The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-04-03
CITY BONDS.
Henry P. sonntag IN the evening Post.

Z oOTlTjtuy
In the criticism passed by the Post upon my
suggestion that it would be good business fol
San Francisco to issue bonds to the extent o.
Sc. GOO, 600, using the money so obtained fol
| Improving and identifying the city, there are
certain statements made upon which would
| like to comment,
For one thing, my critic admits that if the
bonds were to be taken by the people OF Cali
fornia there might not be SO much ground foI
objection Why should they not be taken here
1t is fact that there are now held IN TINS city
Government bonds-four per cents-to the ex.
| tent of upward of $40 O0o000 Is it contended
| that resident Capitalists would not take their
own city's securities for SIS 900, 000-that city
! too, with 100000, 900 taxable property
/ say that the bonds would be readily disposed OF
here in San Francisco and at per cent pre-
MUM at that. There would be no need OF go
ing to Paris. or even to New YORK lor the
money. Place the interest as low as . per cent
and our own people would take the ponos' az
par. =: III
| do not believe, to repeat my Original propo-
sitfon, that the present generation shoulu Deaf
+ all the burden of o taxation designed 10 pro-
vide for Improvements by which their success
/ Sors and heirs are to benefit as well as them
selves. Especially am opposed to the idea IN
view of the fact that the making such improve
ments will so: result that at the end OF say
twenty years, instead of 800, 100000 of=taxa-
Bile property, those, who shall have taken our
places will find themselves with double that
amount from which to raise their share OF the
indebtedness. With the great increase In the
value of property resulting in the investment
of $5 100000 the paying off of that sum will
seem very trifing matter.
ALI large and enterprising cities have in
debtedness, and heavy indebtedness, too. Take
the case of London, the center of the money
markets of the world. She never expects to
get out of debt, for that matter, and the people
buy her bonds simply that they may: obtain in
terest regularly on a. safe and permanent in
vestment: do not mean to argue, OF course.
that the mere fact that prosperous city is in
debt is necessarily the cause of that prosperity.
1 only mean to state. that the experience of
the greatest, most enterprising and magnificent
cities of the world has proved. that 1t pays to
borrow money when such money is to be ex-
pended in creating necessary improvements. s
Now, as to the fear that much of the money
raised on the bonds might be stolen, i would
like to ask if San Francisco is to be allowed to
remain in her present condition simply because
her citizens haven't confidence in their own
people? I, for one, believe that a board Of
public works, composed of men at once capable
and honest, could be readily organized. TO- con-
troll and direct the disbursement of the money
expended. - = =, :: = $:
b. But, referring again to the fear of possible
jobbery, it may; be noted that New York lost
heavily indeed by BossTweed, but, neverthe-
less, that same. Individual brought about q.
world Of public improvements, in the Eastern
metropolis. Say that he planned those inn,
proyements in order to furnish opportunities
for thievery. The fact remains: thai his prison.
cell is shown to visitors to-day with speeches
something like this: tfThfs is the cell of Tweed,
the man who made New York. - ~: ::
In Washington. City, too, they acknowledge
owing the. same sort of debt to Shepard, for
whom no one there had good word q while
back. 49,. :: :
I am not approving OF public jobbery, of
/ course. Lam merely pointing out how the
/ fesults:of such d policy as I@woud einaugu CUR
ated here have; been. SO great IN other cities as
to completely oYershAdov and dwarf even the
most gfganti g schemes:of corruption.
: irea1fze tie fact. that the Post has nothing of
the silnFi ian about it; but earnestly desires to
I see the city go forward-:-I. admit, too, that
there seem to be some good points in the sug-
gestion for the raising of 81, 900 600 a year by
+ direct taxation for public iInpF eyements, but
contend thatthe bond pro position is the better
one. AT the same time nigh suggest that
there is no needof raising the entire SIS, 900, 900
all at once At might be realized as needed, say
at the rate of So, GOO, 600 q year.
I OF. course, the members. Of the Board of Pub
le Works; with. whom -xo uld rest the expendi-
I t1ire. Of the. money, should be selected with
great care. Their iappoin tInent might be left
ito the. Governor and: Mayor Jointly, or such
other arrangements could be made as might
seem advisable. But this is q question, Of
E:defail, the solution of which, however, need
present no difficulties. = ~. :.