The sun., 1894-09-24

with that Of the recent period OF prosperity, IL |
would be found that there Is general falling |
on and a heavy falling of. OF values. This is |
and has been inevitable, from the general !
shrinkage in all property and securities. 1t Is
the universal experience. II may, therefore, be |
said that the present valuation is strained, |
highly strained. and that It Is not likely To be
materially increased during the short period
required to e1pend the hfty or more millions of
dollars in constructing the railroad. ~ It should
be authorized by the vote Of the people.
II is proposed, therefore, TO mortgage all. or
nearly ALL the future resources of the city in its
borrowing capacity. to this new undertaking, Of
necessities unknown, IN the demand 1t may
eventually make for the required capital. to the
sacrifice Of all other municipal interests. II the
people give their consent they are irrevocably
committed TO the undertaking to the bitter end.
The consent cannot be taken away. When the
public hand Is once put to the work there can
be no turning back, except from failure Of hnan-
cial resources, which would mean municipal
bankruptcy. These difficulties inherent In the
scheme may shorten its life, as ! shall now
show.
II IL said that the annual revenues Of the sink
ing fund would practically make up the amount
required. but II has been found that the neces-
sites for general improvements OF permanent
character, not taking into consideration the
broader metropolitan requirements, eat mp In
each year the current earnings Of the fund,
which are now about six millions per annum.
The permanent city debt when Hugh j. Grant
was elected Mayor was sss, 900, 900; II Is at this
time s1 O3 37s 1855 s2 80 II will be seen that the
revenues Of the sinking fund are fully employed.
The exact situation Of the city in it's borrowing
capacity IN the present date is as follows:
The assessed value Of the real estate. recently
announced. is e1,e13.ob7,735. Ten per cent n
this gross sum. the constitutional limit of the
borrowing capacity OF the municipality. is s161.-
3o5 ia. Deduct present permanent debt, s1O3.-
3Ts, ,ss5. Extreme limit OF the citys borrowing
capacity, S.. .e28, ,7ss.
Among the expenditures Of permanent char
arter required by the city in the approaching
| future to maintain It's position. commercial and
| otherwise, which will be Inevitably prevented
| by the enormous appropriation required for this
railroad experiment, and all the interests con-
| nected Herewith sacrificed. are the following:
For the purchase Of dock property and the
| construction OF wharves. piers, and slips, from
| SEQ 900 900 to s25, 1000, 900: for the improve
| ment Of the new parks, at least $1o,oo0ooO;
for bridges and contingent expenses s5.ooo,ooo;
| new schoolhouses, 81. 10000 These will pro-
| vide for about 5000 additional pupils II Is
| estimated that there are, besides, $4,000 chill
| dren not provided for; and the number is in
| crensing each year.
IL the agitation Tor plavgrounds 10 oe attacnen
to the pubic SCHOOLS TOT the heai'h anu ,ecres-
| tion OF the rising generation. VINO are 10 oc our
future citizens should result in their establish
| ment as there are % grammar schools now, and
| 5 more in process OF construction, and As prf-
| mary schools. the cost OF the additional land re-
| quired would oe from three m'iiiohs u hNo
millions OF dolars' i"r ne" co,ese'
the estima'e nv" o". "i'iio"
and rs much more as shall De founhnec-
essary. contracts uhner way Ior .rou"h
water reservoirs and the hke' not anecteu. now
ever, by the constitutional hmtauon, ni.eeh
million dollars; new,ty nan. es'i'ha'e" NJ ir"rn
eight TO ten million dollars; Harlem driveway
expense not Known the grand oouieSAro IN An'
nexed district. three mhhon oohaH
Besides thess feenis the hnso snS Oh AR. ana
Natural History VIII require the extension oi
their buildings IN tine deVeiopmeht OF theii
treasures ana the progress OF the c,.y' ana
there will be other requirements ~ time aa'
Vancer. ,,-,-,
"' ,,,, e .,,s..ns,,a .na
~, ans, nacss.ariIv Ia issued for A period
| .n.,s.rord,nu with the duration of the grant
| az. 80 .nrr,v .hould become insuficient
"a ,ha c,,v shou,d h. eo.npelled 10 look te
.or,c.. q. . mucb further distance north. f,ft,
.-,t,,,on. ~ dollars vould he a moderate REQUIRE
| ,rsnt for tha purpose With the fifty million.
nr more OF the railroad bonds 10 be redeemed
sha, wonld become OF the sinking fund and
~. .,,v cradIt, The money required for tn,
srn,,Ir q, water oocupies a specIal position; tn,
.n.,i,n,,onaI limit does not apply TO Il; but IN.
.,an,,n, ho,rowed "a necessarily added 70 tb,
49,. and n a make. the total in excess of ten
rsr c.rt ~ the assessed value Of the real estst,
=, ,ha nI,v No money can bs borrowed for an,
o.h., rprnoas
r, .. .Iwsx. N he remsmbered that this sx
..s,,,ra ,or city railroaa. IA new never In an,
- ...rrnss or imno..d an this eitv or an,
- h.,o-s and tb.t n 4. to b- for an invest
go, IN = business In eompetition with othe
80 ,or ,hs same object elevated cable. an.
.,.n,-,o .,,h No gp.r.nts. sz.,nst stiIl furtbe
, ."r,na,,,,on and also tha. underground rail
-. ,.harsx.r thew hay. bean used have utter
Iv taIIed IN nav. This has been the case espeeiaI
a., Iandon ~hsrs such roads have had the be
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