The Portland daily press., 1898-02-03

w
years. Nor is there any prospect OF Deer
ing getting into a condition where she
will be obliged to take such course. Is
not this fairer view to take or 1t? Ii
Deering had maintained her tax rate at
S22. 80 from 1899 to 1899, she could have
built her sewers. completed Eoresg ave
nue., and built her new High ScnooI, pc
sides making the other Improvements
she has already made without increasing
her debt one single dollar, and her rate
per cent of debt would have dropped from
.029b to .019 per cent Of her valuation, II
valuation of IS, 1000, COO is conceded, Iol
April list, 1885, and our assessors tell ue
that such is a safe estimate.
Again, we hear 1t stated that Fort
lands valuation on her property Is less IN
proportion to its actual value than Is the
valuation placed on property in Deerlng,
and In support of this assertion we ARE
referred to estimate of State Assessors,
which in Portland was about 81 in excess
OF her last local valuation, and IN Deer
ing, in the vicinity of 10 per cent. Just
how careful an investigation the state
Assessors made into the land values OF
the two cities and the comparative values
placed thereon by the local Assessors, we
do not know, but we do know that
greater part of the amount which Port
land was doomed was due to the fact that
she held about 81, 200, 900 of stocks and
considerable land on which she herself
raised no taxes, but which the State AS
SCISSORS were unwilling to exempt from
State taxation.
In regard to the claims of the annexa-
tionists that the people of Deering will
save large amounts annually by free de-
livery of kilograms and express packages,
and decrease in insurance rates, and be
greatly accommodated by free mail de-
livery, they have as much substance as
any of the other arguments thus far ad-
vanced. The superintendents of both
Telegraph and Express companies say
that no telegram or express packages
are, or will be in case OF annexation, de-
livOred tree outside OF radius OF one
mile from the main Office. The post
master of Portland says movement for
free mail delivery is already being con-
sidered for the more thickly settled por-
tions of Deering, and 1t Is only question
of few years when it will come, wheth-
or annexation takes place or not, and that
the mere annexation of Deering to Port
land will not bring free delivery OF mails
any more than it will bring free rides on
the electric railroads, although we trust
the former will come sooner than the lat
ter. The question of the amount saved
by reduction in insurance rates by an
nexation Is bit complicated. But we
cannot believe that the stationing of a
fire engine at Woodfords will reduce the
insurance rates at Morrill's Corner, or
Stroudwater, or East Deering, or that
any fire protection Portland will be liable
to give us will bring the rates in any con-
siderable portion of our territory down to
that of Portland. 1t has been stated that
several insurance agents have placed the
premium paid on property in Deering at
$50, 600 PER year, the rate being one per
cent for four years. The total premiums
paid for four years would be $780,
GOO, which at one per cent would mean
an insurance on $40, 900, 600 Of property.
Perhaps we have misunderstood, but If
this is true, since our valuation on lands,
buildings and personal property Inst
April was only 81, 405, coo, it would seem
as though it would pay Deering to abolish
her fire department and apply the torch,
or else Deering Assessors are very
lenient.
Our friends the annexationists are adj
vertising for one good reason against an
nexation. To those raising the cry there
are none, but to any unprejudiced person
Portland's financial history Of the past
rs years and her present financial
politics is one, and suffi-
Gent one alone to outweigh all the
dreams which are INDUCED
In by those favoring annexation, and
which they label with such catch phrases
as progressive, prosperity" and "the
spirit of the time.
On this point, of the condition of Port
lands finances, we would like to take
the space to quote from an editorial ap-
pearing in one of our Portland papers
not long ago, paper which, by the way,
no annexationist would think Of accusing
Of Juggling with flgures:" 'The gross
debt of Portland in round numbers is
81, 725,O 200. The State constitution pro-
vides that no city or town shall create
any debt or liability which singly, or in
the gregate with previous liabilities,
shall exceed five per centum of the last
regular valuation of said city or town.
Portland's debt exceeds the five per cent
limit by $725, 900, and the borrowing
power cannot be restored until that and
some more is wiped out. The city has in
available assets 100 shares of Gas stock
worth probably ITO, 900, and P. and o.
stock of the estimated value of 1924, 600;
50 that the net debt of the city is really
below the constitutional limit. But SO
long as the assets are not actually applied
to the extinguishment Of the debt, they
have no effect to take the city out OF the
operation of the constitutional provision.
1t needs no argument to show that it is
very important that the city should pos
sess the borrowing power. An ind1v1d.
ual, who Was carrying on business though
perfectly solvent would frequently find
himself in tight place, if he could not
borrow money. The city has already
found itself in several tight places, be-
cause it did not possess the borrowing
power. 1t behooves the city as early as
possible to get back the borrowing power.
cat the rate we have been paying our
debt for ten years past, it will require
good many years to do it. Sound bust
ness principles, it seems to us call for the
adoption of this policy. In July, some
half million of bonds come due. In
stead OF refnnding them, some Of our
available assets, such as the gas stock or
the p. and o. stock. ought to be con-
verted into cash, and the proceeds used to
pay them.
Portland did not take the opportunity
offered her last July. and it will be ten
years before another opportunity comes,
and in the meanwhile her citizens must
bear the burdens.
ANN T.
ON ABRAHAM LINCOLN.
n loa1ipr Waatarp yapor cove ~ tho loo