responsible bidder.

The late Hon. Abram S. Hewitt, as early as 1884, when legislation for
underground roads was under discussion, had urged municipal ownership.
Speaking in 1901, he said of his efforts in 1884:

"It was evident to me that underground rapid transit could
not be secured by the investment of private capital, but in
some way or other its construction was dependent upon the
use of the credit of the City of New York. It was also
apparent to me that if such credit were used, the property
must belong to the city. Inasmuch as it would not be safe
for the city to undertake the construction itself, the
intervention of a contracting company appeared
indispensable. To secure the city against loss, this company
must necessarily be required to give a sufficient bond for
the completion of the work and be willing to enter into a
contract for its continued operation under a rental which
would pay the interest upon the bonds issued by the city for
the construction, and provide a sinking fund sufficient for
the payment of the bonds at or before maturity. It also
seemed to be indispensable that the leasing company should
invest in the rolling stock and in the real estate required
for its power houses and other buildings an amount of money
sufficiently large to indemnify the city against loss in
case the lessees should fail in their undertaking to build
and operate the railroad."

Mr. Hewitt became Mayor of the city in 1887, and his views were
presented in the form of a Bill to the Legislature in the following