The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-03
THE DEBT OF PROVIDENCE.

4 ANOOAtihS w p"oeN taAbs tho ih
creasing debt of the City of Providence
in comparison with its growth, etc. /:
the title of an address TO be made To-
night at the regular meeting of the Rhode
Island Business Mems Association at
their rooms, No. 2l0 Butler Exchange,
by EDWARD ID. BAssETT, Esq. The public
is invited to attend this meeting and a
general discussion is hoped for.
The title of the address gives no clue
TO the view Mr.. BAssETT may hold on
the increasing debt of the city of
Providence in comparison with its
growth, etc." and though the speaker
has recently expressed himself in the
public print to the effect that he is in
clined to regard the debt as increasing
at an undue rate in comparison with the
growth of the city, from what we know
of Mr.. BAssETT we have no doubt that
his views will be expressed fairly, con-
servatively, and without crankiness. We
should like to be present to hear him.
We incline to the opinion that good
many persons are confused on this debt
question and are disposed to believe
that our fine city is overburdened with
It's indebtedness and that our taxpayers
are groaning under the strain. We are
sure that if these persons gave an in
telligent examination Of the city's fnan-
cial report they would hold different
view. We do not care at this time to
go into the subject exhaustively, or to
make comparisons with less fortunate
cities, but will merely cite a few in
structive figures, the meaning Of which
may be easily understood.
According to the last financial report
from the auditors department the total
bonded debt of the city was $13, 593, $50.
Ihis Is an imposing figure until we learn
that Sc, 935. .69l of this debt is in the
magnificent water plant which is pay
ing the city an income of about $25, 900
a year over and above all expense of
running and maintenance.
That the balance, S6,657, $50, is not by
any means a large debt, for the city of
Providence would seem to be clear. We
don't know whether or not the debt has
grown in undue proportion to the
growth of population, for we haven't
taken the pains to figure it out. But if
it has, it certainly has not yet anywhere
nearly reached proportion that need dis
concert anybody. This is evident enough
rom the plain fact that the tax rate has
'nly increased from $50 to 100 in a
good many years and that our bonds
sell readily and at big premiums to as
tute bankers, Our credit is above the
average and the credit available abroad
to municipal corporation, as to an
is the best test of economy
II extravaganza in the management of |
Affairs.
That this debt, small as it is, has been |
incurred wisely is demonstrated by the
enewed life and activity observable
bout the city in these days. Provi-
ence has inves ted its money well, and
he town today is an inviting place for
usiness or residence. The develop
ient OF private enterprises. most plain
visible, perhaps, in building operations,
emonstrates this. As city we have
oent money to improve our plant and
lie result is an increased sale of the
oods we offer, SO to speak, and an en-
to all sorts of transactions
lat lend o wholesome activity to a
wn.
And, furthermore, we agree thorough
with the sentiments expressed in the
rovidence Journal Almanac for 1895
age 48 that "the high credit of the
ty and the demand for Providence
curities is in no small measure due to
Q careful and efficient management of
II Financial department" The Journal,
wspaper, by the way, does not agree
th this opinion maintained in such
oice language by its Almanac, but :
, think the Almanac has the better of I
g case.
AS to Mr.. BAssETT, we believe his I
OCCASIONAL connections lie somewhat
tn interests that have never been
entitled with movements looking to
. progress and increased prosperity of
cir city. But while these affiliations II
~ bias his judgment we expect that a
J handling Of the subject will be fair D
disposition as it surely will be eloquent s.
expression. t'