Year: 1873

L


regularity and Incompetency.


The city charter provides for the appoint
ment by the Mayor of two persons to hold
Office during his pleasure, who, with the Pres


ident of the Department OF Taxes and Assess
ments, shall be Commissioners of Accounts;
whose duty it shall be once in three MONTHS or
oftener if they deem it proper, to examine all
vouchers and accounts in the offices of the
Comptroller and Chamberlain. and to publish
detailed statement of the financial condition
of the city. In accordance with this provision
Mayor Havemeyer some time ago appointed
two competent gentlemen, Mr. George Bow
lend and Mr.. Lindsay 1. Howe, as such
Commissioners, and to-day we publish
the first report they have made, in
connection with Tax Commissioner John
Wheeler, of the result of their examination
of the affairs of the Finance Department
Although the present report covers only the
condition OF the bonded and funded debt of
the city, it will be found of great Importance
TO the taxpayers IL emphasizes what we have
long ago declared-that the Finance Depart
ment of the city government under its present
management is becoming involved in mex
tricabe confusion; that the manner of keep
ing the public accounts evinces gross incom-
potency; that the periodical statements put
forth by the Comptroller have not made
correct exhibit of our financial condition. and
that the people have been efectually, if not
designedly, kept in ignorance OF the actual
amount of the city's liabilities. We regret
to add that the report also brings to
light some facts which are calculated
to shake the public faith in the integrity as
well as in the capacity of the Finance Depart
ment, and to excite the suspicion that, what
ever confidence may be felt in the personal
honesty of the Comptroller, we are not yet
wholly secure from those practices which two
years ago so thoroughly aroused the indigna-
ton OF the people.


In introducing their plain and concise re-
port the Commissioners of Accounts state
that they designed to lay before the tax
payers in compact form the actual funded
and floating debt of the city, so that we might
be enabled to understand correctly the total
amount of our liabilities. But the embarrass-
ments they have met, and the fact
that they have been compelled to wade
through a mass of disarranged and confused
papers reaching as far back as the year 1S4O,
before they could certify to the issues Of bonds
now in existence, have prevented them from
making, at this time, an investigation of the
floating debt While the Commissioners are
retcent in regard to the nature of the sem
barrassments," we have reason to believe that
| they arose from the disinclination of the
! Comptroller to submit the transactions of the
Finance Department to their scrutiny and we
are compelled to regard this opposition to
| legal examination as implying either sense
OF the improper management of the depart
ment or desire to cover up particular acts
of questionable character. The Commits
soners, while abstaining from any insinuation
against the integrity of the Finance Depart
ment, do not hesitate to condemn its system
of keeping accounts and to urge the necessity
OF reform which shall throw greater safe
guards than at present exist around this
important branch of the city government


The total bonded and funded debt Of the
city and county outstanding on July /, 1873,
| is stated by the Commissioners as amounting
to s136, 0OS, ,961. This includes the debt paya-
BILE from the sinking fund and from taxation,
the Temporary debt the city and county
revenue bonds, amounting to q little over
SIG, 900, 900, and the county stocks and
bonds. In making his deceptive debt state
ments the Comptroller has excluded the
amounts which he has chosen to classify
as Temporary debt" amounting to over
$40, 900 There is no reason why these
| Il.


prise assessments, many of which have been,


and others which, doubtless, will be, vacated,
and Central Park and other improveme ent
bonds, which have to be paid by the city, and
are actual debt The only pretence for


calling these sums temporary debt is that
/, they fall due within short period; but they
! are as much part of the city indebtedness as
a business mans acceptances which happen to
be payable within one two months are a
: part of his liabilities The startling fact is
brought to light, then, that the city and county
debt, exclusive of revenue bonds and floating


debt, was on August last in round numbers
$l20, 000 The floating debt is estimated
I on good authority to be not less than
/! 81, ,000, 900, and if we allow only S4, 900 900
increase since August l we have before us as


the result of Comptroller Green's financial
/, policy the alarming amount OF S135, 900, 600 of
/, city and county Indebtedness.


Unfortunately the reckless increase of the
/. public debt under reform rule is not the
most alarming of the disclosures made by the
report. Two suspicious matters are brought


to light which require to be cleared up with
ont daIov The dishonest acts of the Tam
,, many officials in the Comptrollef's Office are
yet to- fresh ia the rah.ic mind to permit OF
| any further tampering with the city finances