The Portland daily press., 1867-07-02

An article in the Sunday Advertiser, the
main drift Of which appears to be in favor of
plan to supply the city with river water from
the Presumpscot, raises against the PROPOSE
ton to bring pure water from the source OF
the Prcsumpscot, frightiui bugbear i'll the
shape OF an interest account. Ii is shown,
without difficulty, that taking into the account
the interest on each payment, S5O,OOO year
for ten years will amount TO $4,000, and that
for every subsequent year the interest at per
cent on a principal of 100000, will be $780,
900; so that the city will actually be paying
annually, for ever, the sum of $4,000 for water
for public uses, and during the first ten years
sums gradually increasing from $4,000 to s77,-
year Ia e..- &C.
This showing is entirely correct, and can be
verified by any schoolboy. The other side of
the account is neglected by the Advertiser
In tho first place, our loss by fire year ago
was not loss than two millions, and the annual
interest on two millions at 6 per cent is $780,
900. That is the annual loss, for ever, on the
uninsured capital destroyed by eonfagra-
ton which with an adequate supply of water
might have been controlled and checked III
the outset. Is it not worth while TO purchase
immunity from such disasters in the future,
even at an expense of $4,000 ayear? Is not
$4,000 less than $4,000? That is not all--l
Our average annual loss by fire from 1854 to
1865, was S44, 566 Can we not afford to pay
$4,000 year for a reduction Of these formula
BILE figures? Again, our fire department costs
us now $4,000 year, and ought under pres
ent circumstances to cost more. We have to
maintain and fill reservoirs in different parts
of the city. With water in every street with a
head 285 feet above the sea level, higher than
the highest spire in any part Of the city, hose
might be attached In five minutes to hydrant
with an unlimited supply Of water in the inn
mediate vicinity of any fire which could occur
Who does not see that with such facilities, the
annual expense of the fire department would
be largely reduced, while the safety of the
city would be more thoroughly secured! The
item of insurance is to be considered also; it
is part of every mans taxes. The introduce
ton of water into the city will reduce the rates
of insurance, which are higher here than in
any other city on the Atlantic coast, by at
least 20 per cent. and probably more. Can we
not, for the sake of pure water, consent to pay,
if necessary, little more to the city collector
and less to the insurance agents? ~ ST. r.
I But it is not merely for the fire department.,
that the city wants water. We want it in all
our school houses and public buildings; we
want it in public fountains for thirsty way
farers; we want to dispense with these clumsy
water carts and have all our streets sprinkled.
These are advantages which ought not to be
overlooked, nor can it be forgotten that while
the city in its corporate capacity secures these
benefits, water is to be brought to every mans
door, our hotels are to be supplied, and our
manufactures will no longer be obliged to de-
pend upon the miserable makeshitts to which
they have hitherto been reduced. The popu-
lation of the city is growing. With abundant
water, it would grow more rapidly; the valua-
ton of real estate would increase; the tax ten
years hence would be relatively much lighter
than if it were to be imposed now. Provided
the company engage, as We understand they
do to furnish a supply at least double the pres
sent wants of the city, we see no reason to fear
this spectre of an interest account. If sup
ply can be obtained for less than $4,000 annu-
ally, let US have it by all means; but if not, let
us take it on the terms offered, and be thank
full