The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-15
AUGUSTA OUT OF DEBT.

The city of Augusta does not owe
a dollar and has no floating debt.
This is a splendid record. 1t speaks
volumes for the excellent administra-
ton of Mayor Alexander. With an
income of $50, 900 a year from her
canal and water works, which public
works Augusta could sell for half a
million dollars more than her public
debt, her financial condition is not
second to that of any city in the
country.
When it is remembered to the
honor of Augusta that she has never
scaled either the interest or princi-
pie of her public debt incurred before
during and since the war, the
city is entitled to n high financial
standing. With her unblemished
record Of public faith untarnished,
the securities of Augusta are just as
good as the bonds of the United States,
and should be tioated at rate of in
terest only little in advance of the
rate of interest paid by the govern
ment itself.
We want the citizens of Augusta
to think of these facts to-day and to
he protder than ever of the fair fame
for public faith and industrial prog
ress so deservedly earned and won by
our beautiful city.
Few cities in the United States or
elsewhere are able to present such a
statement of assets, and revenue
therefrOm, as Augusta in the prop
erty of her canal. This canal fur
nishes the bountiful drinking water
supply for the clty-a supply suffi-
cient for population of more than
100000, a supply 50 large that there
is never cause for economy in its use,
but on account of which wasteful use
is unrestrainedly practiced. This
canal also furnishes the power to turn
Augustus mighty manufactures at a
cost of only $3.50 per horse power per
year.
The price to consumers for dOmes-
tic purposes is 50 low that it is cause
of wonder to residents of other cities.
But Augusta can afford it. Not only
has she more water for her people
than she wants but her supply at
trifing cost can be doubled or trebled
at any time. The cost to consumers
is S. for each faucet or opening, with
nolimit upon the quantity consumed.
From this source the city receives
more than $780, annually. From
the manufactures the city receives
annually for rentals more than $780,
600. For 1898 the city's revenue from
all sources from her canal and water
supply will be $96, 900, or Al per cent.
on S2,000,000.
Augusta's municipal Indebtedness
is 81, 75l 300. If Augustus canal and
water works were sold for 100000
they would bring $248O00 more than
the total Indebtedness of the city.
But Augusta will not sell her canal
or water works.
Where is the city that can show a
better condition of municipal fl
nances? Her assets in one item bring
her a revenue very nearly sufficient to
pay the interest on her entire public
debt. AS the city increases so will the
revenue from this important
property, so that for many
increases in the municipal debt, Au-
gusta will from one source be enabled
to pay almost the entire interest to
her creditors, without calling upon
the revenue collected in taxes from
her people, which amounts can go
almost continuously to improvements
and the sinking fund for the still fur
ther reduction of the public debt.
But instead Of increasing Augusta is
decreasing her public debt. From
1880 to 1890 the decrease was IL per
cent.