New-York tribune., 1909-03-17
FUNDS FOR SUBWAYS
Constitutional amendment Medium,
Says Senator Wagner.
IBy Telegraph to The Tribune


Albany. March 16.-Before the judiciary commit
tees of the two houses tomorrow there will be a
hearing the TravIs-Lee constitutional amend
ment exemptng from New York Cftys debt limit
income producing bonds issued for transit. water
supply or dock purposes. This amendment is be
fore the Legislature for the second time now. and
If passed this session will before the people for
their approval at the election next fall II 1t were
accepted then it would provide funds for subway
building its advocates maintain which could not
be obtained quickly in any other
The hearing tomorrow Will be a large one. Chair
man Wilcox and Commissioner Bassett, OF the
Public Service Commission, LIST District came mere
tonight urge the passage of the amepdment
and delegations representing big civic organizations
in Manhattan and Brooklyn will be here to-nor-
row. Senator Robert Wagner. who as counsel for
jefferson Levy in his debt-limit proceedings had
study the clty's financial condition thoroughly
issued a formal statement to-day urging the adop-
ticn Of this amendment. lie took issue with the
Cassidy committee. which in its recent report 10
the Legislature said the city had a debt margin
under certain conditions which never have been
adjudcated of almost anything up to NSo'"p"' A
careful study of the report he said. LED MIN 10
think the committee entirely wrong. and the
necessity for the passage Of the Travis-Lee amend
ment was obvious. The committee reached its de-
cision Senator Wagner said, by deductng from
the cftys gross Indebtedness contract liabilities, iahd
Liabilities and revenue bonds issued against arrears
of taxes, the three aggregating $s6.ooo.01A
included or excluded from the debt margin had
not been adjudicated said Senator Wagner. All the
rulings he could End against the committee
idea that they should be excluded He conuhued'
II therefore I am correct-and am willing to
stand or fan upon a fair clear and judicial inter
pretation of the decisions Of the United states Su-
preme Court and ihe courts Of this state-the oor-
rowing Capacity Of the city. even on January i.
1909 was such 4 small amount. coUparhIiNeey
sTreaking that the urgency Of the passage OF the
concurrent resolution Is apparent II we are 10 nave
the proper subway facilities, FOR which there II
pressing necessity at the present time IN tne cl!s
Of New York An exclusion from consideration IN
determining the borrowing capacity OF the city OF
SUBWAY bonds and dock bonds in the manner pro
yided by The resolution will Immediately ellnnlhatH
as Indebtedness such amount that the city Wlii
baye 1,Ientv OF IeeWRy TO undertake at once the
construction Of subways through those oGIouGhS
oT the civ of New York where private eapltal re-
fuses under the present law TO invest
II would to be wise action on tne
ra RI Of the Legislature to pass the resolution ne
cause such action would in no way endanger. or
even ernbarrass the financial stability OF the clty
OF New York, since only those subway ana dock
bCnds are 10 be included that arc elf-sustalnlnE
sound conservative business Judgment should In
dorse l am sure. such procedure