The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1912-07-18
Bond issues Tor HipIiWasIls !.

Bond Issues for Highways.
There has never been a time in
1.-THE history Of this country when
Fthe entire matter of highway i'm
Iproyement was so prominently be-
fore the pubic. There Is available
to-day a corresponding volume OF in
formation and matured experience
In regard to highway matters. In
tparticular, It is becoming universal
" understood that the cost Of high
way betterment must be regarded
not as an expenditure but as COM
munity investment. Viewed as an
investment. road Improvement tends
more and more to be Judged by the
community as sound investments are
Judged by individuals.
1t is not possible to forecast in
dollars and cents the earning power
of any system of improved highways
with accuracy. Unless, however,
the accumulated evidence as3to re-
duced costs of hauling, sociaI- and
religious benefits and all the other
indirect Influences of good roads are
to be denied, the soundness: of intel
Illgent road investment Is apparent.
During the last year upward of
$40, OOO, 900 in highway bonds have
been issued by various counties and
districts throughout the country !.
Before deciding upon a bond issue,
It is well for a community to realize
that whatever system of roads Is
built from the proceeds of the bonds
Lprovision must be made for their
strict maintenance. 1t will not be
possible in most counties to under
take the Improvement OF the entire
county road mileage nor is this
necessary. 1t Is not far from the
fact to say, that as. a, rule twenty
five per cent of the roads carry sew
enty-fve per cent of the traffic. In
any community, therefore, the first
bond issue should care for twenty
live per cent OF active roads. To de-
termine what roads these are and to
plan an intelligent system of. I'm
provement and maintenance requires
trained service and no county is
justified in undertaking road i'm
proyement without a strong admin
istratlve organization with compe-
tent highway engineering advice. Il
For the retirement Of the bond is
sue, and the payment OF interest, ie
is desirable to have a fixed equal,
annual charge in the form of tax
onEthe community. IAN excellent
plan is known as the annuity meth
Cd. Under this plan, the INSTALL
ments include a small amount of
principal at first and a relatively
large amount of interest. The
principal repayment increases grad
ually and reaches its maximum in
the last payment, while the interest
payments, are large at first and de-
crease to a minimum in the last pay
ment. The sum of two, principal
and interest, is the same in each
year and the entire principal is then
redeemed in any desired number of
years by a series of bonds. The
amounts maturing in the earlier
part Of the series are smaller than
those maturing later. The amount
Of bonds maturing each year can, of
course, be determined to the eAct
cent. one great advantage of this
plan is that 1t avoids handling of a
sinking fund and accompRshes the
same purpose. a
1t is a we'll known fact that the
people of France are regarded as
the most thrifty in the world and 1t
Is somewhat significant that for
carnations the road system of France
has also been held UP as a model
of perfection for. other countries
The mileage of improved roads in
France represents an investment by.
the French people of $s12, 775, 900 =,