The Portland daily press., 1898-01-15

notes, and assignments of bills OF sale
enter In, may have resulted in an unln-
territorial Misrepresentation, but, II SO,
we feel sure it will not be allowed TO go
uncorrected
Notwithstanding the charge of Mr..
Progress against us of Juggling WIN
IS srlll uncontroverted, that, il the actual
facts could be shown, Portland's bonded
debt would not give the entire amount OF
her liabilities. Mayor Randall say it did
not last spring, Notwithstanding the City
treasurer report to the contrary. But
MT. Progress says that the floating IN
debtedness mentioned in the Mayors adj
dress has nearly all been paid from this
years taxes, but, of course, MIR. Progress
knew, or at least he could have ascer-
tanned by consulting that document and
by few sums in elementary mathematics
In which he seems to be proficient, that
S13, 600 Of the amount we mentioned as
properly belonging among her present
liabilities or nearly one half, will not be
paid this year. even if Portland should be
able, with the other extraordinary ex-
penses on Tukey's bridge, ETC., to meet
other amounts ment oned by His Honorlas
requiring special attention from the city
government. netting which we shall
be inclined to question until the proofs
satisfied that there are not other liahili-
ties already incurred for ex-Mayor Baxter
park system which should also be added
to her debt, as for instance the land
known AS "Fort Allen Park" on which
the auditor says in his annual report for
last year further payments to be made
yearly last years payment amounting
to S1400, and also what is known as the
Larrabee Lot" on which he implies
future payments must be paid, last years
payment amounting to $4,000.
Now as to behring's finances. Mr.. Pro-
gress is candid enough to admit that our
statement was a fair one The only
difference between us on that point seems
to be as to when we shall add the balance
for the cost of the new high school. lhe
adding it for tn year, we allowing it on
next years liabilities. 1t matters moth
ing. No one denies that it Is coming.
The cost of completing Forest avenue
has been placed by expert and uninterest-
ed authorities at lass than SIS, 900, the
oracle of ward six to the contrary, not
withstanding. The city's one third of
the cost of sewers for this year was in
cluded in our statement and we are in
formed that no expensive ores are needed
in the immediate future. Now whether
it is proper for Dcering to estimate her
increase in valuation in arriving at her
ratesper cent of debt, we leave 1T for any
Ia1T- lnluQ6Q poTSOu " say. Ou1 4lhDiil-
ties are estimated for the fiscal year 1855
SO, why should not our revenue on valua-
ton be reckoned for the same time in
order to get at out rate per cent of debt
at the close of that year. And we know
of no other waysof getting at it but from
thespast, and Notwithstanding the tech
meal objection raised by our friend Mr.. !
Small, the increase in valuation exists
now as a matter of fact as much as it
will on the first day Of April next, and |
the increase for next year will exist in |
fact as we'll the first of March as the first |
of April. We were simply endeavoring |
to get at our rate per cent after the com |
pletion of our school house and Forest |
avenue; whether it be taken at the actual |
close of the next fiscal year, or on the
first day of April, 1899, it matters not;
but when the increase of the coming year
is determined, we say, judging from the
two years just previous to the present
year, valuation will have reached the sum
OF S., 555, 600 and allowing liberal sum
for the completion of the High school and
Forest avenue, our tax rate will still re-
main below four. per cent and be not far,
If any. in excess of Portland, based on
her net debt, if all the facts could be |
known. With this statement Of the facts, |
we arc entirely willing to sleave it to any |
person whether we are try |
ing to Offset one years liabilities with |
two years growth or whether our friend |
Mr.. Small is trying to deprive us of our |
coming years growth although he does
rot hesitate to estimate liabilities for the |
coming year in reckless fashion. Per-
haps desire to support position previ |
ously taken may be partial explanation
of his seeming uncharitable position |
toward Deering.
That it follows as of course, because
Deering has not reached the same state |
~]r,l
as Portland, that Greater Portland will |
direct any considerable portion of her |
attention and money to developing The |
newly acquired territory, is. not So certain |
as Mr.. Progress would like to have us |
believe. If Portland has moneySthat she |
can spare from her present needs for the |
of Deering. she certainly |
would not be Obliged to add an additional
dollar to her tax rate in case OF extraordi-
nary demand upon her treasury. And If |
she is obliged to raise her taxes to meet |
her own extraordinary expenditures how |
is she going to provide for all these won
derful improvements contemplated by the |
for Deering, in case she is
annexed. There can be but one con-
clusion, which is, that although Portland |
by reckoning her stocks and bonds as as
sets can get her rate per cent Of net debt
down to a reasonable figure, yet it fails
to avail her anything in case of extraor-
binary expenditures and a raise in taxes
is the only course open. Her stocks and |
bonds make good showing on paper,
but when it comes to practical manage
lnent of her finances, it is the excess of |
her gross debt above the five per cent
limit that causes her to resort to all sorts
of expedients in cases of emergency. 1t |
might properly be urged that her stocks
and bonds should no more be included in
her assets than her real estate and other
No one doubts Portland S
nor that she has good security
behind her liabilities in the honesty and |
Of her citizens but the fact still |
remains, and like Banquo's ghost, will |
not down at bidding, that her gross debt
is still seven and two tenths per cent of
her valuation, and it is this fact which |
makes che management of her finances q
burden upon her citizens. Deer1ng makes
no claim that her public property accumu-
lated in five years as a city and twenty
years as a town is proportionally equalsto |
that Of Portland which has been accuInu-
tingafor.several generations. ss-.Wesdo not
wish to detract one iota from the credit
belonging to Portland for her past, but
we must. not fail to realize her limita-
lions.
AS VS. have said the sentimentalities
lpdrlOad in ahOl1t Graa