The record-union., 1895-09-16
utes of the present craze for reduction of
rates. Just where all schemes thus pro-
NOTED lead history unerringly indicates.
\ SIMPLE 1NsrALLMENr PLAN.

The street serial bond system has been
so thoroughly and often explained in
these columns that it would seem to be q
reflection upon common intelligence to
again refer to the subject. but such is the
peryersity OF some men, the stupidity of
others and the ingrained prejudices of
third class that they willnot be convinced
even by the most powerful Of reasons. 1t
is not for these, therefore, that the REC
oRD-UNIoN again takes up the matter,
but to warn those upon whom these
ate not to be misled.
The serial bond system, in the first
place, is the law of the State. Next. it
has been successfully tried in that very
staid and conservative city OF Buffalo,
and under the severest tests proved a
success. 1t has been in operation in a
dozen New York towns since the Legis-
lature enacted the law, and in our own
State two cities have adopted it, and find
~ DSu6uCouC0.
This is its operation: A street is
ordered up. A property-owner on 1t
ment cash down. He is compelled to
borrow, have titles searched, pay law
yer, suffer the hard terms Of trust deed
and heavy interest and put an en-
cunbrance on his property to raise less
than hundred dollars. But just as he
is about to do this the State steps in and,
with it's serial law, says: "No, my
friend, the city of your home has power,
If you ask it to exercise 1t, to lend you
the money without all this cost and
trouble, and at low rate of interest.
II will give you five or ten years to pay
vided you pay the interest semi-an-
nualIy and an even proportion OF the
principal annually. 1t will press you to
raise $50 just now, but you can pay Sl2 q
year for five years easily. and the interest
will be per cent. for the entire term
of five years if you choose to let the deot
run to that length. The simple question
for you to determine is this: Is it worth
$40 so to you to have good street in
front of your property for five years
during the period of payments you are
to make. or to endure the mud and dust
five years while you are storing up the
coin; or is it cheaper for you to pay on
this installment plan than TO go to the
money-lender or the bank?
Under this system the city issues the
bond; it runs against the property. is ne
gotisble and is as good as city scrip, bs-
cause it is a preferred lien. This scrip
will all remain in the community. 1t
will not 60 out to the shylocks, because
there Ia nothing in it for them.
It may happen that mans property is
already so encountered by mortgage for
all that it will bear, that he cannot bor-
row more money upon it. But no matter
how much encumbered it is responsible
for a street assessment preferred lien,
and therefore the bond or scrip is the
very best possible security for whoever
undertakes the work.
Under the bond system the property
gets the full benefit of the street improve
ment at once, and as the city has equal
benefit it is paid for the trouble 1t takes
to keep the books. issue the bonds and
collect the interest. The difference be-
tween cash and bond payment in the do
ing of street work is estimated by some
contractors to be three-fourths of one
cent per foot against the bond system, or
for frontage of forty feet the enormous
sum OF 80 cents.
There are bonds and bonds, but the Sc
rial street bond is wholly different from
any and all other bonds. Not one of ths
objections to which other bonds may
possibly be open apply to the serial sys-
tenn. 1t is simply method OF having
street work done without depressing
property owners. 1t is the installment
system of paying for good streets, and
that is all there is to it.
some of The very men who rail
against the serial system, to our knowl-
edge are to-day paying for real property,
household goods and articles of personal
adornment on the installment plan, and
some OF them are paying for the hand
some homes contractors and builders and
loan societies have erected for them on
the installment plan. To all this they
find no objection whatever. They think
sugh an arrangement great convenience
for the poor man. So it is, save that it
induces him to buy many things he does
not really need.
But he does need the good street. 1t is
a benefit TO mis- property. 1t enhances its
value. It will be built anyhow, perhaps;
the man may not be able TO help himself,
and but for the serial plan would be
driven to go to the money-lender and
plaster his home with more mortgages.
Moreover there is nothing compulsory
in the serial system. Whoever prefers to
pay cash may do so. No one can compel
him to agree to the bond issue. If he
chooses he can hunt up shylock and
borrow. or a bank and solicit loan, or
he may come to the City Hall and ask for
the serial to issue and use the scrip as
cash TO pay off the contractor.
This is ali there is to the bond system
IoI - 81,