Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-27
THE CITY LOAN PROPOSITION.

The ordinance introduced by Mr.. Robert
son in Councils, yesterday, looking to the
issue of $1,000, 900 four per cent bonds
for the improvement of parks and the
building of bridges. is a departure from the
policy which has prevailed for the past Is
years. of strictly applying all the surplus to
the sinking fund for the reduction of debt.
The policy of reducing debt and paying
for Improvements as they are made is the
safest one for any city. This was especially
the case in past years when the debt had ex-
ceeded the Constitutional limit and the
lavish expenditure produced by the ease
with which debt could be contracted had
landed the city in financial diff culties.
Under such circumstances the policy of con-
tracing new debt and paving off the old one
became imperative. 1t has been pursued
with such industry that the debt is now
within the legal limit and the credit of
Pittsburg is so high that the placing of
million four per cent bonds is beyond dis
pute. ..
Whether it is time to depart from this
salu;ary policy of paying as we go, depends
upon whether the objects to be gained are
of such vital Importance as to warrant the
suspension of the rule, and, beyond that,
whether they cannot be reached by the past
policy of payment from current revenues.
The parks and bridges, to which it is pro-
posed to devote the proceeds of this loan,
are of sufficient importance to warrant the
loan. With magnificent park needing
Improvement, and with large portion of
the city's working population subjected to
daily tax for lack of free bridges, it would
be blind policy to postpone the realization
of parks and free bridges, rather than incur
a debt, if current revenue cannot realize
them.
But is the inability to provide for these
objects from current taxation definitely
fixed? Is it certain, as alleged in the ordi-
nance referred to, that the status of street
improvement legislation will render such
an increase Of the millage necessary that
nothing can be levied for parks OF bridges?
If so, the necessity of such action as pro-
posed by Mr.. Robertson's ordinance will
be tolerabIy we'll demonstrated and
it will be one of the incidental advantages of
the issue that the city sinking fund could
take considerable share OF the loan and
hold it until the per cent bonds fall due.
But we are strongly of the hope it will be
found that the street Improvement muddle
will not affect the city millsge materially.
With the methods of assessment corrected,
We have the right to expect that the proper
ty benefited will pay for street improve
ments, and that levy will be made for
whatever sum can be advantageously spent
on parks and bridges
In view of the expectation that this phase
Of the question will be settled at an early
day, Mr.. Robertson's proposition may we'll
wait If the decision is adverse TO the
power OF the city to assess for local improve
ments already made, Mr.. Robertson's plan
of providing for parks and bridges will ac-
quire an almost imperative force. But if
the city can levy taxes for those purposes
without making tine total millage too bur-
densome, there will be a good deal of wis
dom and conservatism in sticking to the old
policy of paying as we 20.