The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-31

The council already, has authority to is
sue the s215,ooo Of bridge bonds, under
an act Of 1901. The legislative delega
tion is asked to secure the passage Of bills
the balance of $1,1o0,Oo0.
The bill providing for the issue of $780,
900 worth Of school bonds has already
passed the senate and will undoubtedly
pass the house. AS to the imperative
necessity of this issue, there is practic-
ally no difference Of opinion. The school
board has shown that It is really in
need Of even more money, or will be
before it can be provided. But this Is
the amount which was submitted to- the
people at the last election, upon which
those who voted on the matter at all voted
six to one In favor of the issue, and the
board is not disposed to ask for any more
bonds at the present time than were COW
cred by the proposition on the ballot.
The 100000 Of public improvement and
public Improvement revolving fund is for
the purpose Of carrying on n,anifestly nee
essary work on our streets and sewers.
There is no controversy to the need of
street and sewer improvements.
AS to the $500, 900 worth Of bonds asked
for by the courthouse and city hall COM
mission, there is a difference Of opinion
with an apparent preponderant sentiment
against the ISSUE although a part OF the
sum asked for would doubtless be gen
orally approved because some of the
work seems to be needed now. The Com
mercial Club has probably made the
most careful investigation Of the items
covered in this city hall issue, which is in
tended practically to finish the building.
The club recommends the completion of
work which would require in round num-
bers $50, 900. The principal item in the
s400, 900 estimate is the Fourth street en-
trance, which will cost $1sS.0o0. This
item Of expense is the one which meets
with the most opposition. The public is
inclined to protest against the expendi-
ture at this time Of SO large sum of
money for what Is regarded as purely
ornamental work. It is not commended
that this work can be done at any less
price, is it argued that it must not
be done at some time. The question Is
whether it should be done now or at u
later date. When all these bond issues
are added together, they make such.
formidable total and add so largely to the
bonded Indebtedness of the city. that it is
generally felt that any part which can be,
should be postponed to a more convenient
season.
! that this building is the most conspicuous
| public improvement in the city. 1t Is the
| one which is more commonly than any
| other shown to visitors. Naturally, Wis
itors enter the building under the tower
or front door, where they find it unfin'
ished and appearing as if it had remained
in that condition for some time. The i'm
| preston which is thus created is doubles:
! not a very good one. It leaves the same
! impression of the community on the MIND
| of the visitor that would be obtained by
! the public of private individual who ha(
| built a fine house and moved into it, leav
| ing the front entrance unfinished for :;
period of years, and used the side door
The impression gained from such a stat
of facts would not be to the credit of tn
individual. The impression gained from
| a. similar state of facts as to the com
munity would not be radically different
This, Of course, is the main argument TO
the completion of the entrance at thi
time. It is not contended that the publ
and the occupants of the building canno
do the business which is to be done ther
lust as we'll without completing the mai
entrance; the only excuse for proceedin:
with this particular work at this time !
the one indicated--namely, that it Is no
to the advantage Of the city to have it ap
pear that we are unable to complete wl1a
we have commenced to build.
But perhaps a matter of quite as nuc
Importance to the taxpayers as the issu
of these bonds, is the question of term
upon which they are to be issued; an
upon this point Colonel Rogers, city con
troller, makes what seems to us some ver
useful suggestions 1t has been propose
in every instance to make these thirty
year bonds; in other words, it will b
thirty years before they are all paid of
and as to some Of them, ten years or NOR
before any of them become due.
AS to the school bonds, the improve
. rnent and revolving fund bonds, the tW
: classes Of securities, about the issue {
. which there appears to be practices
una annuity Of sentiment, it is not neces
) sary that they should be extended owe
, any such length Of time. Colonel Roger
/ shows by reference to his report for 100
page s, that there are no bonds outstan6
ling and due until 1905, that only $500
: worth becomes due on that year and $50
{ 900 the following year, none in 1907, $40
! 900 in 1908 and no mere until 1913, whe
: S659, 900 become due. The sinking fun
4 may be relied upon to accumulate frol
< the annual I mill assessment on the er
t tire valuation of the city for the benef
r OF that fund, from interest on deferre
d tpayment of assessments under the r.
!. lvolvinE fund plan. and from in terest-
4 bonds held in the sinking fund, s160;0,
t annually. It will probably be more, b.
IS that is:.a safe estimate as to- Il
IL income of the sinking fund for
period Of years