The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-06-20
THE WATER.

THE WATER.
Recently report was made to the city
council in which it was stated that the
present system of waterworks could be
made to yield d return to the city of 5 per
cent, on one million dollars. In case these
figures are correct and they are contrasted
with the figures which were to be given
for the waterworks, the philanthropy,
pure and simple, of the parties who are
DESTROYS of making the purchase can be
discovered without the use of powerful
magnifying glass.
THE HERALD is of the opinion that the
more the purchase OF the waterworks is
looked into the more the people will ar
rive at the conclusion that the gentlemen
who claim to be laboring in the interest of
the city by buying the waterworks when
there is no money in it are
really in the condition of the gentle
man who exclaimed, ''of all my fathers
sons l love myself the best" There has
perhaps never been a proposition which
was more absurd on its face than the one
that those who were trying to purchase
the waterworlls were doing so in the in
tcrests of the citizens and not because of
their being able to make anything out of
the purchase.
The protest recently sent into the city
council against the sale by the city of the
water of the citizens, shows very
plainly what the people of the
city desire. There is no doubt
there would have been double as many
signatures, large as the number was, had the
protest been more extensively circulated.
The writer of the article did not so much as
see the petition, although he would gladly
have signed it and will fight "to the last
lltch'' the propositisn to sell the property
which the council holds In trust and which
it has no more right to sell than it has to
dispose of the houses in which the water
runs.
IL is the height of nonsense, and in add
ton it is an insult to the common sense OF
the majority of the citizens of The city, Il
say that person or company can afford
to compete with the city corporation in
supplying the people with water, when the
city can secure money at 3 per cent, ant
the company or Individual making the pur.
chase would have to pay much higher
rate for the money, and there is not a dol
lar that they invest in the waterworks bu
they can loan in this city on securities tha
are beyond question, and get a rate of tt
10 per cent. There is but one reason WHY
these parties wish to make the purchase
and that is to get greater returns on theil
money than s or 10 per cent.
The main reason why the city should mo-
sell the water is that it does not own an,
TO sell, and there is no greater fraud which
an individual can perpetrate than to sci
the property of another when he is awar
at the time of the sale that he is not tn,
lawful owner. IL this is true of an indi
vidual, it is equally true of a city council
that does the same thing. The member
of the present council will never be able t
1--we down the opinion Of contempt whicl
will be entertained for them in case the,
shall attempt to dispose of the waterwork
and try to deliver to the purchasers tn
water belonging TO the people.
Until such time as the credit of Salt LAX
shall fall so low that it cannot borrow
money at less figure than money can b
secured by an individual, it is an insult t
the common sense Of the community to sa
that it would be in the interests of the tax
payers TO sell the waterworks.
Supply and demand are what give value
in this city and in every other place None
is not in as great demand in Chicago an
New York as in this city, and there is bu
one reason for this, and that is that Their
is greater supply in both of those places
City bonds are in demand at per cent
but money will command 10 to- day on tn
very best of securities, and until there is
change in the supply of bonds and the de
mand for money we say it will be LOB
the equal of any which has damned tn
names of some of the New York aldermen
10 case our present city council shall offe
to dispose of the peoples water.
The sale of the city water works mean
something more than the loss of money t
the city; it means depreciation OF til
high credit r'hich the city at the preser
time enjoys. a good share of the capita
which men and corporations possess
their credit. There are few cities in tn
union of the same size as our own whic
have higher credit than we enjoy, an
TIE HERALD is proud of the record whic
has been made in the past and hopes I
see the same continue in the future, bu
we promise the city council that in case
shall show its utter lack Of right and di.
regard of the wishes of the people of til
city by selling the water, the credit Of til
city viii be very materially damaged, an
a few such sales VIII ABSOLUTELY destro
the city's credit, which has been estai
Iished by long gears of good and Garrett
government
UNDOUBTEDLY SOME Of the inhabitant