The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-04-13
RAPID TRANSIT LITERATURE.
mn. BEWTTT, FORMERLY MiToR, RE
Plies 40 MAYOR eILRoE

oivs that LED Ills TO Opposs the RiiI.
The Rapid Transit Committee Of the Cham
Der Of Commerce replied yesterday to Mayor
Giiroy's letter to the Legislature on rapid
transit The reply Of the. Chamber was writ
ten By Abrsm 8. Hewitt, form erly Mayor. and
says:
Any uttersnce made by the Mayor in his ON:
ssn.fs6n s IH .sSu sSs r rsisSf' WIN sRS
Rs n as' t Ss g, S's y 6 X. committees 4 .'5 &
ths Chamber Of Commerce having ip charge
them - % ". n:c::;sity Tor Pproy.d rapid ~
R.li.y sns fsftSsI pios,ss. Ihs Ms%y;c Maze:
sscuis 5. fuTqIsSsd d'V 81 priysts Capital and
hat the city should walt until Il I. possibls.
Mayor admits that up to the present time y
. the sntsrpriss' but he hopes tkst in the sesr
future the end which we all desire may be OBJ.
poretion recurring no assistance from the
On what assurances the Mayor bases this
opinion the committee is not informed. but II
che Mayor be correctt the attention Of the Leg
mItted By the Chamber OF Com merce provides
for tho execution ofthe work without resort to
pcfs S esn Se found S that ny viii SDd.rt"Es
construct the work with its own means It's
Trsp.t conmisson proTided Tor in the iii
20 End any responslble parties to undertake
ofCommerce, in common with the Mayor will
Wiling TO undertake ,his great WORK. and SO
far a. the Cham Der shall have anr influence
very. liberal terms for the use OF the streets
and In reference to taxation.
Cham Der has Deliberately declared It's opinion
10 favor OF the construction of the work by tho
viii agree to pay Tor a term OF years an annuai
rental equal to the interest upon tho bonds Is
addition thereto not less than one per cent 70
be Appropriated to tho sinking fund for the re;
secures economy Of construction and honesty
Of dmlnistration In the future operation oil the
nusi rental viii discharge tho interest upon
the oonds and pay Of the principal within .
TINA. so the %. ;Hd 81 w ~sss s.a sf
large revenue will accrue to tho city treasury
or lover rates Of fare DO established for our
The Mayor. however. bases his objection to
70 Se sm noSn o ebt WHICH may be %
CURED By the city and he % seems to bo spp5e.
s asa the Ds viii opeqsts .ss
fatal bar to the the, proposition ,r to build rTpd
Sn w9sd that on ,nG s 81 Of
will DO reached. The bill submitted BY the
Chamber Of Commerce provides that under no
BE- ~. fS tie 81 the road sn
above the constitutional limit even II the
cost Of the work SHOULD amount to as much a.
S6OOOO.OOO. Tho Mayor assumes that IL will
cost twice this sum-on what theory the cotn-
mi,tee 10 at loss to conjecture The highest
wilson Co. who pG Estimated s i would cost
In sxssss Of the estimai 70 made BY tho KaDid
Transit Commisslon, who have been for two
the Mayor be right or wrong S in his estimate.
tits quite certain that under no circumstances
der the proposed law. The Mayor admits that
ths margin for city Indebtedness enlarges at
that the rapid transit System Would require
nvs years for It's, construction, there would
therefore be an additional margin OF S25. OOO-
600 available for other purposes besides rapid
The Mayor assum es that pending the expen-
ditures Of the money for rapid transit all other
public improvements would be parayzed. He
plstion Of the water system now under way.
the pavement OF the streets. improvement OF
other public buildings would all be at stand
etill while the rapid transit construction Is go
In making this statement the Mayor over.
lcoks entirely the fact that the sinking fund
%. loo. 900 annually for tho reduction Of the
public debt and that during the last ten years
nearly $50. 900, 600 out Of which has been paid
tho enormous expenditures for the now parks.
osoos new o'S anmoiss new ns er@S co
house. and IN fact the innumerabls additions
yorF. have ssf
Istructed and paid for not only without increas-
.n line. h r dSS sb but S SSo e nsGas
si099g008 200 10 1898. In other words. nearly |
had Sssp n
81 this vast amount has been expended since |
1SS7. during which time over S0.OO0. 600 had
S120lQ. 900 for dock improve ments. over ST. |
100000 for schoolhousss. about $1,000. 900 |
e. sns RaIH H. 5rS dr rar fns
sssSSsss and I ave nearly 100000 for
sum for other minor improvements.
II the experience Of the past. therefore. be
PIogrsss o. the construction Of the rapid |
lisys that 4 Win be steadily diminished In the
ssJPsSst Of shs has only rsssivst one
s credit that Il, s0 bsads cam bs eatsS
With interest at per cent, This would no
issTss.s the s,ys indsSSsdS S" 50 should iS 81
spastsd int law; The mainstay Of credit IN
the margin bsiwosn assets ard LIABILITIES. 10
dsorsass or wipe out that margin 10 10 attack
doa6isaly Be- SO Affected b. this inersssS Of In
dsbtsdness that Its bonds could only be ioat-
ed at or or perhaps oven q per cent The !
rate. whatever figure touched would be the
same Tor any bonds issued. whether for rapid
IIanslt construction or for other purposes"
From the figures above given IL Is apparent
that no such reduction Of the margin between
assets and liabilities would take place. and no
ono Is better aware OF this fact than the Mayor
himself who cannot seriously believe that an
Increase Of the city's debt. even to the
limit OF sl6u000, 600. would Affect the
rate OF interest, This will be evident By
EsfsIsnes to . series u articles contributed by
the Mayor OF New York to the NOrth american
Repiets la the numbe for September. October
and November. 1905, on the Wealth Of New
York" perusal OF these articles. which were
prepared for . political purpose. and may
therefore present the subject In a T0ssate hue,
will well repay the study OF the mem bers OF
the Legislature. IL will only he possible here
% make few extracts, serving 10 show that
the Mayor IL and can he under no apprehsn-
eion as to the credit OF the city OF New lork. |
In the September number he saJs:
ss~ ioTs - probably the richest community on
earth 10 IL said and believe lTuthIuy that Mere