The Bridgeport evening farmer., 1913-06-27
THE FARMER: JUNE 27, 1913

the counter so that all W1O W1Sn LO do so may participate, even our own citizens. They pay the taxes out of which interest Is paid on these bond issues. Why should they not be per Lnitted to buy the bonds and receive the excellent rates Of interest instead Of always paying 1t all to others? When the citizens of our municipalities own some of the securities they is- sue, they will take more care of their own properties, and become better cit- iZens.
 Unfortunately. many of our New England cities are bound by their charters not to pay more than per cent on their bond issues. They cam not, therefore, sell their securities in competition with those of more ener- getic, ambitious and capable munich palities. New York City. the other day, sold $45,ooo.Ooo of bonds paying 4 1-2 per cent.
 New England cities must offer a rate of interest on these bonds which will make them equally attractive with the bonds of cities with which they are in competition for industrial supremacy. As 1t is today, we ac- cept an average of 3.9 per cent from of the money in western bonds. and refuse to buy the bonds of our own cities because the interest rates are not sufficiently attractive.
 Our savings banks ought not to be turned unconsciously or by necessity into agencies for stTang1ing the crea- tive forces of our own cities. Nor need the savings banks fear harm to their business by the popular sale of municipal bonds issues paying Q high CT rate of interest. In practice sthe successful sale over the counter or millions of dollars of municipal bonds of New England cities would so tn- crease building operations. stimulate manufacturing and commerce that tens of thousands Of new deposttors would be made who would prefer as ever the savings bank to any other kind of financial Fespository and the pass book to any other kind of token Of invest ment.
 Let us advertise our cities. their oonveniences their favorable location, their advantages, their shining future, by, advertising their bonds, the pro- ceedS of which under competent d. rection are to be used for making the cities more efficient. Let us change our charters if necessary, in order that we may offer a rate of interest on our bonds equal to the rate paid by New York. or Chicago, or St. Paul. or Des Moines, or Seattle, or San Francisco
 Let us build soltd1y and bravely for the future. Let us prepare for the trade of the Orient which shall open to us, with the opening of the Pana- ma Canal; for the trade of the west coast of South America and Central America; of all the coasts of the Car rihbean and of the sea-board watered by the Amazon and the Rdver del Ia Plate.
 with this exercise of wisdom and foresight. we shall attract the favor able attention of investors all over the world The attraction of our cities will so~ begin to draw new industries, and tnAevfduals of power and enter prise will follow these investments, the tide of pioneers turn back upon New England.
 Following the investments in our municipal bonds will flow money for the development of our water-powers, our agriculture, our railroads. Our virile, ambitious and creative young men will remain dn the land of their birth ,and the capable of other lands will come here because of the great widening of the fields of opportunity.
 Against this sound economic and constructive programma no word of protest can properly be raised. noI voice of any true conservative. whether banker or tintd individual of servative must work to conserve the welfare of his section by wise. prac- ticaI, courageous and 1ar-stghted uea- sures.
 The future of New England depends | upon a reconstruction which shall make. our cities the most efficient in dustriaI centres in the world.
 To do this will require the invest | ment of adequate millions of dollars. | To secure these necessary sums. we shall sell our municipal bonds to in- dividuals offering them in popular de- advertising them at the same time we are advertising the as- tonishing opportunities of our cities. | And for every dollar we secure and | Invest in carrying out the plans of our engineers, and expert city builders, we shall add permanent values to many lines the amounts invested.
 The future of New England in the realization of this practical oonstruc- tive programme, will then begin to equal in potential possibilities the fu- lure of Germany. of France. and of he entire group of the middle or wes- tern or southern states.
 We have the engineers, the arch teots, the scientists. the technical in- stithtions of learning. the per capita wealth necessary to enable us to ac- sonpIish the work we have to do. l