The daily morning journal and courier., 1895-03-01
FAVOR BONDING THE CITY
STREET COMMITTEE so VOTED AT
 ITS MEETING LAST NIGHT.

Bank Presidents Express Their Views on the Financial Status of the QuestiOn--A Public Dock Will Come in Time-Public
 Morgue Necessity in This City.
 The financial aspects of the pro posed building of the city for perma- nent street pavements was the special subject of consideration at the meeting
 of the committee on streets last even ing. Invitations had been sent to the presidents of the several banking in- stitutions to be present and express
 their views on the subject and several responded to the invitation. Among
 those present were General S. E. Mer-
 win, pFesident of the Yale National
 bank; George w. Curtis, president of
 the City bank; Commissioner James Bishop, ex-Councilman Peaker, Attorney A. Mo c. Mathewson, City Engineer Kelly, Frank c. Bushnell and others.
 General Merwin was the first speaker of the evening. He expressed himself as opposed to any city or town bonding itself for any more than 5 per cent. of its grand list. The present indebted ness of the city, he said, is pretty large There should be no limit to the amount of bonds to be issued if the actual necessity justified the issuance of the bonds It Is not wise, however
 to issue any more bonds than is ab- solutely necessary with heavy debts hang over us. As to the limit of time for the payment of the bonds they should run for the life of the pave ment. If the pavement were to last ten years the bonds should be paid In ten years. In order to provide for their payment he suggested sinking fund of sufficient amount each year to liquidate the indebtedness at the expiration of the life of the bonds. This could be done by making the taxes larger each year. General Mer- win also favored the transfer of the taxes from street railroad companies from the state to the cities and towns, but he added: You will never get that" In closing he said that in his opinion the present debt of the city was as large as it ever ougt to be.
 President George W. Curtis of the City bank also favored the issuing of bonds for permanent street pavements and claimed that the bonds should be paid within the life of the pavement. Let the people who receive the benefits pay the costs, he said, and not compel a future generation to pay for the im- provements which we enjoy and at the same time pay for their own improve ments He favored the issue of bonds, but did not approve of the establish ment of a sinking fund. He did. how ever, strongly approve of the proposed plan to transfer the railroad taxes from the state to the cities and towns
 Major T. Attwater Barnes also favored issuance of the bonds In his opinion the bonds should run for the life of teh pavements and should be issued in series and payable the first in two years and then every year thereafter. There should be limit to the amount of bonds to be. issued and the taxes received from railroads should be transferred from the state to the cities and towns.
 Others present who expressed sub stantially the same views on the sub ject were Commissioners James Bishop, w. H. Douglass, Councilman Charles Curtis, Alderman A. H. Smith of the ward, Frank S. Bushnell and sx-Councilman Peaker.
 In executive session the committee decided to recommend the bonding of the city for an unspecified sum and for an unspecified term of years, but favor making the term short. This re- port will be submitted to the next meet ing of the court of common council. The report will also favor the receipt by the city and town of taxes from the street railroad companies, provided the money so received shall be devoted to Improvements on highways.