Year: 1868

The subject Before tho Br0oklyn CospEaOH
Council.


The regular weekly meeting OF the Brooklyn Com
mon Council was held yesterday afternoon. The
prneipal business transacted was the consideration
of the minority report Of the committee having under
consideration the subject OF loanng the cys credit
to the amount OF 000 600 towards constructing the
proposed bridge across the East river. The follow
ing is an abstract OF the minority report:--


They submit as reasons for not agreeing to Tie re-
port OF the committee presented at the last meeting
Of the Board that in the first place the spanning OF
the river between the two eices would not only
both, but would be OF national importance and reject
honor on American skill and enterprise.


Secondly, the feasibility Of the project with re-
gard to its general features seems to be generally
conceded; but strong objection exists from the fact
that the opinion OF only one engineer has been OBJ


Thirdly, 1t had been assumed on insufficient
grounds that the enterprise was wholly impracticable
TO individual or associated effort; but II it be feasible
capitalists Will not be slow to lend their aid The
general outline Of the proposed plan appears to be
thls:-To obtain from the city Its two or three mil


Hons subscription to the stock, the city to be repre-
sented In the company n0minaly, but not to vote
upon us stocK; the company then subscribe pro-
cure subscriptions for one or two millions
more OF stock and the balance Of the cost of the con-
struction to be raised on bonds Of the company Ii
three four millions can be obtained on bonds why
cannot the same amount be obtained by subscrlp-
tiOny Capital must be satisfied that the project Ia
feasible before 1t will trust the bonds of the company
Tor security. The only way in which the city could
obtain any control would be by acquiring the whole
property at an advance OF One-thrd OF
the coat OF the construction. 1t s true
that hopes Of liberal profits must be held out to in
duce capitalists to engage In such large enterprises;
but the city ought not to be subjected to the proposed
heavy burden for the purpose Of retaining those
profits In o few hands. Let the books OF the
pany be opened for public subscription and let sub
scrpti0ns TO the stock be solicited not loans bond


Fourthly, In view OF the present heavy bonds Of
debt and taxes ii would be an unreasonable addition
to the public burdens. large part OF the city has
yet to be provided with pavement, water, sewerage.
Much OF the older portions Of the city Is In such
condition as to require that these absolutely essential
over again. Besides, the extensive system of i'm
provements, including bOulevards, parks, street
widenngs &c, which has been entered upon, we are
told, will immensely increase the value OF property
and that the amount OF taxation may be in
creased but not tts rate; but the same thing
was said when the Park was begun, and yet prop
erty has hardly felt its effects appreciably. II
has been suggested that the proposed bridge would
be of moro advantage TO some portions Of the city
than to others, and that there would be Injustice for
that reason in the city assuming such an expense.
The undersigned do not sympathize with this Objec
tiOn, for the that the work s OF such magni
tude and its effects would be so general, If accom-
pshed, that II could hardly be considered local or
the aid of the city, 1t would furnish argument for
extending similar aid to other points, But this sug-
geston, instead Of essenng the objections increases
them twof0ld, as 1t commits the city to double
responsibility and expenditure


This report together with the whole subject OF the
bridge loan, was made the special order OF business
for Monday next.