The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-12-23
LOCAL SCHOOL FINANCES
Continued from First Page,)


Continued from First Page,)
would remain to be paid by an add
tional tax. 1t was estimated that the
bonds could be sold for 1906. This would
net a premium Of $l7, 500. AT per cent.
compound interest this amount would
double in every period of about 171a
years. If compounded every six months
the accumulation would be a little
faster; but the result would not ma
terially change the estimated sum. In
fifty years it would amount (approXi-
mately) to 100000.
Now We have all the facts for eX-
hibiting clearly what it would cost the
taxpayers to pay off the debt of $292,-
600 in the way recommended by the
committee and approved by the meet
ing.
Interest for fifty years, S5S40O0
Principal, $4,000
Less premium accumu-
lation, $13000O $4,000
Total. $746000
If the committee in their report had
thus clearly exhibited the enormous ex-
travagance of their plan, l cannot be-
lieve that it would have been approved
by a majority of the meeting. No max
i'm of business prudence or public econ
omy justifies it, There is a maxim,
After us the deluge," but it is a maxim
of folly, not of wisdom. Perhaps the
maxim that best applies is: THE devil
take the hindmost," meaning, in this
case, our children and our grandchil-
dren.
There is a seeming reasonableness i'll
the talk which is so common when the
people are urged to fund a debt for
public improvements, to the effect that
the benefit of an Improvement will be
enjoyed for many years and therefore
that the cost of it ought to be extended
through the entire period of its useful
ness. On this point two remarks are
pertinent:
% In any growing community each
year brings it's own necessities of out
lay for additional Improvements as
imperative as those made in former
years, and it will be hampered in doing
its proper work, if not wholly prevent
w. "ie y II - poi ueiieu uh'N's"s "''ii
nXed charges ON account OF previous
improvements. New raven TO-DAY
couio 40 iiluch more IMAM y Is aofile LOT
the public advantage, If it We're not for
the large proportion of all the taxes
raised that has to be appropriated for
payment of interest and sinking fund
installments and maturing obligations.
for example: Durltlg lhe last ifllahclal
year the several governments, clty'
Town anu school olslilcl' Hldue the lol-
lowing payments Oh thls Rllu'
ocnool alstrlct' interest," -ool4' 90
IoWn. interest," 45'oul'oo
Guy interest ef'oSl' %
| Guy SINKING 1und' lo'Voo.oo
CllS' ilatufed pollos' lo'VoV'Vo
| -
| Total slol' oS"4o
rms aggregate Is almost one-Iourtn
| OF the total fecelpts Tor taxation Sooo'-
4 oll.so' rms is where the money goes.
is IL strange trat we are all the Tune
punched III aValiaole means ior needed
improvements ana small we 20 on
| Ioollshly TO make the condluon WorseE
we siiall earn tne gratitude OF cltlzens
| IN future years H. instead OF trusteelnS
| their taxes 10 pay our depts' we disable
thelr aplilty ana enterprise as llttle as
possible.
But " granting tnat thls prlnclple
mas just appllcatlof III soille cases
Ifere IS an OBVIOUS tehueicy W over
| work IL. Ihls tendency must De reso-
iutely opposed. Ihere IS no Justlflca-
ton Tor putting OH payment Ior pulla-
/ ING ana repairing scflool houses 10 an
sWer the requirements OF the present
generation OF chlldfeh TOT PERIOD OF
nfty years. Long before tiiat aate lhey
| VIII nave cost more LOT refhoaellhs' en-
lafgefneht ana repairs lhah II cost TO
oulld then IN the 1lfsl place OF they
/ VIII nave peen apahdohea BECAUSE. op-
| solete IN ptah or rendered useless py
| the movement OIL population where
are the schooi houses Oh Hlly years
ago! IL Is 60 SOUND rune WHICH, oeHeVe,
mas peeh adopteu III Some places, tnaI
no deot TOT pullolfs schooi mouse
shail run Tor more imam twenty years
and that an equitable part OF the cost
snail pc pa1d IN each year OF the period.
am aware, MT. EDITOR, that ne VINO
cfltlclses ana opposes any scheme OF
public action may nope Tor little con-
sheraton II ne mas nothlns better to
suggest. 90 not coVet the reputation
OF kicker. unless l peheVed that
there is pre1eraDle plan, winch is