The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-03-10
A BIG TASK.
Plan to Refund the
Debt Of Clinton.
THE CANDIDATES
For Town Positions Are NJ
merous and Anxious.

Clinton, March 9.-The committee ap-
pointed to devise plan for refunding
the debt Of the town has a task of some
dimensions before it. Indeed, it is pcs
sible that the committee may decide
that the method of keeping the indebt-
edness in notes at per cent is not the
best method, because it is not the
Cheapest
At this time the debt Of the town
ecoording to the last annual report Of
Fown Treasurer Joseph E. Harrity, is
k1Ss,5e7.
This debt lies in notes yet to ma
6uFe. or overdue, and all Of them are
held by the Clinton Savings Bank. The
town pays four per cent on the entire
amount except that it is paying IL
per cent on two notes of $4,000 each,
sewer loans, which became due in 1885.
When these are renewed Il is prob
able that they will be renew ed at the
same rate as the other notes.
The notes are so arranged as to time
that they fall due in bunches. The
amounts are not wen distributed Judge
John w. Corcoran observed this fact
when notes amounting to many
thousand dollars became due together
last month.
At the special town meeting in Feb
quarry, Judge Corcoran suggested that
these overdue notes remain in statu
quo until some method Of taking care
OF the entire debt could be devised.
BIS suggestion was adopted. At the an
nual town meeting, David /. Walsh
moved that a committee Of five persons
be appointed to revise the annual bud
get, and to suggest method of re-
funding.
There are two methods of refundng
talked of by the men VINO deal with
finance.
The committee may recommend
continuation of the debt in notes. rec
ommending that the notes be distribu-
ted, so that they will fall due at con-
Nenient and regular intervals. They
may recommend that the debt be bond
ed, that sinking fund be established,
and that the matter be harEad on a
scientific basis
The bond method presents to the
minds of certain gentlemen with whom
the correspondent Of The Spy has
talked, obvious advantages.
The debt in four per cent bonds could
be maintained at the same cost as the
debt in notes drawing four per cent
But four per cent bonds would find a
ready sale at an excellent premium
and the premium would be so much
gain.
Said one of these gentlemen to the
correspondent of The Spy yesterday:
1t is proposed to add $4,000 school
mouse to the equipment of the town
This sum will hardly be met from the
taxation for a single year. 1t would
not be right that 1t should be. 1t is
right that posterity should pay for
some of the improvements that are be-
ing made largely for the advantage of
posterity. A library building is want
ed, If not this year, then next. 1t is
not likely that this expense will be met
from the tax laid in a single year. Why
not do both at once, and issue bonds
for the entire Indebtedness, payable
say in 20 years, and establish a sinking
fund precisely as the water department
has done. We would then be in po-
sitlon to wipe out our indebtedness in
q regular and business like way.
The credit Of the town is excellent.
] am convinced that our four per cent
bonds, backed by the property of the
town could be sold at a premium
At any rate, it is certain that the
matter will be brought to the atten-
ton of the committee before their re-
port is made.
Lawrence Fury and his friends are
making a struggle for his position in
the almShouSe. Mr.. Fury is also chief
engineer of the fire department He
has abandoned the effort to keep that
place, however, in order to concen-
trate his influence and keep the more
important position. AS superintendent
of the almshouse, Mr.. Fury draws $500
a year while as chief engineer he
draws but 5000 a year In addition
the matron of the almshouse is paid
Salary of 500 a year.
Mr.. Fury is conducting a personal
campaign, and has already talked with
some of the republican selectmen
about retaining the position.
He is confronted with a difficult task,
because the democrats made such a
clean sweep of things republican a
year ago, and because of all the demo-
cratic Office holders Mr.. Fury has been
Q most ardent and earnest partisan.
He has political ability of a high or
der, and was perhaps the strongest
lieutenant Of Joseph e. Harrity, in the
splendid fight the latter made for Sc
1ectman.
Some talk is made of putting back
MIR Parks, who was superintendent
under the republican regime, but it
may be merely talk.
Substantial rumor has it that the ad-
journed town meeting in April win
kick the life out Of the proposition to
establish a public urlnal. The propo-
sition has been made by Charles H
Gentsch year after year and downed at
the end every time it has come up.
If the town should make an appropri-
alton of $500 for the purpose, it is
TO TT TnITY ~