Year: 1875

HOW Our Taxes Can BE Reduced.


Governor Tilden on frequent recent occa-
sions has told the people that if they
desire reduction Of State taxation they
must send to the Senate and Assembly
representatives who will be true to their
interests. There is nothing very new in
this suggestion, but it is good sense for all
that, and is offered at the right time. We
are about to elect a new Legislature in
both branches, and while we can scarcely
hope, with the Governor, that honest leg
islators can reduce our taxes in two years
fifty per cent, they can no doubt effect
very great saving. The burden of taxation
has mainly been increased through corrupt
appropriations and through culpable
looseness in incurring liabilities instead of
paying as we CO.


New York has especially suffered from this
reckless legislation. Our financial policy
for four years has been to postpone the day
of payment and roll the ball Of ever-increas-
ing debt before us. Take one law passed in
1873, being chapter 756 Of the Laws of that
year, as an example.


The first section empowers the Comptroller
to issue two million dollars Of bonds-Q) for
the payment of any claims against the city Of
New York incurred prior to January l, 1872;
(2) for the payment of any judgments (which
have been or may be obtained against the
said city and county" and (3) to make good
any deficiency existing in any trust or spe-
cial fund through the diversion of money
from such funds by the Park Department for
the maintenance or improvement Of the
parks.


The second section empowers the Comp
troller to issue consolidated stock Of the city
and county of New York for the purpose
Of bridging over" as they fall due and
extending to a future day the payment
Of the following bonds:-Q) Eight and
half million dollars Of revenue bonds
authorized by chapter 8 Of the Laws Of
1872 (2) seven and a half million dollars of
revenue bonds authorized by chapter 20 of
the Laws of 1872; 81 an unlimited amount
Of revenue bonds authorized by chapter 375
Of the Laws Of 1872; az the two million
dollars of bonds whose issue is authorized by
the first section Of the act. Also similar con-
solldated stock to pay deficiencies IN as
sessments and outstanding assessments
upon the real estate Of the city.


The third section authorizes the Comp
troller to issue assessment bonds to 'bridge
over and extend the time for payment of
any old assessment bonds falling due, with
out limit to the amount.


The sixth section authorizes the Comptrol-
Ter to issue one million dollars Of city parks
improvement stock, in addition to all
amounts Heretofore issued, for the improve
ment Of the parks and the construction Of an
observatory, such stock to run for thirty
years.


This is only specimen Of the legislation
that has prevailed in relation to New York
city finances for four years If we are to
have any lessening Of the oppressive burden
of annual taxation we must commence by
abandoning the ''bridging over" policy and
pay as we 60. To accomplish this we
must elect better class of men to the Sen
ate and Assembly than we have elected for
the last fifteen years. Governor Tildens ad-
vice on the bject is more important to New
York city than ,o any other part Of the State.