Year: 1879

OF the people for the construction Of rail-
roads or canals, either with or without the
consent OF mere najarify OF its people, it
is virtual seizure Of private property for
public uses Without that Just compensation
to the minority which is forbidden by the
Constitution OF the State to the State itself
in the exercise OF its sovereign powers.


The creation of debt OF this so1 means,
OF necessity, the imposition Of additional
taxes, which means the creation Of an ad-
ditonal lien as effectuaE rs mortgage or
der OF trust to that extent upon the estate
OF every landed proprietor In the city; and
1t amounts 10 the same thing whether q
mans private property is taken without bis
consent for public uses or whether per-
petuaI charge Is fastened upon his property
for the same purpose.


II the city may lawfully, by the vote Of a
majority OF its freeholders, even though
that majority may amount TO two thirds of
the whole number, appropriate $3.50, 900 to.
commence the construction OF 4 railroad, it
may proceed upon the same principle to ex-
pend ten times that sum to complete the
work, and impose crushing load Of debt
upon the minority without the possibility
OF redress or relief.


1t is true that the present charter does
authorize vote of-this sort to be taken,
and the subscription to be made il sustained
by a vote Of two.thirds OF the freeholders,
but it may well be doubted whether this
provision OF the charter, which is the act
OF the Legislature, is not liable to grave
constitutional objection; and whether it be
or not. 1t would seem advisable, in view OF
the great abuse to which such provision
IL liable, that an effort should be made to
expunge this feature from the present
charter.


1t is rumored that the friends Of this
measure, who fear that q two-thirds vote
may not be obtuined, are meditatiDg an ap.
plication to the Legislature to amend the
charter so as to legaIize the subscription by
a bare majority vote, or, il that will not do,
population OF the city, and il this be true
it is high time that those OF the people upon
whom this burden is about to fall should
bestir themselves in the matter.


Or course the real property OF The city,
already depressed beyond all precedent, is
the property upon which this load will pri-
marily rest, and it is the only property
which can never escape from the burthen
when once imposed.


We all know that the grievous financial
straits to which the State bas been red uced
have been brought about mainly, il not
wholly, by the upWise Use Of its credit IN
aid Of public works, in which her capNal
has been sunk, from which she has derived
no revenue, and the control Of which has
passed from her hands and those Of her
neople and into the hands OF those who
neither share her burthens nor add to her
prosperity.


Fortunately for the State, although at a
late hour, this fatal facility for contracting
debt has been inhibited by The Constitution.


But is it wise for the city, even if it have
the power, to follow this bad example?


Is this city, with its small population and
Its meagre resources, already sadded with
debt of four and half millions, and strain
ing every nerve to meet its present engage
ments, to embark in new and uDtried en-
ternrise, in which millions may be sunk,
and from which nothing, or next to nothing,
may in the end be rcaliZed2


1t is perfectly well settled that If the State
assessors honestly perform their duty in the
coming year. as they doubtless will, the real
estate Of this city will exhibit decline in
value from the last assessment averaging at
last 80 per cent.


1t is notorious that large part OF its real
estate is now assessed at third, in
some cases 4 bali, more than It's m market
value. 1t may, therefore, be said with
truth that the rate OF taxation. now nomi-
nally $40 on the 800, in reality amounts
to from 80 to 1926 on the s100, and if it
be true that the present revenues OF the city
are barely sufficient to meet its disburse-
ments, as is the case, what is to be done In
the face OF the reduction OF values which
will be exhibited by the next assessment? !?
Either more money must be borrowed or
large rate OF taxation imposed to meet even
its present liabilities, and the creation OF
this new debt is an additional burden which
the taxpayers must look in the face.


But the truth is that the proposed sub
scription is mere sop to Cerberus, tub to
the whale; all that will go to tuying up the
canal and its bondbolders; and II the canal
has nearly broken US, what will the COM
bined canal debt and the building Of the
railroad effect? Simply, If the scheme is
carried out, to insure bankruptcy, il the
work is pressed to completion or IFS aban-
donment before it is half completed.


After the $3.50, 10000 has been furnished,
where is the money to build the road
What individual takes stock in it? II it is
a profitable enterprise, why does not pri-
yate capital venture into it2 Why did not
Blaine and Parsons, with their vast wealth,
engage in it? The answer is, It would not
pay; and if it would not pay them, will it
pay this city to build 4 railroad and then to
run it?


10 build and run railroad upon coniec-
ture as to its profits is rather serious un-
dertaking. 49,


No doubt railroad is desirable, but there
are other people outside OF this city who
are as much interested in the road as we,
and whose interest it Will be in the end to
bIliId il. and who would doubtless be well
pleased to have it built by this city, with
the certainty nf taking the elephant oil our
hands at no distant day at one half, or per-
haps less, OF his cost


There are doubtless few individual in
te-ests that might be promoted, and proba-
i,r would be, By the execution OF the
scheme; but that 1t is for the true Interest
OF the property-holders, or even OF the
people OF this city, is matter OF too much
doubt to Justify anything short OF the most
careful and deliberate action in the pren-
ises, to say the least OF it.


It is TO be earnestly hoped that tse
Board of Aldermen, about to convene
to consider this question. will act with she
frmness anG prudence which this @saye
crisis in the affairs of our city demands at
their handc,.


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