Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-01-24
HARBORS CONGRESS
TAKES UP THE
CHALLENGE
Concrete Proposition Passed Up.
to the Congress Of the United
States to Reduce Inland
Transportation Cost.
Especial Correspondence. to Morning Jsurn.ll

Washington, d. c., Jan. tS.-Whcn
the National Rivers and Harbors on
gress, at its recent national conven-
tion in this city, accepted the general
challenge that no concrete PROPOSE
ton had been submitted to the con-
gress of the United states Tor the de-
velopmcnt OF the nations rivers, har-
bors and canals. by unanimously fo-
voring q bond issue OF $500, 600. 900
for waterway improvements. and au-
thoriizng the appointment of Il com
mittee by President Joseph f.. Rams
dell, of which he should be chairman,
TO draft a measure providing for such
a loan, the issue became squarely
jointed.
With regard to the step thus taxi
en- 1t is but fair 10 those who are OPP
posed to such a loan TO say that the
most earnest advocate of Il bond issue
does not expect the monc to be Dor
rowed at once. nor to be expended at
once, but instead, used as needed, Gov
ering a period of years, the cXpcndi-
turc OF the money to be provided by
congress.
At the close of the year. August
1865, the intercst-bearing debt was
$3.50, 600, 900, the annual interest
charge thereon being S143, 600, 90. In
1862 the Understanding Indebtedness
of the government was 1855. 900, 600
WIN 'h AiiAhoA httAte Ailb 6t Va So
600, 00O.
The principal OF our interest bear
ing debt was increased during the
years lS93-lS97 by $262, 315.4 400 this
being made necessary for the pur-
chase of gold to redeem greenbacks
and treasury notes presented for re-
demption within that period of time.
In 1898 the principal OF the debt
was increased $l9S, 90, 900 to secure
funds to prosecute the Spanish-Ameri-
can wal and under the act authorizing
the construction of the panama canal
the debt has been increased by loans
aggrcgating $S4,215,340. making the
total Understanding debt III January
/, 1909, $4,000 $50. This is all we
have got in interest bearing bonds
since the beginning OF the government.
the government having reduced the
Understanding debt from $3.50. 600
600 to $685., 900, 900 betxecn 1865 and
1892, The annual Understanding
charge being corcspondingly reduced
to $23. 900, 900.
The authorization Of bonds does mol
seem to have worried the people of
the United States to any alarming ex-
tent for their representatives in con-
gress with decided unanimity voted
the Panama canal issue and viii vote
for other issues as they become con
WINGED of their needs. And they will
be convinced OF their needs by the
disclosure of practical enterprises In
the interest Of the people.
The practical point IN the problem
of inland waterway improvements Is
that something shall be lone TO bring
reduced transportation charges to the
producing sections of the country. The
burden or benefit of "A bond issue must
be decided from the purpose Of its
issue, Just as mortgages. If any debt
is Incurred in the winning of profits
it may be regarded as a wise business
policy. In this ANN railroads
have been built, great manufacturing
establishments have been erected and
large business enterprises have made
centers OF activity out of the wilder
ness and built cities. If in like man
ner the people of the United states
can by "A loan of $500. 000, 600 open
the inland waterways to safe and easy
transportation thereby securing untold
commercial benefits, II might with en-
tire propriety be asked would not the
To be attained justify such a pledge
in view of the comprehensive policy of
waterway treatment so strongly urged
by the National Rivers and IIarborH
congress?