The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1908-04-22
THE BONDED DEBT SCHEME

Pursuant to call of Common
Council the tax payers met in Lyceun
Hall, at s O'Clock on Friday evening
last. The meeting was called to or.
der by President of Common Council,
Charles F. Holcombe, who with his
colleagues occupied the stage.
City Auditor Malloy acted as Sec
rotary.
President Holcombe said the OBJ
ject was to hear objections to the
proposition to bond the city for
$50, 600 to complete the macadamizing
of the balance of the streets to be
| thus improved as follows North
Union from Elm to Cherry, Clinton
street from York to Elm, York street
to the city line, Cherry street, George
street from Coryell to Elm, Gordon's
Alley from Coryell to Bridge street.
Franklin from Bridge to Delevan to
Main. North Main street, South Main
street, South Union street, Mount
Hope street, and the cross street be-
tween Union and Clinton from York
to Elm street, for which he estimated
that $23, 900 would be required.
The estimate was evidently only
guess work, because it is well known
that to do the work properly. it will
cost twice that sum.
His estimate to grade and macad-
damize North Union street was $500.
The grading alone will cost nearly
that sum. Quarry street, Brunswick
Avenue, Swan street and Cottage
Hill were left out, just why he did not
explain, although the object sought
was 'to give equal benefits to all.
Councilman Kramer then enter
tanned the audience with synopsis
of his close study of the all important
question based chiefly upon the State
Comptrollers report showed that
81 eater part of the municipalities in
the State were bonded. and up to date
ins their general appointments. He
failed, accidentally of course, to state
that their tax rates ranged from to
81 per cent. per annum.
He made labored effort to demon
strate that $25, 900 bonded debt for
street improvement would effect
saving of $1,000 per year in maintain
ing the streets hereafter. If the ar
gument had been of any weight, it
might have stampeded the meeting
into authorizing a $4,000 issue in CIR
der to save $4,000 instead of $1,000 per
year.
Ex-councilman Kearns, VIM. Lauer,
Jos. Mathews, George W. Massey,
and others spoke i'll opposition to the
plan after which the following was
adopted by what appeared 10 be a
unanimous vote.
Preamble and Resolutions.
WHEREAS The citizens of Lambert.
vile in convention assembled at the
request of Common Council to give
expression as to the advisability of
creating a bonded debt to maead-
amiZe certain streets and
WHEREAS The general commercial
conditions of the country at this
time iustifies cautious, prudent
management of business euterpris-
es, therefore
ResotUed, That 1t is the sense OF this
meeting that no bonded debt should
be created for the purpose stated or
for any other purpose at this time. or
any other time unless a greater need
is shown, having in mind the fact
that the greater part of our streets
have been improved to our general
satisfaction, without bonded debt,
therefore be it further
RcsoiUed, That We commend this
plan to Council believing that by this
course the desired result will be OBJ
tanned in short time, without fur
tber increase in taxes or imposition OF
additional burdens upon taxpayers.
The meeting then adjourned to the
evident relief of the chief promoters
of the scheme as well as the audi
ences who did not seem capable of
approaching the great opportunities
spread before them by the schemers.