The Providence news. (Providence [R.I.]) 1891-1906, 1898-01-03
FINANCES.

The condition ~ the finances Of our CITY is
not entirely satisfactory, for While our credit
II exceptionally good, our tax rate y high
and our valuations-real estate at least
large Our personal property valuation IL
smaller than ~ has been for the last six years
"a matter for just comment and inquiry
The report of the city auditor shows net
increase of our debt during the last fiscal
yoRr of S5l9, ,s14.s9 Each ycnr our debt grows
steadily larger, and our assessments and tax
rates keep pace with the increased debt. IL
is 10 be expected that In growing city
within certain limit the debt Will increase
from year to year, hut IL Is not always necos-
sary that assessments and tax rates increase
in equal proportional tho eity Is really grow
ing, new property, subject to taxation,
ought TO be discovered, OF sufficient value TO
keep the tax rate and valuations from unduly
increasing. The cause or our present CON
dition il, tt il believed, first, we have been
too anxious 10 get everything at once. re-
gardess of the size Of the cltys income; ;
second, too little attention has been pad TO
dsvising means Of enabling us to collect all
that has been due to the city from it's citizens !;
and third, we have wantonly sold To private
corporations for small returns privileges
which IN open market today would bring
large amounts,
/ think, gentlemen. that in the management
OF our city affairs we have paid too little at.
tcntion 10 the axiom that Time is an essen
tial element IN making city, as well as in
the accompli shment of any other great pur-
e.seyn- PrnutIll.-A--ln- Cit Y-hn1lalng- has
always had an attractive sound, and extrava-
CANT officials have always liked to excuse
their extravaganza by declaring they were
progressive" But ''progross' which leads
20 overwhelming uebt or burdensome taxa
tion is n step backward, and not step ahead.
IL IL n mere cover for hat craze for spending
money, TO which nothing cOuduces more
than ability TO get credit and put of tho day
OF payment until the burden shall fall upun
the shoulders Of those who are 10 follow. Had
the Same principle obtained IN our city's
affairs In tho past that seems 10 obtain now,
the principle Of paying for things rs we get
them, We would not find ourselyes now
Obliged 20 set aside yearly such large amounts
for sinking fund purposes ana FOR interest.
This Thought lends mo 90 cOnsiOrc propo-
sition for our relief which has lately beCu
suggested The proposition of rciunding our
entire debt aud issuing new bonds for long
terms say for ATTY or sixty years, or longer.
1 am opposed o. tnis uropOsitiOn on Two
grounds First. u Is not practicable: second,
II Is not polite, j. Il net practicable, bs-
cause we could NOT get iu our Bonds 60 re-
fund. The investors in city bond. are con-
servstlvo class who prefer 20 Keep their ia.
yesmcnts without unnecessary chungc- and
are not -peculuturs Unless great induce.
niCEts should 10 offered - thom. which woui
on set any advantages 90 be derived from
the change, they would NOT bring IN thCir
holdings, and even then u j. doubtful II they
would uo 50.
II i not rolfic because, first. bonds running
for longer periods than twenty or thirty
years do not find such ready customers a. the
MEDIUM term bonds, and VIII not sell nt such
advantage. Such terms rs proposed are re-.
garded by thon. n too long - look forward
10. and iu such long ti'ro they think too
muuy thing, NAV occur 90 impair stability.
Second, 40 is not polite Go bind the city for
such long terms g. the present rates OF inter.
p-t. We should feel very -urry now if our
Eve per cent and six per cent water bonds had
twenty more years a. ruu. Our fuur per cvus
gold highway bonds -uld lu lSI Ht highur
premium than our sis ser cent water bonds
sIid for iu Isl ana there b. every reason ~
hplieve that rates - interest wil be- -tIl
lower iu rhD future thau they arc nUN.
Third. another 81 JUCtiou o. tho urpIu-I tleu
a. Iff
uerinnuput'' improvements would la-I H-
l,ug NJ the term Of tuC proposed iuut-. ! du
NOT fniak. on bt- uU-- iIuclri'- That bonds
.i.puld tr i--led for any longer 'trlud than
the NE of tnp thing which u'rt -.lttte- the
bonds. " wuulp tuf be- adopted iu ordinary
bueiues- transaction. and thev du not differ