Arizona republican., 1900-07-24
GROWING SENTIMENT
In Favor of the Bonding of
 the County
We Are Given Our Choice Between This Step and Reversion to the Desert-A S5OO,oOO Evidence of Faith.


 bonding the county for $5OO,000 as an evidence of local good faith in stor- age reservoir, grows in favor. It may be said that no business man has raised his voice against it. Most of them have spoken unqualifedly for bonding and a few have desired little more time for consideration of what all rec ognize as an important move.
 The following communication to the editor of The Republican was re- ceived at this office yesterday from MT. Sims Ely, secretary and treasurer of the Hudson Reservoir and Canal com pany, supplementing his expression in an interview a few days ago on the question of bonding:
 Tn view of the lively interest which has been awakened locally by the sug- gestion that water storage would be more quickly achieved for the valley bv an exchange of securities between the Hudson Reservoir and Canal company and the county of Maricopa, I think that in justice to the company and to the public it should be made entirely clear that this suggestion does not emanate from the company, and that if such a plan is consummated it must come through the active efforts of the people here. I tried to state so point edly in my brief interview with your reporter the other day. and it occurs to me that you should state to the public what you have said to me, namely, that during your recent trip to the east you mst in a social way a group of capitalists with whom the reservoir | and that these capitalists said as their 1 opinion that the most practicable method of achieving early storage would be through the plan you have outlined. There are no mysteries con- nected with the operations of the com pany and I think that this frank statement is due to all concerned.
 "No well balanced man can doubt that this great enterprise would be materially strengthened with the in vesting public if that public could be made to understand what We already know, to-wit: That the project has the friendship and support of substan- italy the entire population of the val ley. Nor can it be doubted that county bond proposition would b. so hedged about with safeguards that the
 
 But the plan would merely facili- tate success. It is not essential to it. To sell the securities of the company to the county instead of private investors would not put an extra dollar into the treasury of the company or into the pockets of any individual, and in my opinion considerations apparently triv- ial on their face and which I may ] fn Ioi may influence the company to decline making any vigorous efforts toward the proposed trade with the county. Certainly no final decision will be reached by the company until all the facts have been laid before the gen. tlemen in the east who have the pro- motion of the storage enterprise in hand. In any event. beyond a full discussion of the subject and the bringing out thereby of the weak points in the proposition, if any there be, nothing effective can be done until congress meets.'
 Several gentlemen were seen yester- day on the subject of bonding Mr. T. 1 w. Pemberton said: "Pm in favor of it if there is no other way to secure water storage and there seems to be none. All have is in the valley and l am willing to pay tribute to any one who will save it for me. We cannot be risking much in bonding the county for S50O,OO0 and we cannot expect to inter est capitalists in a water storage prop osition without making a show of con- hdence ourselves. Suppose the bonds should bear per cent we would have to pay only S25,000 year, a mere baga- telle in comparison with the benefits we | would enjoy in the way of abundant water for crops and the development of an additional valuation of taxable property amounting to millions. Sup pose we should pay interest on this bonded indebtedness for ten years be- fore the county should realize upon the preferred stock received in lieu of the bonds, the tax upon the increased val uation would recompense us for the payment of interest. In the meantime we would have the main thing, the water supply. We are confronted by this fact; we must have water sup ply or the valley must go back to the l desert. A part of it has already gone back and more is going. The town will shortly feel the effect of it. There is about 5000 inches of water for the val ley, hardly enough for stock water for the resent settlement A town of the size of Phoenix can't exist long amid such surroundings. There may be enough water to supply an area capable of supporting a town Of 2 900, but not more. The effect of the shortened sup ply will soon be seen in empty business houses and residences. Under the prsent conditions we cannot expect in- vestors to do anything for us. They are not likely to come into a community threatened with ruin. What is to be done must be done without delay. This situation cannot go on much longer. This plan suggested by The Republican is not new to me. I talked it three months ago, but some of my friends be- lieved that it was either not feasible or was premature. I would add that the county should be protected in the event of the issuing of the bonds either by representation in the directory or by commissioner officially appointed"