The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-10-04

Iol tpe mtfoduction o. y ulh Nni.n vas OF,
Which sc.ons4olieaa iiRSss Pp@Iiiic. 81 The city
ne i f.si.i ;sSs:I, and pf made ! '"s very SS'? sissor.
ss:.: :sa't fssiS ,f:p. g isS and q he
iSsm al an early date The c9m%iitee.
hovsveL, declined, 70 report the bill back
70 the Senate. and 80 far A. the session 81
isss vas concerned. the proposition entirely
Yoihins further. va, done in this bushes,
Sscom. 80 .sos.siy. IiSs, some action Va:
i.:;, 'S ne E.. ss;s I g. Ss.f Ssp, 4 q fr ,hs I'S ccrS Of
October. issi. reported : plan Of rapid iran
am % With the sn pfos isions Of The statute was
Dsp.rtmsnt Of Public PARKS by the Son e..
Twenty.thifd and Twenty fourth wards and
by. the Supreme court.
OF this WORK By private capital. a. required
by the provisions of the. act OF 1891 lhe
attempt thus 70 secure The constIuction 2i
bidders, and the whole scheme was practi-
oaily abandoned. although the commission
stu continued 90 exist. but without power
In the meantime the din Of the situa-
ton became more and more manifest unttl
cchambss Of do1%cfoe Of The State Of New
York by q well known and responsible bank
ssiue SaSn' OF ,ss Sna ground system PT"-
vided the city Of New York would loan IT,
credit 70. the corporation Undertaking the
work 10 the extent Of tiO.ooo.OO
The proposition Vas referred 90 a CONF
mittee Of the most prominent members, OF
the Snam9rri VINO. assp"rfins "i ny w ,.t
ing ~ the chamber IN favor OF the PROPOSE
ton. IL was ny, privilege 20 n,aaint out IN
tho discussion which ollowed that such -
loan Of credit would he. contrary 20 th" Con
stitutlon Of the State 81 New York. aud TINT
II was not expedient. to admit to the r"1il"
credit could he utilized for private enter
priscs. The importance Of vesting the owner
ship IN the city was insistrd upon, ana aitit
approved by the Chamber OF Commerce,
and a new oommittsc 81 which was q mem
presented 10 the Legislature. under which
We're 70 be Incorporated into ihe proposed
TAXING the original hill a. a bssls. and
with the aid Of the late Henry u. Beekmhn.
who, ~ Corporation Counsel. had drawn
and reported 20 tho chamber o. Com
merce for It's, approval For thi. unsclGshi
~ gratitude to the memory q Judge Beck
Having received q unanimous vote IN its
favor. the COMMITTEES caused n To he sub
mltted to the legislature. where after full
discussion and an ~am-dment which frGii
Guired a referendum n he reonlle. the ~
his iii the present Rapid Transit Conmi--
sion was organized. Under it, provisions
ne MAYOR in isss. by *. issu. Of bonds under
contract OMEN TO public COMPOSITION. rro-
vidine for an adequate bond for the com.
81 q large amount Of capital esti,natcl be-
tween 81, 30. ON and 100000 for rolling
stock, real estate and appliance, all 81 which
commission 81 the work.
The rental 70 be paid BY tina. contracting
comp;py ,. sar.s.n, 10. 10 T r. nro Nc m'.LS.t
maturity 'Ihs contractor- take ali the
sisnen,s Of the enterpHse. The capital
required L. provided at the lowest possible
cost. and the work beins, %erecut.d By The
economy which. IN private interest. iny.r-
ably occur. The only concession rhiIh
!. mad: 70 ,o the "Ss,r oS ssriS SSrP 'Ss Itis u
the lease Thu. Is ~ fact 4 concession y
theory rather than In practice. because
be no property 70 be taIed The, great
obiec, aimed at was 70 secure the early eomo
ple.Sn q n. work. -. continued 9sn sns
nfty years 20 the city FIRE. and clear Of all
encumbrsnccs OF every kind and nature
fons' .franss Tor he operation Of the road
either At cost, or II Il be continued on. a proht-
able basis Of fare. for a reduction OF general
Il is proper here 20 adv.r, TO the mis-
apprehension under which a Justice oil, the
some recent remarks which he has seen
nt 10 make In regard TO this legislation The
learned Justice did Pot seem 10 be Swnfs
tition 10 all bidders and that the reduction
in the amount Of the bond 70 be given from
court was ordered before any bids were re-
ceived or considered He seems 20 have
been ignorant Of the fact that all attempts
from taIation. had absolutely failed Ne did
ins Of the BIDS It was extremely doubtful
'e1SurSdi 'fSs saSp's y Ia" Ripld Transit
hitting and their application. we're not re-
oeived with favor In Responsible quarters
~41-e supper, the, soSsd 20 's ssS, e,b. con.
time bs able % realize any. proh, nom ,he
expectation 4, nov much more favorable
than al the time when the contract was
was 20 be made by the contractors out Of
the enterprise were purely conJectursl. but
L. ssnerally agreed ~ compcteHt men.
terms Of the contract are u~nusAlly favor
able TO the city one thing i certain. that
s ron nfsaiS % rii be ' iailym co sSSsisd p md p 1@G
p operation ~ithcy, lnyolSins ANY add.
lNM1 N'aN ~ VII INV ~. NNA"
bsred property Of tho city Compared With
other enterprises In other cities II must be-
conceded hat the arrangement mad. for
tho construction OF this work L. the most
favorable that has ever been devised OF
accomplished Applause
In achieving this result tho Chamber Of
Commerce has been the prime mover. and
tnink 10 Il not too much 30 say that IN tho
result IT, successful Intervention Will 10
regarded as one Of tho most creditable
achievements In it, Ions and honorable history.
.,Juction Of the Erie Canal and ~ tho great
system OF water supply. which has made u
10 sable for more than 100000 Of people
IL dwell together Ia Lealth and comfort
In conclusion ! take thts occasion to thank
tho members OF the Chamber Tor the cpH-
fdence which thew have uniformly mani
tested In my efforts - serve the public. and
am particularly grateful 20 Mr Charles
stewart smith. Mr. Alexander T. orr aud
MIR William D Dodge for the gracious re-
marks which they we're good enough 70 make
AT the time when the cha inter voted to I've
stow upon me tins medal. IL will lie uea
my children a. the most precious rosse-s-
ion which will descend 90 then. and lie re-
by them. as II II by me. as tie crown
Ing honor Of a long career which ~ TINS
action OF the Chamber OF CONNER % ~ bf pusut
10 a fellc.tou- ending lUreat applause
Charles Stewar; Smith speaking for the
COMMITTEES uf Five, rose and aid
Mr. President. may make one allusion
10 the medal. because Il gives me an oppnr-
tuni,y To- refer To an incident Of great honor
in Mr. Hewi,t's life. which ! am sure b" has
been too modest to refer to III" medal
speak Tor Itself has been r"sardcd