The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-05-27
DEBTS or CITIES.
Advantages Of Setting a constitutional Limit
on the issuing OF Bonds.

limit based on Vi estate valuation for cities.
counties, towns and villages in New York State
In the matter Of bonded indebtedness was
adopted in ls7. and Mp 10 the consolidation Of
other territory with New York city. was the
cause Of very little friction. Since the con-
solidation. however, II has been the cause Of
frequent controversy and dispute. one effect
Of which was the adoption last year Of u sip
elemental constitutional amendment enlarg-
ing the deht-borrowinR capacity of tho city.
New York in the constitutional provision
which went into force twenty-five wears ago
set an example for some other States. hut the
formal adoption Of q similar provision else
whore has generally been slow for the reason
that a bar to the deht-borrowing capacity
Of many Western and South ern cities has been
their lack of the credit such as New, York on.
Joys In abundant measure. Recently ono ~
the Boston Aldermen has presented for the ap-
proval Of the Board Of Aldermen Of that city a
resolution IN favor Of n constitutional debt limit
appears that when Dorchester. Roxbury, West
Roxbury and Brighton we're annexed 10 Boston
the increased standard Of pay and Of admins
T 'andi,nT Se'@ of THI1 '9g an In o J Se p' p Tbn r "S-
nlc.oal expenses Of Boston, including the CON
trlb ltion to the expenses Of Suffolk county,
Fl The W dabt Of II The a ci pSri: .rs m sSssny ,SS ,Se a..
sessed valuation nearly $500 oNcpO Baltimore
has a public debt Of s37 100000, and an assessed
valuation oi real estate Oi s2i0.OOO,Gn Phla-
delphla haS n public debt OF So. OD.OW and as-
sessed value of real estate of $50, Chi
oago, has, for a city Of such importance. a very
small debt the total amount Of II on Jan, /
being slH.WOWs, OF which ~. J0.OUO was from
the outstanding bonds issued AT the time of the
Chicago Fair. and the bonded Indebtedness
of Cook county, at the same time. was less than
i,nm,V0 additional. q total Of $50. coo. 600 for
The Guy Blfalo. u much smaller city than
Chicago. has u municipal debt OF slinnnO.
NllUauHen, on q valuation " sl21 M. con. has
\ debt Of less than 81. N 900 Detroit. with n
valuation of slS0.O00.O of real estate, has "A
debt of S3.6lO.W0.
stationary either IN population. resources or
IN" requirements Of their inhabitants. Growth
ana expansion are the requirements Of their
existence a. cities, and the means for those
can be provided for in one Of three WAYS only:
Either by greatly increased taxation, which
Is "A form Of money raising never popular in
any city, b. assessments imposed upon property.
winch are an obstacle. 10 the growth Of u city.
or by the issuance Of bonds. maturing az some
distant date, The last form Of municipal money
getting is not only the easiest hut also the most
popular, and where such bond issuing power
IS unlimited there l. always danger Of such
increase "f debt As may>involve the city in inan-
clal difficulties. II Is to avoid the possibility
OF these that the limitation Of bonded debt has
been established in many cities. either through
eAprrss CONSTITUTIONAL provision or by tacit
agreement, and the results have in most cities
proved that this - n ~salutary safeguard in mu-
niClpal fnanciering. ST. Louis, a city Of eO 90
population, has an Assessed real estate valna-
non OF $500 20 and q debt Of less than 800
100000. Pttsbure has $500 GO,OH Of valuation
ana a debt OF ssOO,gO. ~. Paul has a 500, ONO.-
900 Of valuation and 81. 6O mn Of debt. Louis
Vile has 500. n 600 Of valuation and o.. 100 OO
OF debt, Cleveland has SiOO, 600, 900 Of valuation
and s9,00o,oO Of debt. and the relation bet ween
the two does not vary greatly In any Western
city OF first importance.