YOU subways and when these are secured
the credit of the city will be enhanced
Il tried to tell You during the Campaign
that the building Of subWays will improve
the prospects of the city. The city can af-
ford to spend s2o.Q00.0o2 or SO e0n,OO Il
year on subways. and it can do that out
o. the value those subHays create. but it is
not 50 easy as eating a cheese cake to build
the subway"
Il owe my office in great part to tie
voters of the CROUCH of Brooklyn who
have voted independently for years
From what little study l have had in
my life ! knew that | was not qualified
to be Mayor. knowing we'll my lack of
qualifications now that 1 am there. [ am
able to tell positively that the government
Of this city and all cities in the United
States cannot be run without preparation.
Il know that you viii say. Gait in
Strong. the drygoods merchant. and run
the city you would any business but if
J ou did that YOU would be on your way TO
states prison within six months There
used to be notion that Americans can
do anything. but happily that is being
a abandoned When leave my office | hope
YOU will elect a man who knows how to
run the city government. After few
weeks Of office man is under water
and he does not know where he is.
Il have never done anything in my life
except III systematic way: 1 don't profess
to be anything bat drudge II Bonaparte
was able IT, wig great battles, he did II
only By drudgery. He tramped through the
camps and won because he knew where
the last bread wagon was and when to
genius of dvudgery'
President Jones read letter from Presi-
ient Ta.ts secretary. in which the Pres
dent expressed his regrets that lie could
not be present.
Though Mr.. TAFT could not come" said
Mr.. Joucs, The has sent messenger
gresham Goulden'
Mr.. Goulden then. on behalf of the Pres
lent, presented 10 the board framed and
autographed photograph of President Taft.
4 telegram Of thanks was sent TO Mr..
Taft and The diners drank his health
President Miller was the first speaker.
'mstead Of having been financial burden
lpon the city" he said, this borough has
paid into the municipal treasury taxes ap-
proximately double all the expenditure for
public norh within The Bronx From 1874
10 Nv 81, iaa. th', total expenditures were
"a 81. t53 From January. 1894, To MAY 81,
ao9. the total taxes collected were N0ltsoGs.