The citizen. (Honesdale, Pa.) 1908-1914, 1911-02-22

for good roads purposes, the same
amendment viii allow debt to be
created Tor otner purposes, unless
the amendment be carefully drawn.
Looking at the Question from
political standpoint, 1t is recalled
that when the Republican party
came into power, several score years
ago, it found the state Durdened
with heavy debt, created unuer
Democratic management of the
states finances. ms mas all been
paid of, principal and interest, so
tar as due, ana there is more than
enough money in the Sinking Fund
to pay every last cent OF ueDt, with
a good sum in the General Fund.
OF doubtful expectancy is the crea-
tion OF a larger DEBT than we found
sixty years ago, even for so worthy
purpose as good roauS.
The element OF time must be well
considered. At the least four years
must elapse before a vote can be
had by the people, even ii they
should consider it tavorably, ana
that means much lost time, beside
the chance. we need something
done toward good roads now, not
five years hence. 1t would probably
require some time Tor the establish
ment of an organized system, such
as the bill provides, to get under
way.
AS a counter proposition to the
creation of a bonded debt, a legisla-
tive measure has been suggested,
which will not require any amend
ment to the Constitution, which does
not create any debt, which will not
impair or decrease the present reve-
nue., which does not overtaX or bur-
den those not able to bear it, and
which creates a fund available for
appropriation almost at once. This,
briefly, is to impose tax of say two
mills on the capital stock of manu-
featuring corporations, and apply
the fund so raised solely for the
construction and maintenance of
good roads. This would raise some
thing like 100000 or $2,5000,-
| 900, to which could be added by ap-
preparation from the general reve-
nues of the state another million,
making a good round sum each
year, available for this purpose.
Corporation State Taxes.
Other corporations pay a state tax
of five mills on the value of their
capital stock, except companies en-
gagged in distilling, which pay ten
mills, and fire and marine insurance
companies, which pay three mills.
| Corporations engaged in manufac-
turing have paid no state tax on
their capital stock since 1885, the
Legislature Offering exemption from
| taxation as an inducement for manu-
featuring companies to locate in this
state, and furnish employment to
/ our people. Such an inducement
seems no longer necessary. Water
power, coal for fuel, great natural
resources, and proximity to the great
| markets of the country make this
| commonwealth look inviting, and
they will be glad to come, tax or no
! tax. Equalization of taxation, itself
always desirable end, will thus be
better accomplished, while fine
revenue will be produced.
FIXED Interest Charges $4,000, 900
Per Annum.
Should a 50-year, per cent.
bond be issued, it would mean an
annual interest charge of $4,000
| 600. A sinking fund would neces-
sarily have to be created, requiring
| HhllllOh uOlldlS HOIe edcu year.
To take $3,000,0O0 out of the reve-
nue. secured under existing laws, for
debt and interest, would interfere
with many of the present plans, and
cripple some institutions, charities
or the public schools. There are
other features of this question that
demand and should receive most
careful attention before the measure
becomes law. Its purpose is good,
but what are the prospects? AS
stated at the beginning of this let
ter, no more important bill will
come before this Legislature, not
even the School Code, which is Wit
ally interesting and comes close to
| eYerY citizen of the State