Arizona republican., 1900-08-31

sume that We create by our votes bonded indebtedness of SC, 6,500,0 000 These bonds if they would sell at all, could be placed at 415 per cent per annum, which would mean an annual indebt- edness of $292, 300. Add to this an eX- pense account If $1O9OO (probably nec- essary for repairs and improvements. dredging, salaries and emergencies) and we have $392, ,OCO. which must be paid each year for water rents.
 "The men who cultivate the valley lands are today paying sf.25 per acre for just what water they can get. When we buy water for 100 acres of land there is absolutely no assurance that we can get enough for ten acres. With water stored ready for use when needed, and in quantities required, We could well afford to, and would gladly pay $2 or s per acre. There are 30O,O00 acres now reclaimed under existing canals. and 100000 acres more available. According to the figures of all engineers who have examined into the matter, the Tonto Basin reservoir has ca pacity Of 900 acre-feet, which with what water we are now getting from the Verde and annual rains would be i ample for 50O,OOO acres.
 eve have then this proposition: | Five hundred thousand acres at S1.25 per acre, $625,OCH; annual interest and i expense account. $392, 300; balance to the valleys credit at the end of each year, $232. 800.
 This sum would create a sinking i fund that would pay the bonds in bout i twenty-five years. and this without in : creasing the cost per acre for water, or , the investment of a single dollar in cash"
 "These figures are based, Of course, on the assumption that every acre of the 5OO,OGO available pay it's water rent The fear that water would not be pur-
 chased for all the land could be dis i pelled by a clause requiring such pur chase. This would do away with the
 holding of vast areas of land by non- residents for speculative purposes. . Concerning another objection. the in
 ability to float the bonds, the report says:
 This objection wc are. of course, un- able to answer afIirmatively or mega
 lively. This We know, that the conry
 has property assessed at $1O,OOCOOO which is worth $30. .OOO 900: that the con str1ction of st5rage works necessarily
 increases the price of every acre of land available even lthough water
 rights have not been purchased, be-
 cause of the fact that it is impossible
 to secure these. Upon the completion
 of such works there would arise an unearned increment in the value cf al
 lands for with the assurance of ample
 supplies of water to any portfun of the county comes confidence anC hope. This increment Of value applies equally to all lands cultivated and uncultivated. and to all industries and interests in
 country and city. and is worth vastly
 more than the entire cost of tha storr age wOrlfs.
 This increment. with the increased population and values together witT ] the s6.5 GOO borrowed fuHds, wouid 1 be our assets"
 1 The report then deals with another dime-worn objection, the impracticabil- : ity of reservoirs on account of the ac- i cumulatfon of silt. saying:
 '"The best answer to this objection is
 the fact that reservoirs are now in eX- istence that have beer n use for moro ] than 1GO years. There are reservoirs now in the British Indies, Africa, ! Egypt. Spain. France and Italy Shat ! have been in use for several genera : tions. The conditions there are exactly similar to those here. What the people 1 of the old countries can do, the energy, determination and will of young Amer i ica may certainly accomplish