Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-06-20

no forfeiture. That is what would be
done here.
/ Suppose the Water District pays
$500, 900 for this property. They would
issue bonds and raise the 100000. The
property would be ours the typhoid fe
yer epidemic stopped. Their interest is
$4,000 a year. Our interest would be
$1,000 year. We gain $4,000 a year
right there. In other words, suppose
this extravagant statement that +.
| Manley makes on the street. l am told
that he makes it, we DO not converse on
this subject every day, not that we are
on i'll terms, but because we shouldn't
agree.-Suppose his statement that his
plant upon 5 per cent basis is worth
S650,000, work it out under the rule or
three, l believe they call it proportion
| or something like that now; if this
plant is worth $650,000 to them on 5
per cent basis, it is worth Il little less
than 100000 on a 81 per cent basis.
1t is a simple example, as 81 is to 3
so is $3.50, 900 to the result.
If Mr.. Manley Is right, if he hasn't
| made any mistake in looking over his
| books, in other words if the Mr.. Manley
| of today is right instead of the Mr.. Man.
ley of the Judiciary Committee, when
he said that the income of the Water
| Company was not more than 100000,
If it be true that he can get $63O000 for
his plant, what is he worried about?
If this plant is worth $650.000 and Mr..
Manley thinks he can get it, or | ought
| to have said if Mr.. Wescott thinks he
| can get it, and the other gentlemen
owning the Augusta Water Company
| honestly think that they are going to
get $65O,09O what are they worried
about? On that basis they could pay
their bonds and have 100000 in clean
cash for the stockholders where the
Stockholders never put in dollar. To
invest nothing in 1887 and draw $780,
| 900 in cash at the expiration of sixteen
wears, after having drawn, if my hlfor-
nation is correct, $4,000 a year divi-
dends. is Il pretty good thing.
| I do not think Mr.. WescOtt believes
for n moment that he can get $650,000
for this plant If Mr.. Wescott believed
he could get $500, 900 for this plant he
would have kept it's pledge that the Au-
pusta Water Company made to my
self and Mr. Robertson and MIR. Lynch.
| He would let her go. Don't you believe
it? You know it, and it is because
George p. Wescott knows that out or
| what would otherwise be the price OF
lis plant has got to come these deduc-
tions that I tell you about that out OF
II has got to come the cost of giving the
citv of Augusta what would be reason
ably considered a pure supply OF water
and the building up of the defects IN
his plant and the correcting of the I'M
In wful income rates that they are CHAR
cling US now that he is putting up TINS
fight against the people of Augusta IN
suito of the pledges made to their rep
| resentatives.
| Gentlemen do not be alarmed at the
idea of $65O,OOO in the appraisal. III
! there was any prospect of that, the
first man to go to the polls to vote
ives" would be the Mr.. Manley of to-
dav. 1t isn't n technical matter. L
cannot understand why the Augusta
water Company rcsists the proposi-
ton to allow the district to buy this
1 plant. In 1887 there was a clause put in
that the city of Augusta as city
could at any time have this property
at n price to be fixed upon appraisers
APPOINTED by the Chief Justice of the
supreme Court They We're willing to
that the district wants it. There is the
constitutional limitation and if the
LEGISLATURE would have let down the
[bars there would be no necessity for
ldistrict. The per cent limit IS in the
tconstitution. Who keeps up the gate?
Judge Savage. when he was in the
Isenate after he had carried his people
through the terrible fight in Auburn
"aCnntt
presented an amendment to the con-
stitution providing that when cities or
Towns wished to establish water works
land raise money for the purpose, the
Is per cent debt limit should not stand in
the way. Both branches were appar-
fently strongly in favor of it. l state
here what is matter of history and |
state here what know to be 4 truth,
when I say that George p. Wescott and
Joseph II. Manley with their great
power In this State, defeated that con-
tstitutional amendment. I am rcspon-
sible for what / say here or anywhere.
and l do say that l thank God that
there We're men who We're my clients,
Weston Lewis and Mr.. Maxcy. former
owners of the Maine Water Company
had the heart to tell me that while they
expected me to represent the company
not to oppose the constitutional amend
Iment. Once in while you strike
man who has heart in this business.
This is how l happen to know of my
Town personal knowledge at whose feet
lilies the responsibility of that check
upon the progress of the people of this
State. Can't you understand why it
was done? Mr.. Wescott owned then
as he owns now these great systems
and he didn't want to sacrifice those
tG per cent dividends out of watered
stock from such municipalities as
Augusta. From business standpoint
1 do not criticize it. Therefore it is
not for Mr.. Wescott or his associates to
da,int it in our faces that our scheme
is all right for the city and all wrong
, for district.
Il will not trouble you with techni-