New-York tribune., 1873-05-07
TILE RRIDGE ENTERPRLSE.

TIE BRIDGE ENTERPRISE.
We published on Friday last the text Of a
bill drawn by Judge McCue, fathered by Con-
troller Schroeder, and sent to Senator Murphy
for presentation to the Legislature, which had
for its object to relieve certain private stock
holders in the East River Bridge from paying
any more installments of their subscriptions,
and eventually to return them what they have
already paid in. The bill has not yet been
presented at Albany, and probably will rot be,
for publicity is precisely what such measures
cannot bear. The men who early seized and
have thus far directed this enterprise have
been prevented by past exposures from con-
Quoting the work as they chose, by secretly
voting supplies, contracting almost exclusively
with themselves, and paying their Superin-
tendent a fabulous commission. Now they
fear that the publicity we have given the bill
NAV defeat their retirement without further
expenditure, which is the first object of this
measure. The transfer of the management of
the work to the two cities, which they con-
cede as though it were favor, is forced upon
them, for the public of both cities have lost
confidence in the chief directors of the present
organization, and their concern appears to be
TO put no more money in an enterprise which
they can no longer direct.
Our anxiety is lest this transfer shall be
made in q manner which will cOmplicate and
delay the work. 1t matters little how soon the
directors go it is of great moment that the
building of the bridge goes on. 1t Is very
serious question whether the passage OF the
bill as proposed will not invalidate the sub
scriptions of Brooklyn and New York, which
we're voted on the express understanding that
private subscriptions to the amount of half
million dollars were paid in. Let us at any
rate have some better assurance that it will
not embarrass matters than the opinions of
the men who cOncOcted the measure, and
those who wish to abandon the work the
moment they lose control of it. The enter
prise is too mOmentOus,-the investments OF
the two cities which it is to connect are too
large,-and their interest in the success OF the
bridge is too vital to be risked on a doubt as
to the effect of this bill 1t is of little i'm
portance whether few private stockholders
are relieved or not from further risks; 1t is
vital consequence that the work on the
bridge should not come to stop. 1t VIII
not do to give some disaffected taxpayer an
opportunity to take out a mandamus against
the further issue of bonds, and thus by indi-
vidual opposition temporarily stop an enter
prise in which the first and third cities of the
Continent are heartily engaged, and already
too deeply involved to draw out or to brook
disastrous delay.
1t is indeed incumbent on the representa-
tives of the two cities to settle whether failure
on the part of nearly all the private stock
holders to pay their installments as called
for has not already complicated and will not
soon embarrass this great work. The charter
distinctly declares that the two cities shall be
obliged to pay only when the private stock
holders have paid the several calls. Four
ffths of the private stock was reserved by
few of the Brooklyn and NewYOrk managers
who originally concocted the scheme. They
allotted it to suit themselves, in order to retain
control of the work; and perhaps, with single
exception, these managers are all behind III
;heir payments; in fact only one private stock
holder, according to the latest showing of the
books, has paid as many installments as the
cities. Eight calls have been made and paid
by Brooklyn, amounting to S2,4OO,OOO, and by
New-York amounting to $1,2OO,OO0. Tweed,
Sweeny, Hugh Smith, and Connolly paid
only four calls Superintendent Kingsley
and his partner are credited with only
five payments, Gen. SlOcum with only
six, and most of the others with even
fewer payments. AS long as the fifteen
per cent allowance to Superintendent Kings
ley could be depended upon to pay calls as
demanded, the Ring was prompt when called
upon, but when this cheap method Of buying
stock failed the calls were no longer answered.
The former Controller of Brooklyn refused to
issue bonds on this ground; the late Mayor
Kalbfeisch at one time threatened in his blunt
fashion "to mandamus the bonds" for the
same reason. Controller Schroeder and Mayor
Powell however, have paid eight of the calls
upon Brooklyn without satisfying themselves
that the obligations of private stockholders
had been met We think we can depend
upon our own Controller and Mayor, through
their representatives in the Bridge Company.
TO insist that these obligations shall be met,
or the Legislature be asked once more TO in
sert forfeiture clause in the charter. 1t
seems very needful that something be done
to protect the subscriptions of the two cities,
and avoid the sudden stoppage of work on
the bridge.
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Here we have another illustration of the beauty
of pardon brokerage. 1t will be remembered that