The sun., 1894-10-27

SrARIN, STBINwAy, and INMAN, were mem.
bers Of the former Rapid Transit Commits
sion, which, after three years Of investiga-
tion and study, and at cost Of $500, 900 TO
the taxpayers, adopted by unanimous vote
the underground plan as the only prac-
ticable one to secure rapid transit for the
city. Without the votes Of these veteran
and unconditional supporters Of the under
ground system no plan can be adopted by
the present Board.
Moreover, we have had the fact recently
presented TO the public that the present
Board despatched their chief engineer, Mr.
PARSONS, TO Europe, TO investigate the oper-
ations Of the underground railroads there
and he has strongly reported in favor Of
that mode Of construction. This report Of
It's chief engineer has been published with
the approval Of the Board. Besides all this,
1t has been frequently announced, by the
veterans referred TO, that to acquire right
Of way for any other plan Of railroad would
involve an impossible expense. For the
Commissioners to say in view Of all their
acts and attending circumstances that they
are in doubt as to the system they will
adopt seems to involve a palpable deception.
1t is true that they have the right to recon-
slider their plan-but II they have adopted 1t
| as the law requires, their further considera-
tion will be like that Of q jury reconsidering,
without any cause for change, a verdict
which they are ready TO render. II the Com
missioners have not performed their duty in
this regard, how can they ask the people to
vote for municipal construction
II anything is TO be assumed, however,
considering the old and new regime Com
missioners, and the record, can there be any
doubt as to the plan which is to be expert
mented with by che use Of the peoples money!
a plan which, it is admitted, private capital
will not undertake, and which has ruinously
failed, in paying point of view, in London
and everywhere else that it has been tried.
The extraordinary feature Of the act, that
the appointed Commissioners are to remain
in Office for the full term of the contract
for thirty-fve or fifty years-with power to
employ lawyers, engineers, land assist
ants !" without limit, and the compensation,
Of the Commissioners and professional
and non-professonal aids is to be
paid from the city Treasury by summary
means, looking ultimately to the grantees
Of the franchise for reimbursement IL the
scheme pays, is not in any manner ques-
toned or qualified. II the Commissioners
were ordinary mortals the bias Of their re-
port might be ascribed to the desire to ex-
ercise, for all the time they may be per-
mitted to remain on this earth. the mag
nificent license and privilege which the act
provides with all its royal attractions Of
power and patronage without precedent.
Nor is it disputed that although bids are to
be invited for the contract and franchise
the Commissioners are not bound to accept
the offer of the most favorable bidders, but
they can give the contract and franchise as
they may think proper. This would be a
very dangerous power in any other hands,
and many will think in all hands
The Commissioners say the present mar
gin for the issue of bonds is about S57, ,000,-
0OO," and yet they propose to exhaust this
limit in four years, the time proposed for
construction, at the sacrifice of all other
municipal objects now 80 numerous and i'm
portant, and requiring such heavy outlays.
Their expectation is that the valuations OF
real estate can be raised to allow a sufficient
margin. 1t would require very high rise
in the four years.
Let us see how this mode OF raising the
financial wind Of the city stands at present,
anu NJ" IL Will opciaIo III tuc nc
assessed value OF the real estate for taxation
of the whole State of New York, and upon
which our city is called upon to pay its
quota of State expenses, in 1898, was
81, 78l ,679, ,8s4, OF which the assessed value
Of the real property of the city was 81, ,562,-
5S2,S 1903. This valuation of our city real
estate Is increased by our local authorities
for this year to 81 l,613,O57,7 1856 To this in
crease, according to the invariable rule of
the State Assessors, they added fur
ther increase OF S87 900, 900. for the pur-
pose OF piling up the proportion which |
this municipality must pay of State taxes !
for the benefit of the rural districts OF |
course, we can 20 on increasing our real es- |
tate valuations for an underground rail- |
road or for lighting the city with gas or |
electricity or any new purpose Of municipal |
experiment and taxation, and thus take |
upon ourselves two-thirds or more of the |
expenses Of the entire State. This raising
valuations for a wildcat system of issuing |
bonds should not be encouraged by our tax
payers, who have to pay every dollar of the
Indictment incurred in some form or other.
The Commissioners err egregiously as to
the amount of the annual revenues of the
sinking fund applicable to the bonds pro-
posed to be issued. They say the annual
revenues OF the sinking fund amount to
100000. To Sssume this amount they
add to the general fund the sum specially
raised by taxation as separate sinking
fund, each year, to meet the bonds issued
for water supply. The annual revenues OF
the sinking fund are in fact only little
over 50, 0OO, 900. Again, for the purpose OF
making favorable statement, they say
" between the years 1887 and 1892 the net
debt was increased only ss,6OO,OOO. IL
they wish to give trustworthy statement
why did they not say from Jan. /, 1888,
when Mayor GRANT assumed office, to the
date Of the official statement issued last
month by Comptroller FITCH, when every
redeemed bond and every dollar in the
sinking fund was included, the debt had in
creased slb,OOO,OOO from SIS, 600, 900 to