The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1912-05-27


tie next genera don rets the benefit Or
them. Under the bond issue policy
both the present and the future genera
lions receive tie benefits ana both help
to pay for them.
It may be argued that the system Of
borrowing money for road building Is
more expensive for the reason that the
money borrowed must be paid back as
well as the interest thereon. which at
5per cent in twenty years viii amount
to as much as the principal, and there
fore for each dollar borrowed two will
have to be paid back at the end Of
twenty years. This is not strictly true
however. The money will be borrowed
as needed. Furthermore. a few thou.
sand dollars placed in the bank at com
pound interest IS sufficient for sink
ing fund.
The above objection would In meas
ure apply to any similar transaction
in the business world and yet today
90 per cent of all the business Of the
civilized world is done on credit ba.
sis. If nations. states. counties and in.
dividuals had listened to this argu.
ment this country of ours would today
be almost as little known and as little
developed as the continent OF Africa.
When a community is building pub
lie roads for the use Of It's people all
Of the money borrowed for this pur-
pose is placed In circulation among the
people. They use 1t in their business
transactions: they make 1t earn an in
terest often worth far more to them
than the interest which the. county
pays for the sum. In other words, the
county has the roads and. the money
which has been spentupon them.
The whole structure Of our indus
trial and governmental fabric rests
upon the mechanism of credit. The
amount of legal tender actually in cir.
culatfon in the Bnitct Suites in 1910.
was only ,SS4i52 per capita and would
be pitifully Inadequate to meet the
demands OF businessif all transactions
were conducted on cash basis. The
building Of our great railroads. the
financing Of our war Of independence
and subsequent conflicts have been
conducted through the powerful agen.
cy of credit. Our entire banking sys.
TEN, involving $1,s53, S34 600, rests up.
on the foundation stone of credit.
Would 1t be wise to advise thrifty
young farmer to refrain from buying a
farm because he had not the entire
purchase price In cash? Would 1t have
ever been possible for the vast do
mains Of the early landed proprietors
to be divided up into small farms III
the practice Impartial payments had
not been introduced?
1t is evident TINT the construction of
large mileage of improved roads at
one time would result In lower cost
per mile than il the roads were built
mile or so at q time, as the contrac-
tors having large plants and the quar-
ries furnishing large quantities. OF ma
terial could utilize their equipment and
material at less relative expense than
on small jobs.
Because improved roads benefit all
interests In theV country all interests
should help to pay for them. A coun.
ty bond issue usually ieyies the cost
upon the, town property as we'll as the
country property and thus relieves the
farmer of part OF the burden which
he now bears under the old district or
township system. In nearly every
county in the United States which op-
crates under the pay as you go" plan
the country property alone bears the
entire cost Of road building.
A bond issue IS not an unjust bur.
den on posterity. because through the
increase in the value of land and the
development Of agricultural resources
posterity is benefited. Therefore the
son who inherits the wealth thus pro-
duced by the preceding generation
should certainly help to pay the cost
Of the factors which are instrumental
in bringing about this wealth.
The increase in, farm Vuiues us the
result of road improvement is so great
that the tax rate is frequently lower
than before the issuance of bonds, TO
substantiate this point the following