The Wenatchee daily world. [volume] (Wenatchee, Wash.) 1905-1971, 1908-12-24
BOND FOR RIVERS
AND HARbORS
NATIONAL RIVERS AND HARBORS
CONGRESS WANTS TO BOND
GOVERNMENT FOR $500, 900, 900

In point of attendance and inter-
est and the work accomplished, the
National Rivers and Harbors Con-
gress, through it's fifth annual con-
vention, held during the second week
of the current month, marked an ep-
och in the economic history of the
nation. And the resolutions, which
were unanimously adopted by the
convention, fearlessly went on record
for bond issue of five hundred mil
lion dallars, to improve the rivers
and harbors of the United States las
shall be authorized by Congress, said
bonds to be sold from time to time
and in such quantities as may be
necessary, the provisions for the is
suance of said bonds to be similar
to those authorizing the construction
of the Panama Canal"
This action on the part of the Ma
tional Rivers and Harbors Congress
was the elimination of the campaign
of education begun several years ago,
the piece-meal appropriations on the
part of the Congress of the United
States, by river and harbor bills, in
no sense outlining a fixed and COM
prehensive policy of waterway i'm
provement commensurate with the
ever increasing demands of trade and
commerce.
Notwithstanding the objection en-
tered by Speaker Cannon to the bond
issue feature of the resolutions, the
committee on resolutions, represent
ing all sections of the country, had
no differences as to the need of fix
ed annual appropriations for water
way development and they believed
the time ripe for explicit declaration
| to that end The time for argument
had gone by with the $500 delegates
who were in attendance upon the
convention, the time for action was
at hand.
Representative Ransdell of Louis
lana, President of the National Riv-
ers and Harbors Congress, who for
many years has been an active worker
for comprehensive plan of waterway
betterments, in explaining the action
fof the congress over which he pre-
sided, said yesterday: Nobody con-
templates the issuance of $50O,O00,-
900 of bonds at one time. All we
plan is to have the bonds issued from
time to time as needed. Those bonds
are for permanent works, for work
just as permanent and possibly more
so than the Panama Canal and des-
tined for the same commercial uses.
These works are not alone for our
selves, they are for posterity as we'll
and should be paid for, at least in
part, by it.
"By the authorization of the is
suance of $5OO,O00,0OO of bonds to
carry out broad and comprehensive
!
are but initiating the wise example
of the railroads which make money by
borrowing money to be used for line
extensions, thereby increasing the
means of handling traffic.
eff it should be found that suffici-
ent money cannot be appropriated
from current revenues to carry on
the work of completing water projects
under way and the beginning of new
ones approved by the Board of Army
engineers, then there should be sold
sufficient waterway bonds from time
to time, so that each year will find
the work of improving our rivers,
harbors and canals steadily going on
to rfnal com pletion.
Gin 1903 the Congress of the Unit
ed States authorized the issuance OF
$13O,OOO,OO0 of Panama Canal bonds
to be sold as needed. With the
$3O,OOO,OOO issued the other day the
amount of the Panama bond issue up
to this time is $S4,631,90O extend
ing over a period of nearl six years.
LAS a large deficit is in sight, to
be exact $5S,070 201 for the fiscal
year ending June 80, 1908, for the
next fiscal year. as per estimate OF
the Secretary of the Treasury, STA
900, 900, and $143,0O0,O00 for the
fiscal year ending 1910, it is clear that
only by a bond issue can the work
of waterway development on a COM
prehensive plan proceed. It will take
but ten million dollars year-about
the cost of one battleship-to pay
two per cent on the proposed $780,
100000 bond issue. And this sum
rivers and our harbors will save the
people more than a half billion dol
lars annually in reduced freight
rates.