The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-10-09
VoTB DoWN THE SCHEME.
Additiousi susrestions on the Finsneisi
Aspects of the Rapis Trnnsit Act.

figures OF the annual revenues OF the Sinking
Fund at the latest accessible date. Allow me "a
do so now. for the sake Of accuracy.
According to the last published report Of the
Comptroller, issued In 1903, the total revenues
OF the fund for 500 were SCHOOLGIRL. This
includes $i,l30, 1886 for redemption of tho
CITY debt; transfer from city treasury under
constitutional amendment adopted Nov 4,
1884" This aforementioned amount has no
Just connection with tho general sinking
fund. Tho constitutional provision linn
iting the amount OF Indebtedness reads.
Nor shall this section he construed 10 pre-
vent the issue Of bonds to provide for the supply
Of water, but the terms Of the bonds issued to
provide for the supply Of water shall
not exceed twenty years, and sinking
fund shall be created on tho issuing Of
said bonds for their redemption by raising an
nually sum which will produce an amount
equal to the sum OF the principal and interest Of
| the said bonds at their maturity" II will be
seen that the amount raised for the water sup
ply debt Is made a special sinking fund, and
has no proper relation to the general fund. But
| my alltsion N the annual revenues Of the sink
| ing fund had for its principal object to make
known the fact that such revenues, whatever
! the amount, were annually consumed in the
current expenditures for permanent improve
ments and could not be relied on ~ aid in the
payment OF the debt proposed to be incurred by
| the Rapid Transit Commissioners for the con-
templated underground railroad.
| ira prominent gentleman connected with the
Chamber Of Commerce II correctly reported
| he said that under no circumstances could the
| expense for the proposed underground expendi-
| ture exceed fifty millions Of dollars" Is this en-
tirely candid and fair to the community Does
he mean that II the work is found TO exceed
fifty millions in cost, the excavation Is 10 he the
grave of that enormous sum. and tho Job
| Is to DO given up and the dangerous cavity
boarded over for the speculative inquiry of
| futuro generations as 70 colossal folly
| IL is perfectly well known that experts
| fix the amount required for tho under
| taking at sum exceeding eighty millions Of
| dollars The fifty rnllllons named in the act Is
| but the beginning, net TO b. exceeded without
| the consent Of the Legislature" which would
only involve formal application for the
| required consent. Surely, no one would pretend
that when the people vote to have the work
| done at the city's expense there Is TO
| be any hating until all the money required il
provided. The difficulties to be encountered in
constructing q tunnel through Manhattan Island
are very formidable, including gneiss rock. the
suppression Of water courses and arresting the
operation OF quicksands, REQ uiring the highest
skill in engineering and the most costly in exc
cution known to experience anywhere. These
reached. where the enormously heavy buildings.
not built with reference to the proposed sub
structure, are threatened.
There appears to be disposition tn avoid the
consideration OF the very serious questions in
volved In this gigantic measure and tn rush It
through without legitimate examination. No
one is to stop TO think; II he does he Is frowned
upon by our best citizens. IL II is a scheme
which the people should support on its merits
why not present the issue fully and squarely?
What newspaper favorins the project tells its
readers that the absolute limit Of the citys Dor
rowing capacity is less than S5s 900 900. and It
is proposed to spend In q brief period $50. OoO.-
900 Of this amount for this underground exper-
iment, to the sacrifice of all the other legiti-
mate objects of city requirement and develop
ment, including the improvement OF the parks
the establishment OF required docks for this
great commercial metropolis, schoolhouses and
grounds and the other important purposes al
ready mentioned.
But II is said that the continuance OF the prac-
tice of increasing the assessed value of the real
estate of the Taxpayers to reduce the rate of
taxation will enlarge the margin for borrowing.
Is this rate Of increase likely to continue2 Have
we not, for long time, seen the press full of
condemnation and even rdcule OF the system of
increasing assessed values TO diminish the rate
oftaxation although the expenses OF govern
ment ana the amount Imposed Is largely greater
each year, inc taxpayer. hlowest Of compre-
hehson, mas at last learned that It Is no adran-
tage 10 MIN 10 De tod that the rate Is lower IL
the amount ne mas 10 pay Is greater each
ume the oii is presented to him.
Inns sort !" thihg Is not practical
politics; IL Is elusive romance II II be |
true that the system OF increasing values, |
with the motive stated. has been going on for |
years. does It not necessarily follow that such |
assessed Vaiues nave oeeh uhnaturaily Increased |
ana that the time has arrived when the values |
Oh the reai estate TOT taxation should return TO
normal standardf we have seen that last year.
with the shrlnkage In values OF every security |
:" WIZ ni"' Ae~ ~" "hen o"hers Vi Guy prop |