New-York tribune., 1909-10-29

to county fiscal officers. Under IL tle
Legislature may make 1t possible Tor
single county official to exercise wide
discretion in approving or rejecting
claims. It changes Section y or Ar
ticle III (the article which specihes the
powers Of the Legislature) by adding tue
following:
And in counties which now have. or may
hereafter have, county auditors OF otnoi
fiscal officers, authorized TO audit bilis. aC
counts, charges, claims or demands aBalnsl
the county, the Legislature may c0nIeII
such powers upon said auditors or nSCaI n
officers as the Legislature may from tiiie
TO time deem expedient.
The subject of more comment by ear
than any of the other amendments, ana
most vitally affecting this city, is that
which has to do with New Yorks Dor
rowing power Section 10 of Article
VIII of the constitution contains this
provision:
No county or city shall be allowed to
become indebted for any purpose or IN any
manner to an amount which, lncludlhB eA-
listing indebtedness, shall exceed ~ PeI
centum of the assessed valuation OF the
real estate Of such county or city subject 70
taxation, as 1t appeared by the assessment
rolls of said county or city on the last ds-
sessment for state or county taxes prior 10
the mourning of such Indebtedness.
The amendment adds a clause provid-
ing that the section shall not be con-
strued Ito prevent the city of New York
from issuing bonds to be redeemed out Of
the tax levy for the year next succeeding
the year of their issue. provided that the
amount of such bonds which may lie is
sued in any one year in excess of the
limitations herein contained shall not
exceed one-tenth of 1 per centum Of the
assessed valuation of the real estate Of
said city subject to taxation" 1t would
enable cities which have under fifty
thousand population more easily to bor-
row money for water supply purposes,
reading that debts incurred by any city
of the third class after the first day of
January, 1910, to provide for the supply
of water" shall noI be included in ascer-
tanning the borrowing limit.
The part of this amendment, however,
especially relied on by those who are
seeking further rapid transit improve
ments within New York City reads as
follows:
Any debt hereafter incurred by the city
OF New York for a public Improvement
yields TO the city current net revenue,
atter making any necessary allowance for
repairs and maintenance for which the
city is nable in excess of the interest on
SAID debt and of the annual instalmeEts
necessary for its amortization, may be ex-
cluded in ascertaining the power of said
city to become otherwise Indebted, pro-
Xlded that sinking fund for its amortiza-
ton shall have been established and main
tanned and that the Indebtedness shall not
be so excluded during any period Of time
Mneh Ine revenue aforesaid shall not be
su1hclent to equal the said interest and
aIhoruzatlon instruments and except fur
ther than any Indebtedness heretofore in
CURED by the city of New York for any
rapid transit dock investment may be so
excluded proportionately to the extent to
which the current net revenue received by
said city therefrom shall meet the interest
ana amortization tnStalments thereof, pro-
Vlded that any increase in the debt incur
ring power Of the city of New York which
shall result from the exclusion of debts
heretofore incurred shall be available only
for the acquisition or construction of prop
critics to be used for rapid transit or dock
purposes. The Legislature shall prescribe
the method by which and the terms and
conditions under which the amount of any
debt to be so excluded shall be determined,
in accordance with the determination
prescribed. The Legislature may, in it's
discretion, confer appropriate jurisdiction
on the Appellate Division of the Supreme
Court in the First Judicial Department for
the purpose of determining the amount of
any debt to he excluded. No indebted
ness of a city valid at the time of its in
ception shall thereafter become invalid by
reason of the operation of any of the pro-
visions of this section.
This amendment if adopted would add
about $125, 100000 to the borrowing ca
pacity of the city for rapid transit and
dock purposes. In this regard, however,
il is not automatic. Its going into prac-
teal effect depends upon the Legislat-
ure's prescribing the methods, terms
and conditions under which any amount
may be excluded from the constitutional
debt of the city. For proper safeguards
to the use of this additional borrowing
capacity the people may look to The
Legislature Governor Hughes urged
the passage of this amendment in his
last annual message.
In addition to these four amendments
the people will be called on to vote
on an appropriation of S7000O00, re-
ferred to them under the requirement of
the constitution, for the development of
the Seneca-Cayuga canals. The con.
Meeting of these lakes with the barge
canal Will bring it measurably near 20
the cOalields of Pennsylvania and other
wise subserve public advantage.
We are Of the opinion that the accept
ance Of this proposition and of all four
of the amendments would be in the in
terest of the state.
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