The record-union., 1892-12-01
Tile UNION DEPOT.
How the Great Work viii be
Done.
Safeguards Cast About the Bonds
to Secure Their Pay
ment.

San Francisco Chronicle, November Goth I
The members of the Board of Harbor
Commissioners are justly elated over the
fact that the people of the State have
given popular approval Of the San Fran
cisco Depot Act and thereby made it OPP
erative. The Commissioners are no more
elated over the result than are the people
of this city, and when the improvements
contemplated by that Act are made the
people Of the whole state will be proud of
the work and be able to see complete
justification of their vote on the subject.
The commission was in session yester-
day and the members discussed the
project informally after they had been told
of the consent which the people had
given the law at the polls. THAT is one
thing to be thankful tor, at least" said
one of the Commissioners. sit means a
great step forward for The city, and though
the revenues OF the Harbor Commission
derived from this city alone are available
tor the payment of the principal and in
terest, the entire State will be benefited
by the work that will be done. The city
and the State should be complimented on
the result OF the vote on the proposition"
IVY hat will we do now in the matter?'
asked Commissioner Bassett. 1.-THE first
thing to be determined is the character of
the building which we will need. In this
the future growth of the city must be
taken into consideration. The increase
in traffic must not be overlooked. We
have already selected an architect A.
rage Brown, and in a general way we
have decided upon dimensions. The
front OF the depot will rest on the seawall
and extend upon artificial foundations a
distance of $50 feet into the bay. 1t will
be $40 feet long. There will probably be
three corridors, one through the central
portion and one through each wing. The
wings viii be two stories high and the
central portion three stories, surmounted
by tower.
The lower floors will be reserved for
general uses entirely, and those above for
Offices of the commission and for such
other public uses as may be demanded.
There will be no waste, but everything
will be substantially done and with a
view TO permanency. The most ample
provision VIII be made for the accommo-
datlon of the public and for the roads that
center there and those that may 90 there
in the future. In this respect the utmost
care will be exercised to prevent the dan
ger to life and limb which now exists at
the ferry"
The law under which the bonds will be
issued was passed by the Legislature at
its last session and was approved March
IL, 1881. 1t authorizes the Board of Har-
Dor Commissioners to erect depot at the
foot of Market street at a cost not to ex-
ceed S6O0,000. The bonds to secure the
money for this work will be issued by
the State Treasurer There will be 900
Donds OF the denomination of 800 each,
500 OF the denomination of $500 each, and
80 OF the denomination of 81 eco each
The interest is fixed at 4 per cent. pay
able semi-annually, and the life Of the
bonds is fixed at nineteen years. The
bonds will be signed by the Governor,
countersigned by the Treasurer and will
bear the seal Of the State.
This practically makes them State
bonds, but the payment of the principal
and interest is provided for by a sinking
fund, which is derived wholly from the
harbor Improvement fund
The Act having obtained the sanction of
the people it becomes the duty of the
Governor to make proclamation of the
fact and ther9upOn the Act will become
operative on December 81, 1892. The
bonds will then be issued, and, after due
publication, the State Treasurer will offer
them at public auction to the highest
bidder, but no bonds will be sold for less
than par and in lots as may seem best in
his Judgment. The proceeds cannot be
used Tor any purpose other than the
depot. The sinking fund will consist of
S4,63l monthly, drawn from the harbor
improvement fund and invested in
United States bonds. Every safeguard is
cast about the law to secure the prompt
payment OF principal and interest. and
provision is made authorizing temporary
increase in dockage and other means Of
revenue within the jurisdiction of the
Harbor Commission.
1t viii be seen that the law does not be-
come operative until the first of the year.
but the Commissioners in the meantime
will make all needful preliminary ar
rangements for the prompt Inauguration
OF the work when the bonds have been
placed on the market. AS they are gilt
edged securities, it is not believed that
any difficulty will be experienced in sell
ing them.
This work should have been author
lied by the Legislature without the form
ality that has been demanded,u said
prominent merchant yesterday. I'm
deed, the State could well afford to paw
the whole expense. There is no more
imperative cali for public Improvement
in the State than this. l am glad, how
ever, that we are to have it even in this
shape. and know no business house that
is not quite willing to tax itself on its
commerce for the purpose. There should
be no delay in the Inauguration of the
work"
This annpars tn ba tho ,raporol -ox,+;