Los Angeles herald., 1892-10-26

per cent, would be $4,000. The sink
ing fund would call for another SIC. 1900.
Thus we would have an addition to our
fixed charges of s52,6 900 at one clip, and
that for only the initial of water sys-
tenn.
The HERALD has heretofore pointed
out the fact that it was unfortunate, to
say the least, that this programme
should have been sprung upon our peo-
pie in the midst of presidential and
county election, to be followed in q
month-in less than monthly city
election. Another strange feature of
the measure is that it is proposed by q
council that is about to leave office.
One would think that ordinary prudence,
not to say comfy, would have dictated
first, not pressing this election at such
time, and. second, the leaving of the
initiative to the incoming conncii,
which would be fresh from the people.
Still another and most material objec-
tion to the calling of special election
on the I'd of November TO determine the
matter of an issue or non-issue of the
bonds is the fact that, at the election on
November 9Th, a constitutional amend
ment is to be voted on, which will un-
doubtedly be adopted, extending the
time during which municipal bonds
shall run to forty years. Why the peo-
pie of Los Angeles should be saddled
with twenty years bond when, by
waiting couple of months, they could
probably get off with forty years bond,
if they desire bonds at all under the cir
cumstances, it would puzzle Philadel-
phia lawyer to determine In the one
case they would be obliged to pay yearly
$4,000 into the sinking fund, and, in
the other, only $13, $50.
And there is still another potent rea-
son why a forty-year bond should be
preferred. Any water system will inure
to the benefit of the people of Los Ange-
les practically for all time. If the cal
culations of very sagacious people are
not at fault, this is destined to be a large
city. Even in 1898, when we shall have
the right to acquire the City Water
company's works at fair valuation, it
is not an extravagant assumption to say
that we shall have at least 125, 900 peo-
pile. 1t is not only not an extravagant
but a reasonable postulate. Our re-
sources will then be infinitely greater
than they are now. We shall then be
able to acquire the city water works at
reasonable figure, or to build our own.
The burden would, consequently, be in
finitely less than that which we propose
to assume now.
Every reason of expediency would
thus appear to favor policy which
should not saddle our young and grow
ing city with great debt. Everything
is said to come to him who car wait,
and this is particularly the case with
young and growing cities, when no sub
stsntial interest is at stake. The City
Water company processes it's ability and
willingness to give the hill portion of
the city cheap and abundant water of
an excellent quality. The purchase of
the property and franchise of the Citi-
zens Water company by that company
would indicate an honest purpose to do
what they say.
Why, then, precipitately vote bonds
in large amount for carrying out pro-
gramme as to whose scope the mass of
the people are very imperfectly advised :?
We have no hesitation in decla ring our
belief that the bonds will be voted down
by our conservative citizens,