New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-20

CI.u.hor,.ir CITY Of New York, and Sometime
niroc,or of the New York Bureau OF Mu-
nicipal Research.
"% HERE is persistent and piasuins
figure of speech that crops up IN
- one or two set forms whenever New
York City's finances are discussed.
II is. "the city is on the verge of bankruptcy
or "the city is driving headlong into bank
ruptcy" Then comes temporary excitement
wise and half-wise comment-perhaps state
legislative invesugation-and finally pubic
indifference again. AS a matter OF fact, every
body knows that New York City is not on
the verge of bankruptcy, and that its progress
is not even in the direction Of bankruptcy.
But everybody who can and will think about
the matter realizes that the city is in need
of better and better financial management,
and that, considering how the city has been
managed a good deal of the time, it is
miracle, perhaps, that things financially with
the city are no worse than they are
Here stands the City Of New York, of prodig-
ious resources, suddenly checking itself in the
pilng up Of debt New York in its awakening
finds net Indebtedness within the debt limit on
December 81, 1914 Of s74s193,O7414 and debt
outside the debt limit for self-sustaining invest
ments in water, docks subways, etc. of S315,-
575393.2s There are, it is true, still TO be
issued many millions under outstanding authori-
zations for uncompleted improvements, which in
the course Of the next year or two will take the
form Of bonded promises to pay in fifty years.
For this reason for several years there may be
expected marked increase in interest, because
Of the issues already authorized, and for
some time TO come appropriations in the tax
budget for permanent improvements on the pay
as-you-go plan will make uncomfortable in
crease in the tax rate But out Of it all will
come security and impregnable financial sound
ness. New York needs only more of the kind Of
treatment it has received in the last several
years from the hands Of its administrators, only
more Of the kind of persistent attention to ex-
penditures and the details of administration that
1t is now receiving, and presently the woudbe
saviors Ct the city, who nothing but ruin
ahead, will be bereft of their high mission.
Conscious Of great wealth, eager for expan-
sion, urged by taxpayers well as others to
provide adequate equipment for civic use, New
York since consolidation has nearly trebled its
debt But it has grown from city Of 3,272,41S
TO world metropolis Of 5,5s387l people 1t is
by no means fully equipped yet, but the added
equipment OF lne future Will DC pIONlueu W
keep pace with further growth Of population and
not to make up for the deficiencies of a multi
tude Of inadequatey prepared communities forced
to metropolitan standards by consolidation.
In the future, when great public improvements
are entered into resulting in increased values of
surrounding property, the city will recoup itself
for part Of the cost through profits made possible
by excess condemnation.
In the future the city will have the courage
and capacity to utilize its resources in such
a way that there will be adequate return for pub
lie capital invested and profits that belong to the
community will come to the community and not
TO private spectators finding advantage in the
incapacity and torpidity of the city. In this new
manner Of carrying out public enterprises New
York will develop to its profit the great Jamaica
Bay improvement, that stands a richly prom
Using opportunity for community enrichment, with
both direct and indirect economic advantage TO
the city q such.
In the future the city will not deliberately
choose the most costly way Of making improve
ments or ignore the cost when public funds are
being spent. Millions of dollars in the city's
Gargantuan debt wrongly perhaps cor
ruptly spent. But in the years Of its accumula-
ton the city has gradually learned how to spend
wisely and has recently begun to learn how to
conduct its affairs efficiently
New York should have concrete city plan. 1t
should estimate each year with the greatest care