The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-12-05
City Stocks.

L
for Investments than city stocks. CITY 0eot
e incurred for the construction OF WORKS
that are demanded by The commerce and the
health and comfort Of the city. They confer
benefits and advantages which impart 70 tue
citizens the ability to pay the taxes they oc.
casion. Those benefits nre continuous ana
efficient. We turn in no direction and make
no movement in which we are not reminded
Of them. They arc Indispensable to business;
INDISPENSABLE TO life Itself, and we would al
most as well think Of stopping our very
breath as of dispensing with them.
So the paying the debt incurred in build
ing them is process so natural, so enlitely
unquestionablc, that the people of city pay
1t just as they buy their chops and STEAKS I'D
market. They are necessary fer their sup
port, and their visor. and their SUCCESS i"
business. Therefore the capitalist may I'M
plicltly rely upon any growing city Tor the
payment of interest upon her stocks ana tne
ultimate p,vmcnt Of the principal OF her
debt. The ultimate payment, however, Is a
thing SO little regard ed now that the bonds
Of prosperous people, with the longest
time to run, are always preferred by the
capitalist.
j few economists are in the habit of put
TING forward an objection to embarkipg III
public works until the money is on hand !;
and yet that is q policy unprecedented In
city government. People are instinctively
opposed to accommodating capital by taxation
for works before they are begun. There is
always disposition to spend money when
on hand, aud when it lies little While the
rogues are very apt to get at it.
But there is a reasonable and just princl-
pie at the bottom of that universal city pol
ICY of selling bonds to make great Improve
men,s. This mode puts the tax for such
works upon those WHO enjoy the becen'S oil
them. 1t would be prepostcrots to take the
money for them out Of the pockets CT those
who may not live 70 see them finished.
Built through loan, their cost /, distributed
over term of years amongst those whose
usage Of them brings them profit, health,
and pleasure,
The world admircs the city compunity
whose faith in their own energies aud the
local advantages Of The place they live IN IS
shown in liberal and judic!ous improve
ments that not only greatly facilitate the
commerce of the city, but commend it TO
the respect aud favor Of the world for its
comforts and beauties.
No matter about the debt OF q city tia,
has the things that show how the debt was
made. That is proof of the spirit, energy,
aud forecast of the people, and but increases
confidence In them.
While the city stock of such community
is commended to the faith of capitalists it
should be peculiarly the favorite Of the COM
munity itself. They should feel that 1t is
quite appropri ate That money made through
the advantages of their city should be in-
vested in lis obligations Incurred for the i'm.
provemcnts, which are u principal source of
its growth and yigor When a community
has this devotion to the public welfare; this
faith in the solycncy and prosperity of their
city; this willingness to assist in Increasing
it, advantages for business, its appliances for
cleanliness and beauty, and for the promo
ton Of health, that community is irrepressi-
Die. and must triumph as amongst the most
successful and prosperous of city popula.
tons. On the other hand, that population
which rcciects Improvement for fear Of debt
will hc doomed to insignihcancc.