Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-03-25

MARCH 70, l9Oy
order to float your bonds the bond
houses are very careful in regard to
what they take, and this Limitation of
100000 in the city of Portland has
done away with, and / have under
stood that II this bill of Mr. Marshall's
should not pass 1t would cost the city
of Portland somewhere in the neigh
borhood of $4,000 additional interest
each year, the difference between what
they could get if this obstruction was
removed and what they will have to
pay if this law is kept on.
There is no need of any amendment
to the question of the city hall be-
cause that matter, as I think all the
members of the Portland delegation
viii agree has been settled. The other
bill of Mr.. Marshall's is passed in the
interest of the city of Portland having
money enough to build it's school
houses, finishing the school houses now
under construction and building other
buildings which it is necessary for
the municipality to have. And in this
COIIlcCllOIl WISH " ICdu d Copy VI II
letter which was sent to the city treas
urer by Ropes, Gray and Gorham Of
Boston, who are lawyers for the lead
ing houses that buy bonds. The letter
is as follows:
"Aug. 20, 1907.
David Birnie, Esq,
City Treasurer,
Portland, Maine.
Dear Sir:
Il have today sent the City Trust
Company an opinion in regard the
$9S5,000 bond issue, and enclose a copy
herewith for your files.
We have been somewhat in doubt
as to your right to renew the whole
of the loan, without realizing on the
stock which you hold as collateral for
the railroads promise, and applying
the proceeds to the loan; but have
finally decided that, as temporary
measure-evidenced by the fact that
your loan is for only two years-it Is
certainly justifiable. Quite possibly
we should decide the same way upon
a longer loan, but, in view of the fact
that the question is at least doubtful,
we suggest that before making any at
tempt to renew. the loan- or any part
of it, at the end of two years. you get
a special act of the Legislature au-
thorizing whatever you propose to do.
Il return all the papers which you
have sent me.
Yours very truly, t.
"(Signed) r. w. BOYDEN,
:. "OF ROPES, GRAY & GORHAM
... &c., "Of Boston"
So l say in the opinion of some of
the leading officials of the city of Port
land this bill of Mr.. Marshalls is deem
ed necessary l wish there was some
thing else that could say to convince
the members of this House that we
think this bill should be passed. 1t is
certainly for the best interests of Port
land, and l think 1 have voiced the
sentiment of every member of the
Portland delegation with the excep-
ton of my colleague, Mr.. Rounds, that
we are in favor of this measure ana
we hope that it will go through as it
is now.
Mr.. COOLIDGE of Lisbon: Mr..
Speaker, would like to know if there
is any objection to the referendum, II
there is any good objection. l don
want to vote against the interest OF
Portland. If Mr. Marshall can state
the objection to the referendum l, for
one. would be glad to hear it.
Mr.. MARSHALL: Mr., Speaker, IN
answer to the gentleman from Lisbon
will say as briefly as possible that
among the objections are these: The
referendum will defer the issuing O
any bonds until it is settled. 1t VIII
mean a loss of. interest where we are
now paying per cent. on the mayor
,warrants-we can bond for about $40,
and it will above all other things 10
nv mind defer the building OF the Guy
hall for another year. 1t may ana
very likely will defer the construction
of police station, and we are no"
practically out of doors in this respect
having to go away down on CONNER
cial street into temporary quarters
and it will interfere with many other
of the financial problems of the city.
IT seems to me that the credit of the
citv should not be put upon the refer
endum. We don't know when we VIII
eet to it. and it means delay. and GER
tainlv if we cannot begin On the con-
StructlOn Oh our CITY mar 800
means another whole yea" delay. 1
hog the House to consider our needs
and act accordingly.
Mr.. KAVANOUGH of Portland. MI
Speaker and gentleman of the House.
7 would like to correct one impression
that seems to be quite general, and tha'
is this: 1t has been talked more or less
this morning that the cost of a new
City hall in Portland was to be ABOUT
g. 600 900. Now, I don't believe that
nv friend, Mr.. Rounds, has any ldea
why this statement should possibly pc
correct. The specifications which have
thus far been furnished call for an ex-
penditure of less than 100000, or. TO
he exact. l believe about 100000. Now,
7 wish to say to the House Just one
word in regard to this amendment. L
realize that we have occupied good
deal of valuable time this morning but
il seems necessary that one word should
be said in regard to this amendment
which is one of the cleverest instru-
ments. which has been drawn and pre-
scented to this House without any DOUBT
at this session, and which has prac-
tically tied the hands and feet of the
city of Portland to such an extent that