New-York tribune., 1913-12-29

ing political capital on the one hand or
wbjtewashing a public official on the
other.
III there must be another bona issue
to finish the barge canal 1t is hlsh tiihe
we knew It, The authorized oondeu
debt Of the state is now szz"""'V"'
That means q per cent blanket mort
gage on the entire wealth or the s'a.e'
superimposed upon the depts oi Hs
municipal subdivisions. The 'deOts ol
the thirteen larger upstate cltSs totai
s82 900. 900 and those of the towns, VII
Lagos counties and school districts
bring the amount well toward sl .Vo-
900 The debt of greater New York is
over $1,000 100000 As the total as
sessed valuation Of the state is sll'oOo'-
600. 900 we now have 1S per cent mort
gage on the tangible property OF the
state.
There is strong sentiment for
canals supplemental to the barge canai
that are estimated to cost $oo,oUOo' ana
II there must be another *bO,ooo'ooo
bond issue to complete the barge canal
we are fast approaching 10 per cent
mortgage on our entire assets. That
sort OF thing cannot go on forever. The
fact that the state was unable to sell
it's bonds last fall and was forced to
issue short term notes at high rate
OF interest is sufficient warning.
Heavy Drain on State.
Every dollar Of canal and highway
debt means an outlay for improvements
which not only produce no revenue but
demand constant heavy expenditure Tor
maintenance. The upkeep OF the pres
ent canal costs over 100000 year
and the barge canal will require twice
that or more Every mile Of state high-
ways built means $1,000 annually TO
keen II ina proper repair. To maintain
the canals and highways building under
present bond issues will soon require ap-
prCprist tions of sia, 100000 year. while
the interest and sinking fund charges
mus; run the total above s2O.Ooo,ooo an
nually for canals and highways alone.
THE sinking funds for many OF our
bond issues are legally invested in the
debts OF other political subdivisions.
The state of New York for instance
invests It's sinking fund savings In the
bonds of the City OF New York. and vice
versa That tends to make public bor-
rowing easier. but ii serves to pyramid
one public debt upon another. The
practic, is unsound and dangerous
finance and ought to be prohibited.
This is only part OF the work TO I've
done by ,he Assembly Of 1914. ! par
ticularly urge that we endcavor To do
IT as far rs possible through our Own
committees instead of dclegating II to
costly and too often inefficient commiS-
sions. I further urge that We use the
historic power Of the press to check
prevalent waste ard extravaganza and
that We guard that power vigilanuN
from all encroachmcnt
AS leader Of the minority in the As-
Semhly Of 1919 | have endeRNored 10
bring all thcSe facts 20 tho attention OF
the mn jnrlty and Of the puhlic II every
oppOrtuntv: hut my v,ite has been rs
OF one crying In the wilderness. II
would now seem my duty 10 lay them
before body which will receive them
with more willing ear-@unconfused by
the clamor of rOhtenuinp democratic
factions. whose efforts to get some
thing on eacn other have made orderly
administration or fair consideration or
:hc states real problems impossible dur
ing the last twelve months.