New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-09
NOT NEW. But IMPORTANT.

In the course of m encouraging statement
concerning the rapid transit situation. Mr..
George L. Rives, a member Of the commission,
said yesterday thar he did not think the in
crease in the prices Of structural steel and OF
labor would raise the cost Of building under
ground roads above the amount which the city
is authorized TO advance for that purpose. there
being margin ~ Mt least $15,0O0OOO TO cover
such CONTINGENCIES Mr.. Rives also took pains
10 explain once more that the cost ~ tho roads,
whatever II might be, would be borne not by
the city. but by tho purchaser Of the franchise,
who is TO pay annually not only the interest
on the bonds issued by the city for his use
but m additional sum Of not less than | per
cent which II is calculated would provide suf-
ficent sinking fund for their redemption at
maturity.
This statement is described ms putting quite
n different face on the whole question: but
probably Mr. Rlves did not so describe It, though
as one of the Commissioners no is doubtless
aware that a great many citizens. including not
few " those who arc constantly discussing
the rapid transit scheme are lamentably IL
norant Of its character and Of the law under
which the Commission IS proceeding. To such
persons Mr.. Rives's repetition Of fundamental
when /
formed advocates of underground roads have
SGT forth over and over again during the last
five years may he surprising and should be
useful
The truth is that prevalent misunderstood
ing Of the cty's relation to the rapid transit
project has been adrotly used by its opponents
10 excite opposition to the undertaking. and
has moreover. been nwkwardly illustrated by
its friends Thus. on the one hand. Tammany
so long as II was hostile talked Of the enor-
nous extra load which it was proposed 10 heap
on taxpayers already overwhelmed. while since
Tammanv hogan 10 show signs Of favor good
many well meaning writer's and picture makers
have represented the Tiger as sinking his claws
deep into the public treasury.
This unfortunate Ignorance Is wholly I'M
necessary. for the law IA. in this respect at
least. perfectly plain and explicit AS We
thought II worth while 10 say for perhaps
the hundrcdth time only two or three days
ago. what the Rapid Transit act authorizes
and the Commission proposes is that the
municipality shall loan 70 the purchaser OF
the franchise such sum Of money, within
certain prescribed limit. az he may require
Ia construct RAPID transit roads In accordance
with the COMMISSIONS plans and requirements
and under its supervision. Tho city can borrow
money mt per cent or less. while an individual
or a private corporation would have to pay a
considerably higher rate That IS strong In
ducemcnt to the purchase Of the franchise and
chief merit Of the arrangement. But the pur-
chaser has 10 pay the interest on the bonds.
and during tho term Of his lease 70 return the
principal In full. the roads being the absolute
property Of the city. and in the end costing 1t
nothing While. therefore, the amount OK
pended aside from the question Of the debt
| limit does not materially concern the city. the
purchaser Of the franchise must in his own in
terest do the work for as small n sum as viii
insure sound and satisfactory construction.