The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-12-23
Total ...... $292,oO $122,64O $414,64O

Total ..... 1922, 900 1922 $40 $414,6
This twenty-years' plan would cost
$5S,400 more than the ten-years' plan;
but it would extinguish the debt thirty
years earlier than the committees plan,
would save $461, 1850 in interest that
would need to be raised and paid before
the accommodations of the paltry sinking
fund would become available for pay
ing off the principal, and would effect a
net saving to the taxpayers of 1881, 800,
more than enough to build four new
school houses, costing $780, 900 each. Is
it not worth while?
During these twenty years we should
have to raise and pay by the commit
tees plan $11,6S0 annually for interest,
amounting to 1929, 500. Therefore the
additional amount to be raised by this
plan would be (s414640 less 1928, 5000
1921 ,040 an average of s14,052 annually
for the whole period.
An important point meriting consid-
GRAFTON is the impolicy of issuing fifty
year bonds bearing the present current
rate of interest throughout their life
The constant tendency of interest rates
for such securities under normal con-
ditions is downward. If after twenty
years the current rate should have
fallen to per cent. the city would be
paying for the next thirty years 81, 920
annually more than would be necessary
If the bonds could be refunded. In
thirty years 1t would amount to sS7. 500
This is something that lenders take in
to account and hope to profit by; but
their gain is the loss of the borrowers.
The town is now paying per cent in
terest on certain old war-loan bonds
that have not run nearly fifty years.
But it will be asked: What can now
be done? Granting that another plan
is safer and more economical for the
school dstrict-that is, the taxpayers
of the city-a regular meeting of the
district has formally sanctioned the
committees plan and directed that the
| legislature be asked to authorize the
issue of the bonds. What remedy is
possible?"
| The question is a fair one and de-
mands a candid reply. For one thing,
another meeting can be called for re-
consideration of the subject and the
action of the last meeting can be re-
scinded if that shall appear desirable
| The meeting which took this action
was a very small one compared with
the number of taXpaying citizens who
ought to give their counsel. at least
| their vote, when a matter of such vital
concern to their interests and the city S
future is being determined; and the
majority by which the resolution was
| passed was a, small one. If | am not
mistaken, a change of less than ten
votes would have forced a different set
| tlement or left it without settlement:
and T. for one. am now convinced that
there would be less harm in leaving
the debt floating debt, without in
creasing it, than to make this extrava-
CANT settlement of it, or, rather (for
strong words are right words in such a
casel, this weak, cowardly and shame
full postponement of d settlement.
| If another meeting is not had it will
still be possible for citizens to bring the
facts of the case and the evil Of this
proposed course to the attention of the
! legislature. trusting that the good sense
of that body will rescue US from the
pitfan into which, through our blind
ness or our Indifference, we have STUN
| bled.
| If the city of New Haven is too poor
or too Denurious in this generation to
pay the necessary and reasonable cost
! of affording the children of this gener-
alton such advantages of education as
| other cities give their children, let us
| frankly say so and endure the mortifi-
| cation with what manliness we may.
| But let us not attempt to reverse the
natural order and impose on the citi-
| zens of the year 1947 a debt for the ed
/ ucation of their fathers and mothers.
/ They will have children of their own.
/ for whom, if they are human and patri-
| otto. they will wish to supply the nee
/ essary means OF becoming intelligent
/ citizens useful to the commonwealth
| In this communication I have con-
| sidered the issue presented almost
/ wholly as matter of public economy.
! affecting the pockets of those subject
/ to taxation. 1t is not the most attrac-
| tive phase of the subject; but taxation
| is a fact that all must face and reckon
] with-all. for there is none SO poor