The Bridgeport evening farmer., 1912-12-28

eity leading debonar exponent of municipal finance Speaking of the tax rate recently he jaunty indulged himself in this Illuminating paragraph:
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 The tax rate fifteen and efourth mills It was raised grand list much larger than other grand list in the history of Bridgeport
 That rate produced a 537, ,0oO larg other items of municipal included than the city had known in all the period since it's incorporation
 There were permanent improvements that measur- ably eopared with d it's mad made t in proceeds of oans These loans for and pavement By the easy process of
 The mayor guided and directed by the principal ex ponents of public utility finance is praccing ananeal strongest railroads and street railway nes and which would ultimately wreck the city of Bridgeport if they
 When New England railroad wants to do some it. 1t issues generally without sinking borrows the millions that it needs, squanders. keep the amount charged to legitimate income of the city as low as possible and he would BORROW
 There is no use of saying that he wouldn't because he has tried to- with zeal which is the exact of his ambition in the mayors chair for another two years
 The present system of budget making as as created by the and his advisers unworthy of the municipal ty It consists in delaying matters that should be done make improvements that should be paid for from annual income and in increasing that income by abnor
 Only the last of these processes is legitimate The grand list should of course be increased until taxation IS
 
 But to postpone what is necessary to contract bills which will be paid piecennea and to GO INTO DEBT is merely to delay the day of reckoning and pile up great and unnecessary interest charges.
 The mayor says that the next grand list will be $8 100000 higher than the last grand list This excellent It should be.
 And then he says that tax rate of fifteen and one quarter mills will be necessary upon that grand list
 But recently the mayor advocated, and used every of his official power to create debt of amostl $2OOOO0O He called special election without safe guards to put the authorization throughand couldn't instructed the political workers of his party to get out md ust he successfully.
 With this circumstance in mind are in position to pass judgment upon his honor capacity nancier upon the sincerity of his present remarks
 Assuming that the mayor had had his way and that of debt had been authorized the city would be confronted with two additional items of ing therefrom. One would be SINKING FUND to ex tngush the debt at maturity The other would be IN TEREST MONEY to pay the charges the debt until it's Iextngushment.
 The charges sinking fund would depend upon the term of the bond twenty year bond would require an annual payment of $100,0Oo The first years interest per the interest charge would be 5 OOO
 So that the facts are these: Mayor Wilson, by ab- normally increasing the grand list has given tax rate of money direct than any spent be- fore And this wasn't enough. He borrowed S2OOOOO, $15O,OOO of which is already used up.
 And he wanted to borrow $2,O0O,OOO with imme- diate annual charge of $18000O which would mean al most two mill tax upon the grand list of 1912
 Therefore the is indebted to the citizens of Bridgeport it is true that he get along with the tax says 1913 because the people of Bridge port REFUSED to let him amuck with his debt grandizement> plans.
 But the reone of Bridgeport busy. They too busy to epe d much time fighting try to run them into unproductve debt They will probably his honor and his public utility plans of finance to indefinite private life at the earliest possible moment
 And they will not forget that his honor while endeav bring to down with productive debt has done his level best to PREVENT the city acquiring it's water. gas, and electric light works which would pay their own way, and something besides
 Millions for things that don't and nothing for