Staten Island a Report By the President of the Borough of Richmond to the Mayo

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Staten Island a Report By the President of the Borough of Richmond to the Mayo
Calvin D Van Name
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The subways were built by the city at the expense of the city and are owned by the city, and are leased to operating companies.
Issues of bonds, a burden to the entire city, in- cluding Staten Island, running into hundreds of mil- 25 lions, have been made for subways to carry people under the streets of New York City comfortably and rapidly to points in Westchester County and Nassau County as well as to various sections of four of the five boroughs, while annually the home of the man on Staten
...Island which is assessed, say, at $5, 000 has been taxed to pay the expenses of the Public Service Commissions and interest and sinking fund instal- ments upon the bonds issued by the city for the con- struction of the subways just as much as the home of a resident in another borough also assessed at $5, 000, but who is enjoying all the comforts of subways.
Let us see how this operates in figures. Take $300, 000, 000 as an easy example, and say that the debt of the city which has been contracted for subways is that amount.


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