St. Paul daily globe., 1895-12-24

The n9'al;t total annual interest charge is
1899, ,1S5.
The water works bonds, aggregating
81, 460, 900, and bearing an annual interest
of $114200, while commonly included IN
statements of the city debt, really should
not be so considered in the ordinary ac-
ceptance of the term. Usually, those OBJ
legations are considered city debts the
service of which must be borne by gen
eral taxation upon property within the
city.
For some years past the water rents
paid by private consumers have tnvaria-
bly, been sufficient to maintain and oper-
ate the works, pay the interest on the
bonds. and leave substantial balance
in hand There are no reasons for fearing
any. change in this course of things. AS
shown by the printed table above, there
is ample room upon existing service
mains for three times the present mum.
Der Of connections, the supply must, of
gle connection for each city lot of aver
age frontage. With the increase in num-
Der of conections, the supply must, OF
course, be correspondingly increased and
this will require extensions of the supply
portions of the works. Such extensions
can be and should be made gradually,
out of the net revenue of the works,
which must rapidly grow with the growth
of consumption so that no more water
bonds need be issued, at least for many
years to come. Water rents are not
taxes because the use of water is not
compulsory. The well, or eistern, or
BOTH remain available for all who for
reasons of economy prefer to use them.
Those who use city water do so because
its use is business convenience, OF a.
domestic comfort, worth what it costs.
Making the obviously proper deductions,
from the amount Of the city bonds of the
amount of the water bonds, there re-
mains a principle of bonded debt amount
ing to s5,S72, 100, having a yearly inter-
est charge Of $2S4,9S5; the average rate
these latter two sums concert the gen
eral taxpayer of the city Of st. Paul.
No addition to the bonded debt of the
city, for any purpose, will be needed for
many years, so far as now can be fore
seen. With the addition Of few school
houses of moderate cost, and few engine
houses, We have all the equipment for
accommodating a population of 100000
people, with every reasonable urban COM
fort and convenience.
Should the funded debt be paid off by
taxation, or should it be kept on foot,
refunding 1t at lower rates of interest,
as the principal natures?
A glance at the table Of bonds, print--
ed above, shows that the things pro-
cured with the bonds We're of a last
be Sources of profit, convenience, or
comfort to those inhabiting the place for
great time 70 come, and, in a majority
Of instances, forever,
Undoubtedly, each generation of our
lures the benefits of which viii die with
it, but why should one generation dis
tress itself to hand over all public and
private property to it's successors abso-
lutely unincumbered? The men of to-
day have already paid more than one
half the cost of providing those lasting
public works and institutions that make
the place city. They will satisfy their
full share Of the debt for the residue of
such cost by paying the interest upon
it. Therefore, Your committee thinks
Continued on Fifth Paee.