Perth Amboy evening news., 1905-05-08
WHY JENSEN OPPOSES
A RESERVOIR.
Continued from page /.

Then, MI. Editor, with your permits
sion, | shall try to make it clear to the
average citizen of Perth Amboy as
well as the financial expert of the
water board, that such a thing as
raising by bond issue three hundred
thousand dollars, is almost impossible.
The city's assess valuation last year
was about eight and one-half million
dollars, by law the city is allowed to
issue bonds for the various purposes
up to and not above fifteen percent. OF
said valuation, which could be one
million. two hundred and seventy-ive
thousand dollars. Take the financial
statement of the city for year ending
March /, 1905, we see bonds are out
standing for the mount of about one
million, sixty thousand dollars.
Since then bonds have been issued
and approved, amounting to seventy
two.-thousand dollars, making a total
of about one million one hundred and
thirty thousand dollars. Leaving u
margin of u possibility of raising
money by bonds very slim. One hun
bred and forty-tive thousand dollars
and the limit will be reached. But
the actual fact is, that when a city
gets close to the limit it is not an
easy matter to raise money by bond
issue. The average citizen may have
great confidence in his home city's
financial stability, but the bond buyer
looks at cold figures and stay away,
consequently bonds must be peddled
and cannot be disposed of in TIE open
market. This city has, | believe, come
to that state. if we take the last issue
of water bonds as an indicator. Now
then, to remedy that condition sc
that it will be possible to issue bonds
amounting to over one hundred and
forty-five thousand dollars, means that
the valuation of property in this city
must he raised. and it must be substan-
tial raise at that if the bond ed debt
OF the city is to he reduced to 10 per
cent. of the valuation. The said va
~luation must he raised fifty per cent.
That is a very tieklish matter, it
usually makes the average citizen
squirm, and makes some hopping mad,
besides it would make the New Bruins
wick politicians rub their hands in
glee. 1t would mean fifty per cent.
more money from this city to he spent
by them.
Only one thing more, in the line of
figures, Outstanding bonds for water
is now totaling five hundred and fifty
two thousand dollars. Authorized
issue forty thousand dollars, which
brings same to five hundred and nine
ty-two thousand dollars. Three hum
bred thousand dollars more for reser-
voir would bring the grand total very
close..to the one million dollar mark.
Now citizens, do we want to spend all
the money it is possible to raise for
water works, il it is not absolutely
necessary? There are lots of other
things in this city where money could
be spent to a great advantage. | shall
mention only a couple, street and
sewer, for instance.
In concluding, | shall make the as
sertion again as | did at the last meet
ing of Board of Water Commissioners.
Some one has made the building of a
reservoir their hobby, have been
working openingly and secretly for
years. and have at different times dis
torted facts with the end in view OF
accomplishing their purpose, For in
stance, such as infusing the idea in
n commissioners head that if the