Year: 1874

The rate of taxation in the city of New York
is steadily increasing year after year. At the
present time we are paying two dollars and
eighty cents on every one hundred dollars of
the valuation Of real and personal estate in
the city for the expenses Of the city govern
ment The provisional estimate for 1876 as
passed by the Board of Apportionment will
impose tax of three per cent next year un-
less the appropriations for the departments
are further reduced by the Board Of Alder
men, The other burdens upon property be-
sides this tax, in the shape of rates, assess
ments and interest," are so heavy that it is
questionable whether they will not soon
amount to practical conhscation. If we were
living under an enterprising, progressive
municipal administration if works of public
mprovement-costly for the moment but
certain to be remunerative in the
end-were being vigorously pushed to
completion; if, in short, we were prosperous,
growing, expanding and only laying out our
money to get back profitable return. the
people would cheerfully carry the load heaped
upon their shoulders. But when they see
the city in state Of dry rot when they find
evidences of stupidity and incompetency in
the management Of public affairs when the
uptown improvements are stagnant the neces-
sary public works neglected and business
prostrated, they do not feel disposed to stand
patiently by while their substance is being
eaten up by taxation.


The ,city debt at the present moment
amounts very nearly to one hundred and
fifty million dollars. In 1875 some eighteen
or twenty millions of this debt will be-
come payable. It is proposed to raise
nearly thirty-seven million dollars by tax
alton for the expense of governing the
city next year. and yet less than one million
and half Of this enormous sum is applied to
the payment of the bonds falling due. The
balance is pushed forward by renewal in the
shape of new bonds and added to the noun
famous ball Of debt rolling steadily on before
us. We are in the condition Of merchant
who incurs new debts every year and who
pays only FIVE cents on the dollar of his old
notes as they fall DUE giving new notes for the
balance. Some idea of our financial manage
ment may be gathered from the report Of the
suits against the city pending in the Corpora
ton Counsels Office on September 30 These
suits number nearly three thousand five hun
dred and involve an amount Of more than ten
million dollars, without taking into consid-
Grafton the large sum dependent upon
the actions to vacate assessments The
valuation OF real estate in the city was
increased forty-fve million dollars this year
over 1873, and this in face Of the fact Of de.
cline in the market. The tax proposed for
1875 would have been So 16 per cent on the
real estate valuation of 1873. 1t would have
been So 40 per cent on the valuation Of 1871,
the year in which our present financial pol
icy commenced.


Every property owner knows that he can
not obtain next year SO much rent as he re-
ceives this year for his houses and stores. In
some instances good tenants who have been
for years in possession notify their landlords
that they can pay only fifty per cent Of their
old rents. Under these circumstances it is
about time that we should discontinue senti-
mental appeals, whenever attempts are made
to reduce the city estimates, and look squarely
at the condition Of the city It is notorious
that half the money expended by some Of
the municipal departments is used for politi-
cal or personal patronage and not for the
interest OF the business of the city. The ap-
propriations should be cut down with firm
hand, and the heads of departments should
be made to understand that they must conduct
the public Offices as they would conduct their
private business, and not make them the
vehicles of patronage to their followers and
friends. We have reached point when by


departmental extravagance and incompetent
financial management the real estate owners


of the city are in danger of seeing their prop


erty practically con6scated. and it is about


time they should take some steps for their


own protection. Now, Mr.. Wickham, what


can you do for us? Will you use your in


fuence to reduce the rate of taxation threatened


for 1875, and help us by solid economy next


year?