326 



From this deduct the amount awarded to the 

 city for a strip of land, thirty feet wide, 

 taken from the park for the widening of 

 Yanderbilt avenue, and paid into the sink- 

 ing fund to be applied in the redemption of 

 park bonds 28,509 60 



and the present cost of all the land pur- 

 chased will be $3,975,648 41 



If to this. we add the amount authorized to be 



expended for improvement 3,000,000 00 



the total indebtedness of the city at this 



time, on account of this park, will be $6,975,648 41 



But no solicitude need be felt by our citizens on the score 

 of expense. In a merely pecuniary point of view, and without 

 regard to the immense social and moral considerations involved 

 in the possession and use of such a park, the acquisition of the 

 property is proving, as w r e have shown, a spendid investment 

 for the city, and every dollar now expended upon it will add to 

 its permauent value. This property has cost say seven millions 

 of dollars, but if sold to-day it would realize more than enough 

 to pay the whole debt of the city; and long before the bonds 

 issued for its purchase shall have matured, it will, in all proba- 

 bility, be worth ten times its cost, besides giving an impetus to 

 property in its neighborhood that will afford a tax more than 

 sufficient to pay the interest on its cost, and liquidate the en- 

 tire debt at maturity, without adding anything to the general 

 taxation. 



Dated January 11th, 1870. 



JAS. S. T. STRAKAHAN, 



President. 



JOHN" II. PRENTICE, 



Secretary. 

 JO IIK N. TAYLOR, 



Comptroller. 



