The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-10-12
SNAIL DEBT oF ST. LOUIS.

Even with a long period Of corruption in public
office. ST. Louis has managed 10 maintain its mu-
niclpal government up TO the present time with the
smallest relative public debt in the United States;
probably the smallest in the world. The municipality
has succeeded. besides, in acquiring property the
value Of which is estimated At S3G0Oo.O00. IL is al
most "A certainty that no other city in existence eau
produce such a satisfactory financial exhibit.
Whether the municipality viii be justified in iu-
creaSing its bonded indebtedness. for the purpose Of
erecting and remodeling public buildings, is a ques-
ton that is dependent upon existing circumstances.
aS We'll is prospective conditions. II Is strictly a
business proposition. and. rs such every voter must
consider ii. \ proposition To Increase the bonded in-
debtedneSs S~S9o4o45. the extreme limit authorized
by the state Constitution. win be voted upon next
month.
At present the city's bonded Indebtedness Is. IN the
aggregate. S23 OF this amount $~d.111.ooo
represent the debt 81 ST. Louis County. which was
assumed by the city when the city and county were
separated. and S5.SaSOOO represent Waterworks
bonds. Therefore. the actual debt Of the city proper
is only Sl1.S9I.27S3n, Including the Worlds Fair debt.
The value Of the city,s property * estimated at
SssiOeo0O0. The whterworks are valued at S19.Ooo-
OO0. and all other property at S1I.ou0Op0. The city
owns the public buildings and institutions. and The
land upon which they are situated. The city's debt
OF S24.OO0OO0 is hased upon actual municipal prop
erty valued AT S36.OO0,OO0. and 10y moneys. credited to
special funds. which aggregate about $3OO0O00
These balances apply. by law. to the bond accounts
and cannot be used for other purposes.
The city's own assets may be said 10 exceed its
obligations by about S13.OOOOOO. in fact. however.
the assets are much greater. for much Of the land
owned by the city is very valuable. and of such kind
that the value viii be retained, II not enhanced Con
sequently. it is apparent that the municipality. not
wfthstandiug its losses. Is in n hourishing condition
financially.
Under these circumstances. is the municipality
justified in increasing its Indebtedness: Is il justi-
fed in proceeding 80 as 10 advance itself. in Il mu-
nicipal way. TO the front rank Of American cities:
Is it justified in adding SSOO0OOO TO its debt in order
10 satisfy the demands Of a larger population: Would
it be more economical to allow deterioration full
sway; or would it be more iudicous to make large.
necessary improvements and make its possessions
more valuable?
1t is true that some improvements must be- made.
The public institutions ara not only in a dilaPidated
condition, but they are also Inadequate. They are
dccaying and overcrowded. They are unhealthfuL
Their maintenance Is costly. Through misnanage
ment they have come to he wrecks. and Fickety build
ings are always expensive when they must be oc-
cupied.
AZ a business venture. the construction OF neces-
ssry new buildings and Improvement Of old ones
would be a wise course. While the outlay would be-
rather large in the beginning, the expense OF main
tenance would be reasonable. The decayinG build
ings win become more expensive TO keep II they are
permitted to decay; small repairs would have 10 hc
made from time 10 time. and they would he Of no
permanent account. because they would not prevent
general deterioration.
Authorization of the increase will not occasion im-
mediate Issuance Of bonds. The intention Of the al
ministratIon is 10 issue bonds only as fast as i'm
movements are made. and no faster. In this way
The interest outlay will b. kept low. Voters should
study the increase proposition a a business suggeS
tiou. II they viii view it in this light, they win
recognize the advantages " approving it.