The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-19


There was nothing in Mayor Taggart's re-
marks at the Commercial Club banquet,
Wednesday evening, which warranted their
repetition. His talk about building the park
with the issue of longtime low-rate bonds
has become tiresome. The time has come
for him to show to the people of the city
some estimates OF the cost of the park and
how many thousand dollars of bonds the
city can issue before the constitutional
limit shall be reached. This would be bust
ness, as this must be known before any
steps can be taken toward the issue of new
bonds for the park. So far as the bonded
debt Of the city is concerned it is as large
now as It was before the Belt Railroad
bonds were retired.N At that time it was
given out that the debt was nearly to the
constitutional limit. The property Of the
city for the purpose of taxation was in
creased by the last estimate, but it would
take a very large valuation to warrant an
increase of the city debt at the rate of
cents on the dollar. Special inquiry has
failed to elicit any estimate on the part of
those who should know of the amount of
bonds that the city may now issue before
reaching the constitutional limit. Estimates
were given yesterday all the way from $780,
600 to $500, 900.
When it comes to the probable cost Of the
park improvements there is the same in
adequacy of knowledge or of estimate. One
gentleman who has been connected with the
Park Board expressed the opinion that $780,,
600 would pay the cost of the improve
ments Another citizen who has had some
experience with improvements said that
million dollars would be expended before
the city would have any Improvements upon
it's purchased lands that would entitle
them to be called parks. Considering the
nature Of the lands which have been pur-
chased 1t must be evident that very large
expenditure of money will be necessary to
put them in any condition that would en-
title them to be called parks. If all that is
designed is to fill in the bottom lands
which have been purchased to make
boulevard of a mile or two for the speeding
of horses, it is probable that $3.50, 900 will be
sufficient, but the people of Indianapolis
who have favored the park system have in
their minds such parks as other cities have
secured by the expenditure of public money.
Such a system of parks cannot be obtained
for the sum of money the city can raise
by an issue of bonds at the present time.
Does not the mayor know this? 1t seems
impossible that he should not. If he does,
ings that he is in favor Of constructing the
park system by the issue of longtime low
rate bonds, when he knows that the city
cannot constitutionally issue one-third or
even one-fourth of the bonds necessary to
secure the money to construct the park sys-
of the people whom the mayor has wheed-
led for years, but it will not do for men
whose properties are to be taxed and who
desire to have such a park system as has
been set forth by those who have favored
it from the first.
In this connection 1t is proper to remark
that if Mayor Taggart should succeed in
arousing the distrust of those who pur-
chase bonds, as did the Bryanites year
ago. he could not sell bond at any price
next year, when he may wish to put them
on the market, if the limit should not have
been reached. If the financial heresy which
he has shown some eagerness to be consid-
cred an advocate of should be threatened
bonds of Indianapolis could not be sold at
any price. In such an event it would be
necessary for the mayors 50-cent dollar
City Council to issue a bond which should
specify that principal and interest should
be paid in gold. This assertion is based upon
the experience of last year. A year ago this
time an Indianapolis bond not made pay
able in gold on its face could not have
been sold at par at any rate of interest.
There has been nothing to change the sit
uation. Therefore If the mayor and his
friends go about the city preaching the
heresy of 16 to l in the interest of the silver
mine owners trust, and should unfortunate
ly renew the scare of last year. no longtime
low-rate bond could be negotiated, even If
the city had the constitutional right to
do SO.