The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1883-01-03
A NOVEL PLAN.

rowd at the junction Of Peachtree and
Marietta streets on Dec. 4th The crowd
vas very enthusiastic Col. Seals explain
d fully his plan for running the city
without taxation. He said
1t is simple, easy and practicable, ard
adverse criticism. No one has
ever adduced sound argument against it,
and when it was presented to the chief Of
fetal of large European city many years
ago it startled him, and after looking in
to it be said it would startlc any man. for
there is no way TO meet it. But then it
would destroy his political machinery,
which is now called political rings
Thirty.nine out of every forty of the best
citizens of an American city to whom the
idea was submitted, Endorsed it instantly J,
but there was no plan and not public
spirit enough among them to formulate
one, and therefore never had trial in
America.
The plan is simply this and nothing
more : The people Of Atlanta pay annu-
ally to foreign insurance corporations
from 5000, 900 to $500, 600 for fire risks on
their property, while the records for thir-
ty years show that they have not received
back from these companies on losses by
fire an average of $4,000 year. Dur
ing many years they have scarcely paid
anything at all. 1t is well known that no
corporations in the world accumulate
wealth so rapidly and none luxuriate in
such splendor as well organized and pro-
perly managed fire insurance companies.
Again, it is notable fact that no matter
how many fires occur, insurance men use
them to urge and frighten people into in
surfing their property. Each one is al
ways eager to get all they can. They
are not afraid of fires.
Now let the property holders of Atlanta
unite aud carry their own insurance as
Vanderbilt does, and pay this money into
the city treasury, and keep it there to pay
our taxes and city debt. See the figures
and facts, as follows The first year we
collect, say $500, 600 Out of that come
officers aud clerks salaries, which should
be covered with 8 per cent. on the amount.
Then allow per cent. for losses by fire
-four years out of five it will not exceed 5
per cent. and rarely ever reach it. We
then have 8 per cent. for expenses and 5
per cent, for losses, making 8 per cent.
t The treasurer then receives the $500, 900,
and deducts 8 per cent. or 1874, 900, for
expenses and LOSSES which leaves $276, 900
to be invested as reserve fund of z, s or
10 per cent.-say per cent and the in
terest is $s2, $50, and the reserve fund at
the end of tho first year is S29s, $50. This
amount has heretofore gone from the city
every year.
The second year the treasurer receives
the $500, 900, and dedncts $24. 900 for OK
penses and invests $276,000 The inter
est on the two sums in hand will be $45,-
026, nearly double the expenses aud aver
ago losses. And at the end Of the second
year the reserve fund will be 5000, 900.
Continue one more year and see the re-
suit. The third year the treasurer re-
ceivcs $500, 600 aud deducls $24, 900 and
invests $2i6, 900. The interest on all tho
money now in hand will be 81, $50, and
the reserve fund at the end Of three years
will be 1907, $50. This is nearly half Of
cur public debt. In ten years the city
would have a reserve ofnearly S., 900. 900 !
| But you perceive that after the second
year we can have reserve fund of $500,
600, and appropriate ovep 4loo, 900 to. pe-
ducing the taxes, as announced in my adj
dress, and it will require but few years
to pay off the city debt and reduce the
taxes to very small sum, and eventually
do away with them altogether, for the in.
surance income, with the interest on the
reserve fund, would more than run the
municipal expenses. We could then east
ly perfect all needed internal improve
ments.
But you ask, how can this magnificent
scheme be put into operation and proper
ly managed? That is the only point upon
which, any one has ever attempted to
frame an argument, for they can't fight
figures. But this, too is easy and simple.
Let the mayor and council, OF the pro
perty holders, select or elect some citizen
whose personal integrity and financial
ability are beyond question, and let this
man be the president of the '.City fire in
surance commission, and also city trea-
surer, and handle all city money, at a
salary of SO, 900 per annum to secure his
time and attention, And to keep the
position out of politics and rings, let this
officer be selected for life, or during good
management, and give sufficient bond
aud security to secure the city Then Sc.
lect one Of our most capable fire insurance
men as his assistant at salary of SO, 500,
with authority to employ the necessary
clerical force at reasonable salaries. and
then let a permanent record be made of
every building in the city with its APP
praised valuation, and be insured upon
the same terms as the insurance compa-
MES adopt. When new building is erect.
ed, let II be reported, recorded and in
sured. Whenever fire occurs, let the
president of the fac commission appoint
man TO represent the city and the owner
Of the property appoint a man, and these
two appoint third party, and let them
determine the amount of damages to be
paid. Make it the duty of the mayor and
council to examine the books and man
agement of the fire commission once
month through committee.
The foregoing is all the machinery that
viii be required to run this great scheme,
and il is easy and simple. The people
viii be delighted with it, for every pro-
perty holder becomes member of the
Municipal insurance association and gets
his dividends back in the reduction and
final extinction of all taxation upon his