The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-03-11

uUTLANp,s "srNK.NG FUND.-


" ton, and says Our business at present
d" and our prospects for the future will bear
d" examination. We are not in sinking
" condition. YEA verify, it must be so
then. but who said the business and pros
poets of the town would not bear examina-
ton, or that the town was in sinking con-
ditionP 1t is all we'll enough to set up
man of straw for the purpose of knocking
it down, and great glory is achieved there
by. Vast financial knowledge may be dis |
played, by dealing in assertions and deni- |
ais, but the people prefer facts and figures. |
We are willing to stand by that which we |
said, because every word of it was and is
true, and figures, which cannot lie, demon
strate the truth OF Our words. What did
we saw What are the facts ? Prior to
the annual town meeting, we urged the ne
cessity of some provision being made to
meet our current expenses and debt past
due and to become due during the year.
We deprecated the policy of paying by
borrowing, and Of putting off the payment
of our Indebtedness to the tabled more con-
venlent season. We illustrated our argu-
gument by tabular statement of our debt
from 1861 to the present time, showing
that we started out with a debt of only
S463. 90, which had become, in 1865, Sl44,-
OG3. 81. This increase of our Indebtedness
was natural, and came from the payment
of boun'ies to volunteers during the
war of the rebellion. Whether
it WIS policy TO thus raise
money 10y the issue of bonds, rather than
by lax ,tion, is, as General Grant would
say, 'debatable question But the debt
was incurred and the time for discussion
thereon Is past. |; further appeared, that
in 1865, a new policy was inaugurated-
that of paying the town Indebtedness. SO
that from 1866 to 1870, the town debt was
decreased from $l44, 063.37 to 800, 047 49,
Was this good policy or bad policy? A
continuation Of tie same policy rould hare
seen Rutland entirety free from deJt IN 1870.
But what did the town do? Oh, it simply
turned over new leaf, and arguing, as
some do, that national debt is national
blessing, concluded that town debt must
be town blessing, and, as the result, the
Indebtedness of ninety-fye thousand dol
lars, in 1870, became an Indebtedness of
over one hundred and twenty-six thousand
dollars in 1875. We added to the table the
following comment 1.-The statement car
ries its own comment, and appeals to the
taxpayers for relief. Rutlands sinking
.tunT instead Of sinking tie debt is sinking
the toaon fnancnNy.' Was it not true !?
How long would it take to sink the town
financially, with "sinking fund.- that, in
stead of diminishing, increased the debt at
the rate of over six thousand dollars year?
Does not the statement appeal to tie tax
payers Tor relief? We ask again. rs we
asked then, that owing three times the
amount of our grand list, how many more
times can it be increased, and leave the
town with a credit unimpaired
1t may be policy, an evidence of shrcwd-
ness and financial ability, to cover up or
conceal the extent of the towns indebted
ness, but we don't believe it. 1t may be
wise to give rose colored view of finances
and, thereby, deceive the voters with an
apparent show of financial soundness, and
prevent necessary taxation, but no town
has ever been, no town ever will be, ben
Gifted by such a course. The true state Of
the case must be known some time. An
explosion must inerita6ly come. The debt
must be paid. 1t is far better in our judg-
ment, for the Taxpayers to understand the
exact facts, and meet them accordingly,
than it is for them to be deluded by untrue
or colortd statements, and be all UMPIRE
pared for the inevitable crash. Certain
railroads have made excellent financial
statements, and, by the asking, one can
find what stockholders and bondholders
think and say of it. They rather meet the
facts at once, than to dream of dividends
for years, only to awake to the fact thai
dividends are neither more or less substan
tial than moon beams. Is it not SO, also
with taxpayers? We believe so. In fur
ther reference to the town Indebtedness, VIZ
SAID, before the day of town meeting, 81
may behoove us, also, to consider the ques
ton whether this large Indebtedness which
must be paid some day-will allure or re
pei others from casting their lot and estab
fishing their business in Rutland" Thi
may be what is referred to as a reflection
on the present business and future pros
poets of Rutland-but we don't know, an,
care as little. Whether or not there wa
any force in our suggestion may be see
from speech delivered, at our town meet
ing, by a gentleman of something more tina
alocal reputation as shrewd financier. PEI
haps our contemporary has heard of him
Boston certainly knows him. He said-w
quote from the report of the town meeting
"lle had known of a number of instance
" where men had proposed to move to Ru
land but who, on looking at this debt
had concluded not TO come-men, toe
who would have been of great benefit t
. the interests of the town in which the
- resided. The town had got to show
disposition to discharge its liabilities
Here is the whole case in nutshell.
the town don't know its financial cond
ton, If it don't show disposition to pay il
debts, it will, it does, repel business me
from casting their lot with us. 1t is nc
pleasant to refer to these matters. 1t woul
be a pleasure to proclaim Rutland free {
debt. We should rejoice and be exceedin
glad, if we could truthfully announce
town entirely free of debt with only ligl
taxes in future. But such an announc
ment now would be false. Msreprcsent
tions, concealment of facts, falsehoods, wi
not alter the case. Rutland is in the co
dition it s, and that condition will new
be bettered unless we look the facts in Il
face and govern ourselves thereby.
conclusion, we can only repeat the lal
a. -