Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1892-03-30
cJRcU1.AR NO. e

Asyou well know the banks of New York,
Philadelphia, Boston and Chicago never held
80 large an amount of surplus money as now.
The demand for money in ordinary business,
owing to credits, and bills of exchange, Is be-
ing reduced to a minimum. and with it the
rates of interest. To loan money on safe col
lateral at paying rates Of interest has become
almost impossible. and the avenues for safe
Investments materially disminish over former
years. That an outlet for these millions now
locked up in bank vaults must be had will be
apparent to you upon a moments thought. at
present rate of accommodating surplusage. in
terest will be abolished, and panic produced
by the almost complete exhaustion Of curren-
| cy In circulation.
To make market for this money many
plans have been suggested by the Bankers
| Association, the most plausible of which Is the
| systematic encouragement of public improve
ment by municipal governments, particularly
| in the west.
| The large amount of money formerly drawn
from the banks in buildings and private i'm
provements are largely drawn through build
ing and loan associations much to the detri
ment of savings banks, as was stated in q
former letter. 1t therefore becomes an Imper
alive duty and necessity to unite in advising
and pushing schemes of public improvement
In those states in which public improvement
is made by special assessment, or taxation OF
AUDITING property. special attention should bt
given to thaSe matters.
Public contracts can usually be let at prices
unusually profitable, and hence wide anC
| somewhat diversified interests may be utilized
to secure favorable legislation. Large
amounts of money will be needed to complete
these improvements; not only by the cantract
ing parties, and the furnishing parties blu
also by very many of the parties whose prop
erty bears the special assessments. In sup
plying these demand the very best Of securitie
that of mortgages on city realty. can Away
be had good rates of interest can be secured
, and market for a large amount of none
found.
The character of public Improvement urge
by you, viii of course depend upon local inter
5 ests in cities where the brick industry
: strong its influence in favor of an ordinanc
t may be secured usually by using that material
;, it being always advisable to secure the Unfit
ence of the strongest local Industries. Wheth
er the improvement contemplated shall b
>, street paving, drainage or any other improve
ment will of course depend upon local int
q ests. Improvements at public expense shout
y also be encouraged to the full limit of the cit
Il power to contract debt or issue bonds; but
q must be borne in mind that municipal bono
are not as good as mortgages on realty.
1t will be found that counoilmen who al
q unwilling that the city bonded debt shall fl
IS crease during their term of Office, al
" nevertheless favorable to public improvemeI
~ when it can be done by special taxation. "
. think that by united effort in urging II
~ necessity of better streets, better drainag
s. ETC., upon councilmen, great deal can be a
ID complished. When once this work is system
II atically begun, however, it must be pusht
y rapidly, as the discomfort is sure to arise alor
II the line of improved streets will spread rapi
~ ~ and sooner or later compel a repeal of the
II favorable laws. The rapid ordinanciug al
ie contracting of work should therefore be esp
- cially urged.