New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-24
THE CITY'S GREAT NEED.
,ppr.Is FOR RAPID TRANSIT.

APPEALS FOR RAPID TRANSIT.
THE non. II. @. EASTMAN EXPLAINS us OWN BILL
Ar THE COOPER INsTITUTE-AN ANIMATED DIS
CUSTOM BETWEEN THE PROTECTOR, JOHN Il.
uAsKIN, THE HON. MR. HERRING, MR.. DuRfEE'
AND OTHERS.
A mass meeting to discuss the problem OF
rscid transit from the City Han to Harlem, and IN par
tcular the bill offered in the Legislature by the Hon
H. q. Eastman of Poughkeepsie, was held In ooopei
Institute last evening" as advertised Tor se'oi"
and the great HAN was nearly filed by an en'nD'
ast,c audience Many gentlemen prominently Known !"
the discussion of rapid transit schemes were %aeeu U"
she platform, among them Peter Cooper 'ohn ~ no
Mn the Hon II. q. Eastman OF Poughkeepsie, "nan
erton. the Hon William Is. Dodge, Jordan l. hot' H.
+ Ayeriu exJudge WEIGH, the Hon. Charess D. spencer
Alderman Billings william J. McAlpn. Ensineer OF 'he
eta,e Captal; b. r. Baker the Hon. Homer A. Neisoh'
FB Thurber, William r Traphagen JEdge Ahtno"y
Of Poughkeepsie. A. r Dyett, DR.. shephero, anu WI
COIN H. Turner. Besides these were noticed inc heV'
Dr. Sunderland, Chsriesn OF the se~S'e' ""s""'N
ana the Rev. DR.. Burchard -
TIE proceedings opgaed with the domination OF JOSH
Policy as President o. the meeting WIN ohy "o'S"
,xo OF introductton.he presented Mr. Eastman NHos
remarks we're elreceiyod generally, the only oirsent
Ing voice arising when in rectns his DILL ne s'a'eO 'u
the appointed TO receive suggesens Oh
ls,s Ia decide upon one should receive $o0oG year
salary Sad No You can't get any hrst-elass men
snsioeers-tO weCk on this Iroblem for less hes.
yon cant' sand enc, and Mr. Eastman added, 'Wen il
ron can we woud like have some of them come up 10
Poughkeepsie" Mr.. Eastman stated, durrg MS IT.
marks that there was no jsbery in his bill ana no one
roud possibly have any interest n IL except indeed MIN
pef aud he going 20 leave posIeon ana ouS
ness worth $4,000 year sud- III addition he pesiusn''
Of she Poughkeepse BT1tse Company, PROJECT lnVoN
ING g. oO0n to engage thing like tine Tor soooO on
behalf Of the New-York people. The more sgninc"n'
rortious 81 his speech Will be found below,
SPEECH Of Mr. EASTMAN.
Ineeanof take any time TO show that for the great
want of apid transit Eew-York is yearly losing thou
sauds Of her population she might otherwise retain III
is known to every here tonight and If correct
census could be taken OF city to-day and comparE
made with the past wonld startle the community
Jefey aud Long Island that belong to New York CITY
proper and would be here to-day paying taxes ano
tribute e. your every interest, had nor your p ~
and pubesprited men, ten years ago Oeeh as DhhI az
ihey TO-DAY TO the true interests OF the CITY hva
are familiar with the criticisms and complaints that
made in regard TO Mr. pepewt census, ~ Vas 5
and the Msy0r-HOiman j think t'|as-was uieiD-
pointed IN ms predictions some y1OOe ~ was l,E tauS
made N regard TO the census OF 1870
6e result IH then as in s The truth these 2oOO peo
pie you expected the taker would ind here MAD
Them Another fact indicates the trnh Of the above
notice that the passenger traffic of the horse cars run
ming north and south has not increased tne past yoi
the previous The Third and ourth-Ne lhes
actually show falling of this fact is Aore signilcant
Than Will be supposed, by simply listening TO tue state,
The fact that Hudson County ~ J. has increased
years while Westcheser has Increased but A21OOo
COUNT is IA per eenf. While Westchester County
10 bat Ia, Is so starting that shomd 10 pasted 10 tne
top Of the hat Of every payer in and west
chester County and should be IN gded letters over TINS
Iii said that your burdens of taxation are very
great, and that Is the reason that the city should
Is true a. beeye no sane person doubts tsat system
efrapd transit viii at once bring back to the CITY mn
paying taxes elsewhere and that properly sRl oe IN
value and all business interests revived then
WI and addition in taxable property
than balance the amount that the city would eX-
pend paid for the road and received no re-
turn the investments Would 1t not be wise
policy, II there no other way OF accomplishing
The desired result for the city to stop for time some OF
tte most unmpOrtan public works. say on ts parks OF
is boulrvards and put that money into RAPID trsnsts
Would not a manifceuty constructed work Of the kind
he fully Ornamental, aud certainly or as inuch
utili as some OF the other public Improvements mat
sie COSTING llos OF dVlids o. as nc i ~ =, @
discussion only provides Tor guarantee OF bonds OF nm
iteG aud only in OF certain contingencies,
will NOT discuss this point further; lt Is argued by
value Of uptown and Westchester property Ny figuring
gives me different results II people could 20 TO the
CITY Hall ln minutes from Foriy-secondst there
probably thousands who daily object 10 going
down account Of fatigue and delays that would
go soma OF the CITY Hal 10 transact business and tins
would give an increased demand for stores and offices
Eighth would md their way TO Maidenlane and
Johnst IL Is only the accomplishment OF rapid transit
tAat VII retain ne hhaDclo center 10 Walst ana vcln-
ny or prevent the bulls aud bears from roaming north
The question whether the city shall be interested in
manner a IIpid transit railway is open
II has been thoroughly discussed and considered in all
lis bearings by the press and the people since this bill
has been be- re them. TIE opinions as TO whether the
city ShOud lena it's credit build the road
about equally divided. This limit for the guarantee OF
bonds pledges the city small amount only compared
Will the toa cost or the road Inc whole amount thus
guaranteed WILL in the contingency arises amount
20 only some S2O0OO0 for double track road from its
southern terminus Forty secoDd-S, and little more
than 100000 10 Harlem River. This will simply
nsh The credit Of the city without adding dollar TO its
expenditure or increasing taxation IN the least, the
interest Will be pad from the earnings OF the road and
sinking fund provided for the eXtingushmeDt of the
bonds But am satisfied from my interview with cap
iass that tie city VIII never be called upon TO guar
dollar bonds OF the road. With honest,
capable commissioners such as me Governor Will APP
point the capital Will be immediately Forthcoming.
have plan 10 make this investment great popular
loan OF the people and to secure It's capital stock for
the masses.
ssoners shall have perfected their organization there
De offered Tor sale IN denomination OF nve dollars ana
upwards. series OF rapid Transit Passenger COmmu
these Passenger Communication Bonds be payable in
the following manner; Communication Coupons" TO the
number OF l2 70 De atlached 10 cch 20 Donu each Oh
coupons TO be receivable inayment for pas
interest the Passenger Communication Bonds" 10 be
payable az the expiration OF from the date Of
years al the end Of which tue bond could be
taken up and considered redeemed. like manner
there might be issued series OF Rapid Transit Freight
Communication Bonds" would also propose The issue
of Rapid Transit Convertible Stock" in denomina.
lions OF $50 and upward, the same to participate
equally wan the original stock IN all dividends which
be declared The holders Of this convertible stock
To he entitled 10 purchase passage tickets IN packages of
coupons Of the Passenger Communication Bonds
receivable. Tie holders exercising this privilege 10
have the optlon TO rtllnqulsh IN pay ment FOR such
passage tickets corresponding proportion OF ms stock
In vnch case certificate Tor the reduced amount shall
Dc gwen in exchange FOR the original certificate. Or
payment be made In cash the ownership OF not less
than 600 ~ Convertible Stock emitting the holder 10
purchase every SIX months beginning with the date OF
issue, not more than 2O OF the aforesaid communication
tickets at the reduced rate OF 8 fares.
At the conclusion OF Mayor Eastmans speech he read
letter the Hon. Jackson S. Schultz advocating
quick decision upon road of kind and also letters
from James W. Hustled, Speaker Of the Assembly and