New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-30
THE ELM-ST. JOB.
FRESH ARGUMENT AGAINST IT
" THIS HEAVY EXPENSE Is ADDED TO THE
CITY'S BURDEN 1T WILL CARRY THE DEBT
BEYOND THE LEGAL LIMIT.

" THIS HEAVY EXPENSE Is ADDED TO THE
CITY.s BURDEN 1T WILL CARRY THE DEBT
BEYOND THE LEGAL LIMIT.
The scheme TO widen Elm-st from Centre to
Great Jones SITS. which has been hanging fire Tor
Years and which is generally spoken OF as the
Elm-st Job is receiving much favorable attention
on the part Of the dying and dlscredted ram
many administration. Judge Patterson, OF the gu
premc Court is considering application for the
appointment of a Commission of Estimate ana Ap-
r,iasal on q motion which was published IN lhe
CITY Record and which few OF the persons VINO
are the most interested saw.
directions were made by counsel for a number OF
property owners. who regard their rights as no.
sufficiently protected ard who have always looked
upon the whole business as n stupennous !oo'
If is maintained by those who have investigated
the matter that the proposed changes, which IN
cude the purchase of property the nai'idse ~
pieces of property left standing. the legal cos's
and the expense of changinb the street grace.
would foot up SlOOooOC0 Aside from the fact that
there is a doubt as to the proprety of taking prop
er:y first and appraisng 1t arerward' there are
financial objections, which VIII ne the OASIS OF
Sidney V Lowells argument against the project
Mr. Lowell who is the counsel for DIN G. Wall
bridge and other property owners. was seen al
his office No 1s9 Montague-st., Brooklyn yester-
dav and said: THE total real estate valuation on
which the city OF New-Nork can borrow money II
SlGlSoDoCOo The bonded and similar debts over ana
above sinking funds ana investments amount "
$05,0O0uo0.
Tbo COLLEGE Place opening debt amounts to 5000
go and the rapid transit pledge is an obligation
Of Si0o00oW making in all $i3IV~ow. II the hin-
ST. expense of $l000.c0O were added the ci'S IN
debtedness would be brought up TO S'"o'V"'
which would exceed by over &.VNVw the " per
cent allowed for municipal Indebtedness b. the
State Constitution. This is shown by the city
accounts. There is, however. further ihdeoteu-
ness not shown by these accounts, because they
are unsettled This Indebtedness Is to the STATE
and amounts to several million dollars ana was
incurred for the keeping Of INDECENT insane anu
for other tax matters The limit TO which the
ci,v is restricted as regards all and every debt
and beyond which it may not go is the sum OF
ssl 9O5 1850 When the full amount OF the city
indebtedness Is ascertained. not only what 1t "a,
cIams o Of the state to which reference has been
made. il Will be found that the Guy mas aiieaus ~
the Constitution 50 that even II the Elm-s; I'M
provement dld not cost 81. nothing more couid De
done. whereas by the addition OF me r I'm So
would be Indebted 20 the extent OF SoVfv" peYohu
me T9u red fp r5perty-ow object because
their property would be taken without adequate
In the interes, q ne general publ, heTe is
.rbr is tho Question whether the city is not a.
ready over its lawful iniebieiI ess Now III con-
rived at as 10 its Obligations the state not shown
on IT'S books The security OF ne hoIleiS Oh 'iS
hnnds and the standing and credit % the cii} are
both involved Bonds issued for any amour, IN eN
cess Of the % per cent limit WI pc Inn ~ ~
ndehtedness il comes corrcsponl.rgy nearer 10 IN"
nsovent point If IT cannot pay ac ,Pe ii Of
ne CITY Of New-York that It has always had hand
ont and mis- Is a most deploreble situation; me
ciiv has been brought 70 this limit OF ~ ,ss"'
aaI nadsa ' and IF the Emst debt were added
The action Of Judge Patterson m the t''m-sl' 'nd'
ter viii be watched with great interest