The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-31
ROAD FINANCIERING
GENERIL ROY STONE PROPOSES
4 PLfy 10 CTR RON MONEY.
GOOD Roads Bring Good Times"-Erces-
sive Cost to he tvoided--tounty
Bonds Would Sell High.
New York. August 3. 1895.
Joseph Bryan. Esq. President virginia
Association for Roads Improvement;

Joseph BRYAN. Esq. President Virginia
Association for Roads Improvement:
Dear Mr.. Bryan,-By the permission
and desire Of Secretary Merton. l have
lately attended several meetings held I'M
| der the auspices of your Association and
it's branches. and 1 find great reason to
congratulate you and your associates
upon the progress already made In de-
vclopiIg a public sentiment in favor or
cool roads and a feeling Of hope in place
Of the apathy or despair which has here
| tofore nrcyaiied Brighter days for
the old Commonwealth are surely COM
| ing. The best blood OF the state is
warming up 10 this work. and though Viz
GINA Is late in starting, / shall not DC
surprised 20 see her first In the race.
BY the time YOU can get the necessary
| legislation. some OF the more progressive
counties will be ready TO borrow money
for highway Improvements They VIII
not wait for good times 10 Oh'd roo's'
| but will build roads TO bring good
! times"
There is a difficulty. however. that viii
confront YOU at the outset I'm the lack
OF skill and equipment for road-builoing
throughout the state. and ] venture I'M
officially. 10 make a suggestion IN THIS
regard.
The wide range in cost Of construction
OF roads. under conditions Substantially
equal shows that competition among
competent road-builders IS lacking gene
rally I'm all the States some Of the eN-
coiIent macadam roads built by your
nelghbor Major Ginter have cost, ! un-
derstand only 800 per mile. while roads
of the same class in some other places
are reported 10 have cost Sl5.Vp-or ten
times as much.
II would be a great shame Virginia
should raise money for road-nuilains ana
not have IL well spent.
The suggestion I would make is per-
haps a little utopian. but | believe IL
will avail in Virginia. If anywhera in the
Union. and IL may then be adopted else
where
II is this. that some OF your citizens who
care moro for the public welfare than
for private gain, Should organize ana
oquip "a strong company for road-building
which can command the highest skill
and best equipment for the work, enter
into competition everywhere force prices
down. and then turn all their own pro-
~ above a moderate interest on the cash
capital actually used, into the State Road
Fund.
The same company could insure a.
iudicious marketing OF county bonds
and prevent q loss therein. They would
moreover be able 10 make better terms
with the railroads for the movement OF
road material than parties could who
seek only their own profit, and railroad
transportation will be an important fea-
ture I'm any general scheme Of highway
Improvement
The existence Of such an organization
would inspire confidence IN the people
and greatly promote the necessary action
on their part.
Why could rot your Association. whore
its educational work is finished or trans
ferred 20 a State bureau turn its beneii-
ccnce into this channel2
Its personnel is well adapted In respect
OF financial experience business talent.
and engineering skill 20 s.ich a work. and
the wide range " local Information ac-
quiro IN it's campaign will Doe of great
advantage. while 10 has already earned
the confidence Of the people Of the State.
There is another and a wider question
which arises i'm this connection. I'm view
OF the great volume of county bonds that
must issue for any prompt and general
Improvement Of highways I'M the United
States: that is how 10 promote a market
for these bonds. and. recurring 90 our
conversations on currency questions. I
am led 10 ask. Why cannot county road
bonds be made a basis for securing the
circulation Of State banks?
County bonds issued for any purpose
are regarded as very good security. and
those issued Tor road Improvement are
especially so. since they make and null
tiply their own security. every thousand
dollars well spent on county roads adds
ten thousand or more 10 taxable values
and almost every county that has hor-
rowel money for road improvement has
soon been able 20 lower It's rate of taxa
ton
The demand thus created would on
able the counties 10 borrow at very low
rates on long terms. and b. would be |
great inducoment TO the counties 20 |
issue bonds IL. besides good reads. they |
brought new local banking and currency |
accommodations. Good roads. lower tax |
as and local money supply would bee a /
tempting combination.
The same safeguards and supervision |
could be provided for the circulation and /
deposits OF these banks as for the ma !
u0nh system. and all danger of wild !
cat" banking avoided. 40 action OF /
Congress would Dee needed except 10 re- |
nit The tax on such banks as will COM
ply with the prescribed conditions and /
since this remission. I'm the manner pro- |
posed. would work a revolution On favor
Of good roads throughout the country, |
the entire Influence OF the good-road /
sentiment could bee brought 20 bear in
its favor. Very truly yours
ROY STONE.
General Stone has cut out big JOB
for the Virginia Good Roads Associa-
tion-a great deal more perhaps than
they bargained for and they will prob
ably agree with him that his plan lis a
little u'opian'-However. both General
Stone and the Association are doing a
good work and will do much more Of