Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1888-12-15

The people should know how their money
is being used, and how much it has cost to
build and furnish our insane asylum and
what it will cost to sustain it, Then comes
the interesting question, "How will the com
mssioners get the money still required to
thoroughly complete the asylum"'
"The people should know" and
wW know all. They will ascertain,
probably, more than they want to
learn as to cOsts-nOt of building
and furnishing-but of conducting
the institution. Whether "the peo-
pie" in first voting to care for their
own insane did the economical thing
is open to serious question. In the
light of indispensable items Of cost
already developed there is Il chance
in favor of payment for another pret-
ty dear whistle.
But this matter comes under the
same interrogatOry rropounded by the
RcUier:
Shall the county commissioners issue
bonds to the extent of 10000 for the COM
plction of the insane asylum
This question, says the Reric1r, sis
of no importance. Why? Because
"The citizens of this county so ''de-
cided on the 9th of November"
The JOURNAL maintains, on the
other hand. that the fact that the
people first voted to issue bonds to
build the asylum, makes their sub
sequent refusal to issue bonds for its
completion and equipment IL matter
of considerable importance. 1t is
not reputation per- Sc, but it smacks
of it.
We shall 90 into but few figures,
for we accept the Rcriev'S calcula-
ton without admitting its conclu-
sion:
Looking at the subject from every point of
view, we cannot see any reason for making
large or burdcnsome increase in next years
tax rate owing to the fact that our county
commissioners are not allowed to issue bonds
to complete the asylum.
The sale of the $4,000 bonds, original is
sue, i'll open market to the highest bidder
brought the county 81 $50 premiums. We
are puzzled to know how the JOURNAL eN-
poets the county to realize 81 500 premiums
through the sale Of $50, 600 bonds.
AS the JOURNAL understands the
case, the first bonds were to run net
s years; the second II years. How
ever easily the Rericm may be "puz-
zled' it is an open secret in finance
that the longer bonds have to run the
more desirable they are-the more
premiums they will bring. The first
bonds brought 3 per- ccNt. net.
Now, with bonds to run so per- cent.
longer, is it not fair to presume they
would bring at least 7 per- cent, and,
with an increased demand, caused,
probably, by the Rcricty's showing
that other bonded funds have gone
out of use, may not the desire for re-
investment raise offers to per- cent. ?
In fact, we understand the COM
mlssioners were offered that figure.
The ''puzzle" being out of the
way, it turns out that, after all
The Re"je0 opposed the issuing of bonds
because we believed the commissioners could
secure the amount of money they required
by direct levy with but slight increase in
the tax rate, and thus save the county about
$4,000 that would have been paid as a trib-
ute to bondhoders had the bonds been issued
In the outset interest is not "trib-
ute" no more than rent or wages. If
$4,000 for the use Of money is "trib-
ute," then so is so cents per ton for
digging coal. In fact, the wages of
money is the only salary set by law
outside of the public service. How
ever much the capitalist may be be-
rated for his love Of gain in lending
money, the law, which restrams Gu
pidity nowhere else, stands between
him and usury.
And still, and still, he seeks en-
ployment for his money--at restrict.
ed wages. And for the privilege of
earning he actually bids against him
self where the character of the bor-
rover is high.
Thus it has come to pass that we
have mines, railways, canals, rolling
mills, newspapers, teiegraphs, and
all the enginery which makes this
the busiest land on the globe. Many
Of these gigantic industries We're
planted by the preceding generation
Of capitalists, and while the current
age of men are paying their proper
tion of the costs they are also reaping
the munllicent profits, and planting
Herewith the seeds for an empire Of
universal enrichment under the COM