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In view of the rapid accumulation of the city debt, and the financial
entanglements which surround us, the Comptroller considers that it
would be the most prudent course for the city, and decidedly advanta
geous to those interested in the present debt, to have the surplus funds
applied at once to the purchase of the outstanding stock, which is first
payable, and have it canceled. In doing this, the greatest care should
be taken, not only to preserve and secure all the rights of the stock
holders, but to do it in such manner as to preserve their confidence in
the good faith of the transaction.
The legislature of the state, at the request of the Common Coun
cil, passed acts in 1845 and in 1851, guaranteeing to the creditors of
the city, that the ordinance of February 22d, 1844, establishing the
Sinking Fund, should not be altered, except to make additions to the
fund, without the consent of the legislature. Chap. 225, laws of
1845; and chap. 235 of 1851.
I t would be necessary, in order to change the ordinance of 1844,
that the alterations should be prepared, so as to give ample protec
tion to the holders of all the certificates, to be submitted to ...
Annual Report of the Comptroller of the City of New York, 1855
