New-York tribune., 1900-01-24
TO AVERT POSSIBLE OBSTACLES.


The report that Mr. WhaIen. in his capacity
as Counsel 10 the Corporation, would oppose an
amendment to the Rapid Transit act affecting
the manner Of issuing bonds was dsquieting
because it suggested a revival of Tammany hos
tility 10 the Commission. The announcement
that he and the Controller have agreed upon
bill more explicitly defining the Commissions
powers is therefore welcome. even though ad-
ditional legislation may not be strictly neces-
sary. The Commission has two ends in view.
1t wants to remove any possible doubt as TO the
legality of issuing bonds in instalments as they
are required for the construction of the roads,
and at the same time TO avoid all risk of COM
plications and delay by expressly taking the
matter entirely out of the hands of the Munich
pal Assembly and giving the Board of Estimate
and Apportionment full power to authorize bond
issues for rapid transit purposes.
AS we said yesterday. are not inclined to
adopt the opinion that the law stands all
the bonds must be issued at one time, for the
Rapid Transit act directs that they shall be
issued from time to time and as the same shall
''be necessary, and upon the requistion of said
Board of Rapid Transit Railroad Commits
sioners." If this is not plain and explicit it is
difficult to see how il can be made more so. On
the other hand, we are inclined to think that as
the law stands the consent of the Municipal
Assembly is essential to any issue of bonds for
rapid transit purposes, and that modification
of the law is consequently desirable. Those
who believe otherwise rely upon the declaration
of the charter that nothing therein contained is
intended TO repeal or affect the Rapid Transit
act, which was passed at time when the city
Of NewYork had no Municipal Assembly. But
K seems to US that they have not given due CON
slderation to the exact words of that act which
are that 1.-THE Board of Estimate and AppOrtion-
''ment, other local authority in said city In
(which such road or roads are to be constructed
having power TO make appropriations of
moneys to be raised by taxation therein" shall
direct the Controller TO issue bonds on the requi-
stion of the Rapid Transit Commission. 1t
might conceivably be held that the act thus con-
templated and was meant to cover the pOssibil-
ity of a change of municipal arrangements re-
lating to the appropriation Of public money, and
therefore that in this particular the provision Of
the charter referred to did not apply
AT all events, capital examines securities so
carefully for faws-when it hasn't been allured
into some gamblers scheme-that it is wise to
leave room for suspicion in this important
business On the same ground, though, as we
believe, with less reason, the Legislature may
properly be asked TO make more clear, If it can,
the legality of successive bond issues as money
is needed by the contractor for his work The
community has waited so long for underground
roads and suffered much for want of them
that 1t is In DO mood 10 take chances on the
phraseology of statute. The amendments
ought to be passed, and there should be no un-
necessary delay about the matter. either, for
there is no telling from what quarter political or
speculative opposition may appear If Ii finds
door, or even a hole open