The Portland daily press., 1872-02-17
Municipal Speculation.


No man who is NEUTRALITY-SUSPICIOUS. nor over
sanguine can look upon the prevailing tenden-
cy toward the investment of money by towns
and cities III various schemes having in view
the growth OF population and trade and the en-
hancement OF values in their respective locali-
Ties, without some anxiety about the future.
We have particularly in view the mania for
railroad and manufacturing enterprises. 1t
is Wen that the Legislature should take care
tnat IN the enactment of general railroad law,
u sucl law Is 70 be enacted, it do not encour-
age q Wild speculation by municipalities in such
weak schemes as will be sure to spring up by
the dozen in the train of general permit No
person OF ordinary powers OF observation needs
to be informed that interested parties can cas-
ny mauoe towns to vote overwhelmingly in IA
Vor or schemes whose prospects are not sufh-
Gent to draw dollar from the capitalists
pocket. Voters are not generally well enough
informed to take fair view of the probabili-
ties OF success, and they are apt to attribute all
sorts OF advantages to the existence of rail-
road in their midst and the direst of evils to
its absence. Not only therefore, should the
limitation OF live per cent. on their valuation
to the amount that towns can invest in
railroads be retained, hut if possible the raising
of a single dollar should be forbidden until the
building OF the road is first rendered secured.
Even then, we are not safe against excessive in
Vestments In railroads unless the Legislature
shall! put an end to its practice of granting by
special act permission to raise larger sums than
the general law permits. Many communities
are plunged already deeply into debt without
prospect OF reaping CORRESPONDING benefits from
the roads they have built. For instance. Bath
has incurred liabilities amounting to is
per cent. of its valuation Bangor
II per cent; Belfast "a per cent
More Objectionable still, because uniustifia-
bic as measure of public necessity, and be-
cause at variance with the constitution as in
terpreted by the Supreme Courts, is the propo-
slton 10 allow all towns to aid in establishing
ana maintaining manufactures at their discre-
ton, within the limit of ten per cent. of their
valuation. When reduced to its simplest terms
It Is a monstrous proposition. 1t is that two
thirds OF the voters of a town may take the
money OF the other third against their will, and
embark 1T in whatever speculation they may see
mt, 80 long as it is a manufacturing speculation
Inc money OF private persons can Justly be
taken from them by taxation only for proper
governmental purposes, and the running of
cotton and wooden factories, saw-mills shoe
shops and the ike,i no part of the proper bust
ness of government
lhese two lines of enterprise, railroads and
manufactures are sufficient to plunge the pub
Tic into debt that will outlast the present and
the coming generation, So incautious and wild
are communities apt TO be in their action in
these matters that if the Legislature should
cease TO restrain them half the towns in the
oeate would be on the road to bankruptcy with
IN Ten years, Were it necessary to raise the
principal of the investment by direct taxation
at t4e outset, there would be comparatively lit
tle aangffi but when the easy way of borrc,V
ing is open, few voters take much ttonoht
ABOUT day of payment. But thcs Aay Will
towns. Nh w AoA' 'oiHe