The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-18
TO FINANCE BOULEVARD
GEORGE j. MAROTT PROPOSES A
SCHEME TO RAISE 100000.
Investors to BE Secured by Script Pay
able from Fund Made of Taxes ON
Interurban Lines.

A plan has been evolved by which it is
believed the boulevard under consideration
for many months may be built next spring
The plan will be brought to the attention
of the Commercial Club boulevard commit
tee and to the mayor and city authorities in
the near future. George J. Marott believes
that if the city should make an arrange
ment with business men of Indianapolis,
whereby the latter would agree to advance
enough money to construct the boulevard,
in consideration of being secured by the
returns from taxes on the interurban roads
entering Indianapolis, for a term of years
to be fixed. sufficient funds could be OBJ
tanned without further loss Of time.
Mr.. Marott believes that this plan would
relieve the city from the troublesome di-
lemma it has been in for months in regard
to the boulevard project. AS anxious
the mayor and the Commercial Club com
mittee have been to push the boulevard
project, they have been handicapped be-
cause there were no funds in sight to war
rant the taking up of the work of con-
struction. The city could not be bonded
further and the plan of an extra tax was
not considered feasible. But there would
not be the slightest difficulty. Mr.. Marott
believes, in getting the boulevard under
way by the plan he has suggested.
The first step of the plan outlined by
Mr.. Marott is an enactment Of an ordi-
nance by the City Council whereby business
men. who might advance capital for the
boulevard would be secured by the citys
pledge to repay the loan, at its option, in
future years. when the increased interur-
ban tax would bring sufficient income. In
case the boulevard should cost 100000, Mr..
< a ha ord
city the right to issue boulevard script,
bearing 4 per cent. interest. in denomina-
tions as small as $40, so that workingmen
OF the city might have an opportunity 10
invest their savings in an undertaking
guaranteed by the city's good name. The
script would be similar to a popular issue
of bonds, except that the denominations
would be small enough to be within the
reach of everybody.
DETAILS OF THE PLAN.
''I think so well of the plan" said Mr..
Marott last night, that l will agree to put
$4,000 into the fund myself and buy that
much of the script If it is issued. The plan
has another side that appeals TO me" he
continued. by making the denominations
as low as $50 it would act as encourage
ment for workingmen to save the money
and invest it. The script, which would be
held by them and guaranteed by the city,
would be the same as money. l would ac-
I L
fident that other merchants would do the
same.
Although at the present time with only
the Union Traction Company and the
Greenfield and Greenwood lines running
interurban cars into the city the returns
from the tax would not amount TO enough
TO pay the interest on the 100000 necessary,
L believe that when other roads now in
process of construction or contemplated are
running cars in here, and by the time the
tax comes to be 10 cents round trip on
the cars, instead of 5 cents, as ii Is now,
there would be sufficient money realized
by the city annually 10 pay interest charges
on the script TO be issued. In addition,
am an advocate of an extra tax on inter-
urban freight cars. 1 think IL should be 1912
cents a single trip, which would not be at
all excessive. With the returns from the
freight tax there would be a surplus fund
over and above the sum necessary 10 meet
the per cent. interest on the boulevard
loan With the entrance OF the Shelby
vile the Martinsville, the Plainfield, the
Northern and other lines, and with the
heavy increase in passenger and freight
business that is sure TO follow, and also
with the doubling of the tax that Is pro-
vided TO take place In a few years, there
would be enough money coming into the
treasury annually from the interurban tax
to meet the interest charges and to provide
for the further extension of the boulevard
From time to time. as the business or the
interurbans increased, the city could also
reduce the burden of the script obligation.
although L have not consulted an at
torney as 10 the legal points contained In a
plan of this kind, l am confident that II Is
a feasible business proposition.
Councilman John l.. Mcfarland has as
sured Mr. MarOtt that the plan will have
his support and that he will favor an ordi-
nance covering its general features. Harry
E. Negley, chairman, Of the committee on
contracts and franchises, Is also favor
ably impressed with the idea Councilman j.
s Holiday believes that the plan is prac-
teal and that all difficulties could be re-
moved
Mr.. Marott believes that this is a most
opportune time to put into effect plan
of this kind. The property owners have
been most liberal in donating land for the
boulevard he says, and they are waiting
for something to turn up that will assure
them that their generosity has not been
in vain. The liberality of the property own
ers might wear away, he says, If the city
tax from the interurban roads would go to
make certain the success of the boulevard
undertaking.