Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1888-12-01

insane asylum bond question. 1t
states the case further:
1t is a question concerning the expenditure
of a considerable sum Of the peoples money
and the commissioners wisely asked the vo-
ters to decide in what way they should pro
cure the money.
And it has been decided
There are two ways left to the commission
ers to secure the $4,000 required to complete
the insane asylum.
The first Is to borrow the money at high
rate of interest and carry it as floating debt.
That would be a costly and useless procedure
and we feel confident our commissioners will
not be guilty ofcommitting such blunder.
The second plan is to secure the money by
a direct levy on the taXpayers-thc most
sensible and economical plan.
Had the proposition to issue bonds to the
amount Of $4,000 been approved by the vo-
ters, it would have required fifteen years to
pay otfthe bonds and in that time the tax
payers would have paid $40 800 tribute to the
bondhoders in the way of interest. In the
sale of the bonds the county would have re-
ceived few hundred dollars in the way
premiums. Had the bonds been issued, it
would have cost the county at least $4,000 in
interest.
1t has been stated that the commissioners
require $4,000 to complete the asylum. We
have not been informed what they expected
to do with the remaining S11 900. Perhaps
it was intended to reimburse the treasury
with the s., 730.94 levied last June for ICON
struction expenses"
No doubt the commissioners would have
used the money wisely.
Nobody knows how the RcUie,C
learned that there are $4,000 re-
quired to complete the asylum"
The facts are, as we understand
them:
Over $4,000 plant costs were levied
last June, Il sum which it was desir-
ed to be funded with other indebted
ness on the same account. About
$4,000 have been since expended,
with room for spending at least
| $4,000 more to make the establish
ment credit to the county. SO that
! $4,000 was not too high an estimate
for the completion of a house but lit
tie more than half finished on the
first $4,000. 1t is the same old
costly lesson learned by all who
audit the unanncipated expenses Of
"setting up housekeeping"
Instead of $4,000, therefore, We
have 100000 to provide for. If we
adopt the Reriew's "most sensible
and economical plan,' assuming that
over S., 900 is paid, it will require an
additional tax rate of cents per
500 to raise the money.
But by the bonded plan it would
require each year for II years an ad
dition to the tax rate of only one-haT
of l cent for each $100-practica!ly
an inappreciable burden.
The 18th year, however, would re-
quire on the same basis an increase
of nearly 4 cents per 800; 18th
year small fraction over 3 cents !;
18th year nearl ly 3 cents, and 18th
about 2! cents.
Meanwhile, the premiums amount
ing to not less than $1,000, means
practically two years that the bond
holders receive no interest whatever.
This sum is Il bonus to the taXpay-
ers nearly equal to l cent per $100
for one year.
AS Il matter of economy, therefore,
the Reciev clearly favors the wrong
notion. Its big fgures-"$10,S ,S00"-
look portentOus to anyone who for
gets to look at the long time which
it covers. For one year $4,000 is a
big thing; for Is years $4,000 is a
good deal smaller.
But over and beyond all other con-
siderations is the distributed burden
obtained by the bond method. The
generation which plants, waters and
tends the crop makes its successor
pay for part Of the seed. 1t is not
meet that those who come after us
shall reap without having sown. 1t
is enough for us to pay the cheap
tribute which makes the ultimate
profits available to posterity.
Now, then, few questions:
If the RecieW'S economy" is good
for the $4,000 bonds, why did it
not urge the same calculation with
regard to the original $4,000? If
it were good thing in the one case,
it would have been so per- cent. bet
ter in the other.
Agaiu, and we will include the
Cumberland NewS in this inquiry-if
the ReUieU and our mutual contem-
porary were really opposed to the bill,
where were they when it was on its