The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-16
DEBT N SOLVENCY.
Relations of Municipal Bonds, Taxa
bIes and city Properties.
Hartford Courant.

Hartford Courant.
The New York Evening Post. which is
a proverbially conservative journal, at
tempts in it's issue Of Saturday last 10 es-
innate the value of the property owned
by the greater New York municipality. In
round numbers this foots up about s%6OO.oOO.-
600. The parks alone of New York and
Brooklyn are set down as worth about
$5CO.c00,OO0. School buildings and the like
are put at S35. $4,000. All in all the list
comes. as we have said, TO about 500, OOO.-
900. The last number of "Poor's Manual
puts the debt of all Manhattan at some
thing less than 800, 10000. In other words,
the city is about $200, 900 900 10 the good,
not putting any cash value upon its very
expensive sewer system, which might
charge every householder for it's indis-
pensable service.
This exhibit of wealth. in face of con-
slant bowling about Indebtedness, serves
10 confirm, what the COurant has so long
cOntended, that there is no sense In un-
dertaking TO regulate the Indebtedness Of
a community by establishing any fixed ra-
ton between it's taxable list and it's obli-
cations. 1t may be true Of cities, as of in
dividuals. that the way to get rich is to
run In debt. Surely, while we ell hold to
the old maxim that the best investment
a man can make is 10 buy his own notes,
still something goes before that. He has
TO give his notes first. Presumably what
ne got for them has increased and with
the proceeds he can redeem them and
have something left for himself.
SO is it with cities. Take Hartford for
an illustration. We owe In round numbers
S,500,O00 and against this we can set off
the water works. which are of very large
value and could be sold TO a syndicate any
day for a deal more than the water debt,
giving us a handsome profit. Then we have
Bushnell Park, which is worth millions
ana probably all that we owe. There are
also all the other parks and all the fire en-
CINE houses and there is the high school
before we come down to all the school prop
erty owned by the districts, against which
would be set their debts.
If we could get property worth 81 600, 900
by issuing 100000 Of bonds, it would be
IL would be folly TO pass a law, as so many
States do, to forbid US 10 make use Of the
opportunity II the thing to be bought was
needed. of course a city has no call to go
to specializing. II all depends upon the
good sense of those In control and II is the
duty of the citizens to see to that nat
ter. They are quick to rally and fight when
they see corporations. in which they have
financial interests. mismanaged, but mu-
nicipal affairs, which concern them most
vitality, they are wont TO dismiss as poll
ties and leave "a. that sort of thing to
those who have a taste for it."
The privilege of citizenship is also a
burden. 1t brings responsibilities as well as
c-onveniences The whole scheme of self
government depends on attention and fails
under neglect. It is a curious commentary
on human nature that those who seem to
have the most reason for attending TO thcir
government are those who oftenest fall
entirely TO do so.