The record-union., 1891-02-09

creased area; for the old pumps and en-
glnes, worn out and sold for old iron, it
put lin, in 1873, Holly system with new
mains, new boilers, etc., and in 1876 added
an enormous direct acting pump, and now
is proposing to add another. What equit-
able claim can the bondholders make
against the new system, if it comes to
that? Had this single fact been pre-
sented when the case was tried, we be-
ieve the gross" decision would never
have been rendered. Even as it was,
three Justices of the Supreme Court held
that "revenue' meant the result after
payment Of cost of creating an income.
That, we insist, was the common sense of
the reason of the law.
Once before the Legislature by Act has
interpreted revenue in this bond matter
to mean net income; there is warrant,
therefore, for the present bills, and if
they are assailed in court, there is good
reason to believe that the Supreme Court,
as now constituted, will reverse its de-
cision of four years ago, which many of
the soundest lawyers Of the State declare
was error that ought to be undone.
The Chairman of the Funded Debt
Commission, Judge H. o. Beatty, ap-
pears before the legislative committee,
resisting the bills referred to. He thus
takes precisely the same position that the
bondholders do. True, Judge Beatty
declares that his purpose is to prevent
the tying up OF the fund by litigation,
which would cripple the work of the
Funded Debt Commission; that the COM
mission is, in fact, but trustee for the
city, and that all its iabors are for the
city and in its interest, discharging the
debt and securing the surrender of
bonds and coupons at saving to the
city.
But we submit that the present genera
ton has some right to be considered !;
1t is not so much the question of speedy
discharge of the city's Indebtedness as
the casting of the whole burden upon the
present. 1t is true enough that the
Funded Debt Commission, to which the
REcoRD-UNIoN has all along been friend
ly, believing that it was a wise creation,
makes for but one beneficiary, and that
is the city. AT the same time, it is true
that to the people it is question of
wringing money by taxation greater
than they can bear. The tax-gatherer
comes around with unceasing regularity,
whether the collection goes into the Golfers
of the Funded Debt Commission or of the
bondholders.
The people do not and will not conf
PLAIN of the operations of the commission
under ordinary circumstances, but
they do object to that commission as
suming the attitude of creditor and aid
ing the bondholders to squeeze from them
taxes beyond their power to bear pa
tiently.
If payment upon the ''net' method can
be secured, it will greatly relieve an over
burdened community which is crippled,
retarded and injured by bearing burdens
the present generation did not create.
The Funded Debt Commission can, with
greater propriety, remain silent, and let
the city and the bond holders fight out the
question, than to render aid to the credi-
tors whose unwise policy seems to be to
crush the city if they can and "bear''
down the security they have.
The over Jealous activity of the Presi-
dent of the commission is distasteful.
When he resists the passage of Senator
Sprague's bills, he consorts with the
bondholders and joins hands with them
in continuing high taxation; taxation so
high indeed, that it is like a wall about
the city, barring out enterprise and capi-
tai, preventing growth, the reformation
of the drainage and sewerage system, and
attention to the sanitary needs of the city,
while it depreciates values and paralyzes
public spirit.
When Judge Beatty declares that the
bills of Senator Sprague are insults to the
Supreme Court, he talks nonsense and
suggests that he is deficient of reasons to
advance in support his position. The
power of the Legislature to declare what
it means by revenue is inherent, and 1t
cannot be an insult to the Supreme Court
to exercise it. The court found by
nearly evenly divided bench that the
word is ambiguous; to remove the am
biguity the Legislature proposes to de-
clare what the word means, and the
court will accept that Interpretation with
out the slightest ruffiing of it's dignity.
With the bondholders and the Funded
Debt Commission hand in glove against
the bills, no matter how wide apart their
motives, there is need for friend Of the
city to appear before the Legislative
Committee and present her side of the
case. If the Trustees feel unequal to the
task, let them engage some one to voice
the sentiment and desire of the people,
Even if the city loses, it will bo an in
yestment wisely made, for it is in aid Of
the assertion of claim that the CITY
ought to renew and stand by until the
last hope is gone.
THE STATE NEEDS A FRIEND.
The State needs a friend just at this
time, to appear for it before the educa-
tional committees having the Textbook