Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1878-07-19

ND~NN -N.~N~ - -Sl-Nos NAAAIA NH-A
payers to come forward and contribute, we
are of the opinion they would refuse.
If it is defeated next Monday.it will be be-
cause the law was not framed in Justice.
But while we think it ought to be defeat
ed, for this reason, the improvement should
be made, and this can be done by altering
the law so that the council may assess a
part of the cost or property abutting the
the river-with this change we do not be-
ieve single vote would be cast against it.
H.. A.
FEW WORDS FROM OUR MAYOR.
MEssRs. EDrTORs.-Much has been said
upon this question, and up to the present
time very little known upon which to base
an intelligent opinion or an honest vote.
In order to clearly understand this ques-
ton we first need to disabuse our minds of
all prejudice or private theories, and look
at the facts and consider fairly our in
terests.
Is the improvement needed? On this
point think there are no differences of
opinion. viii its cost exceed the benefits
to be derived-in other words, will it pay ,
A careful survey, maps and estimates
have been made by David Sloan, c. E..
showing the amount of land required of
each owner, the width of the improved
harbor. the quantity of earth to be re-
moved to make channel $50 feet wide
with sixteen feet of water at low water
mark. Four men of recognized good
judgment, acquainted with the value of
real estate at the Harbor, having lived
there and been cOnversant with it for over
forty years, at the request of the Council,
and provided with an accurate map of the
property, showing the boundaries of each
lot and the quantity taken, have, on actual
view, appraised the value of the land at
the aggregate sum Of ....... s., ,225 90
The estimates show 1851 yards of earth
to be dredged out. To remove this earth
we nave an open offer Of u C. per yard,
amounting 5,464, 70
The cost OF survey, maps and estimates
complete -.......-..... 76.75
The cost of survey to determine whether
the work has been properly done, say. 1915
Making total estimated cost OF. .s7,842a2
L have no doubt that the dredging, when
let by advertisement and contract to the
lowest responsible bidder, will be done at
reduction from the price above named
sufficient to cover any possible cOntin-
gencies; but you may add, if you please,
enough to the above estimate to make
$1,000.
To raise this sum it is proposed to issue
bonds bearing per cent interest, having
6, Z, s and 8 years to run, the interest
only to be paid during the first five years;
at the sixth year the principal of $4,000
due and payable. These bonds, l am sat
isfed, can be sold at par. Now let US see
how much the principal and interest on
these bonds will amount to.
The interest on $500 for five years at
At the end of the 9Th year $4,000 of prin-
cipal and $3.50 Of interest is DUE. 24S0
At the end of the 7th year $4,000 of prin-
cipal and $3.50 of interest is due. 236O
At the end of the sth year $4,000 of prin-
cipal and $40 of interest is due...... 224O
At the end of the 9th year 900 of prin-
cipal and Sl2O OF interest is due........ 2120
A total payment of principal and inter
est of-.--.:- --,.----..-......--......-. S11,6O0
How much of tax will this require,
and what percentage is it upon our present
valuation on the tax duplicate? The pres
ent valuation is in excess of 81 ,331, 600. A
levy of 9.6 mills on the dollar will raise
the sum of $11, ,712, or $52 more than is
needed to pay the whole cost, with interest
until paid.
Thus we find that with our present valu-
alton the man who pays taxes on $1,000 of
valuation would pay during the whole pro-
cess the sum Of $8.88-this being his
whole tax. 1t will require no greater levy
than we are now paying and have been for
three years past, as we are now and have
been paying off the bonds issued for the
fire steamer Neptune at the rate of $4,000
per annum, which we are now doing under
a levy of s mills to the dollar, besides pay
ing all the other expenses of the village.
Before any of the bonds issued for this i'm
provement will become due, these steamer
bonds will all be paid off In this view,
will the improvement pay?
1t may be said, "If you need but $4,000,
why call for $15,O00y' Remember
that this law was framed and passed before
any estimates were made-guesswork only
used as to the probable amount required,
and that guess based on higher price for
both land and dredging than now rule.
The law provides that the money thus
raised shall be used only for the purpose
of making this improvement, and no other.
The law must be voted under as it now
stands; there is no power to alter or
amend; but it does not follow, because the
Law authorizes the issue of $4,000, that
the whole amount will be issued, but only
so much thereof as may be required.
1t has been objected that the lands at the
Harbor are not on the tax duplicate at
their true proportionate value with prop
erty in the village. This is unquestionably
true; but it must be remembered that the
appraisal of real estate is governed by state
law, and takes place once in ten years.
The last valuation was made in 1870. At
that time there were no railroads there or
any sure prospect of any, and the only
value to much of the land was as a breed
ing ground for bull-frogs and agUe. A new
valuation is to be made in 1880, when this
property will no doubt be put upon the
duplicate at its fair proportionate value,
subject to the same rate of taxatiOn-all of
which will be done long before any Of the
improvement bonds will become due.
1t has been said that it is bad policy to
bond the town. l admit that it is bad pol
icy to contract a debt, either public or pri-
vate 1t would be better, in some senses if
it were never done. But we know it is
done, has been done, and will be done-the
only question being as to the value of the
thing we contract the debt for Shall we
never use credit, because it Is sometimes
abused? As well might we go without eat
ing because some men eat too much. Sup
pose our Government had said, at the out
break of the late war, that it was bad pol
icy to create debt and issue bonds, there
fore they would not do it even to MAINTAIN
the national life. What would the world
have said? What would we have said our
selves?
Again, it is said that the property bene-
flied should pay for the improvement, and
a special assessment should be made. To
| this there are two answers. First, there is
no power under law thus to assess in this
case; and further, if there was who is to
| determine the degree of benefit and the
just amount to be assessed in each individ-
ual case as between those adjoining the i'm
provement and those at the outside limits
of the corporation, and all that lie between
these two extremes. apprehend that the
party who undertook to do the assessing
and apportioning of benefits among all
these parties would find before he was half
through that he had big contract
Again, it is urged that those whose land
is taken ask too much for it. Admit it.
All men are presumed to be selfish where
| their interests are at stake. 1t is a mere
| difference-the buyer on one side, the seller
upon the other This difference is to be
settled either by agreement or by the YER
dict of jury.
1t has been urged that the railroads
ought to pay for this improvement. Have
| the public aDV greater claim uDOn the