The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-07-20
WIPE OUT THE LOCAL DEBT.

WIPE OUT THE LOCAL DEBT.
Considerable qualification II mani
tested by the public ofiicials in chnrgs
of the administration Of the AFFAIRS
of this locality over the fact that the
entire bonded Indebtedness OF Shaw
nee county. including that OF Topeka.
is no more than approximately $4,000
900. Nor is this feeling unwarranted.
That is a relatively small debt In COM
parison with the assessed valuation OF
the property in Shawnee county,
Economists figure that safe pubic
debt Is one up to ten per cent OF the
assessed valuation. And in some states
this reasoning is recognized by Laws
fixing that figure as the limit of the
bonded Indebtedness that may be In
CURED by the cities in them. On such
a basis, the public debt OF Topeka and
Shawnee county could be full four
times as large as 1t is and still be
within the limit and at q figure that
would not impair the credit of the
community.
Small as the local deb: is. though.
it would be no more than the exercise
Of sound business principles to make
a real effort to wipe it out. and there
by pave the way for the undertaking
Of such large public improvements as
the immediate future may demand
without making them burdensome on
the taxpayers. This Is particularly
true of that portion of the debt which
belongs to Topeka. In round numbers.
this debt IL nearly $1.700.0O0. and
about a third of it. something over
100000. represents the indebtedness
against the city school plant.
State laws authorize the city author
tiles and the board Of education to cre-
ate adequate sinking funds for the
gradual and eventual elimination OF
such debts. And something along
these lines has been undertaken by
the city commission and the board OF
education. But the efforts In this d.
rection have not been extensive
enough, or as great as the laws allow
This has been due, no doubt. to the
desires of the municipal administra-
tors to keep down the tax rate. be-
cause moneys for sinking funds can
only be obtained through the levying
of taxes. But the interest charges on
these debts amount to quite a large sum
yearly. and these also have to be pro-
vided by taxes. And 1t would seem to
| be good business for the city and the
school board to go into the sinking
fund business on a larger scale. A
material reduction in the course OF
five or six years Of the bonded IN
debtedness would mean n proportion
ately large saving on. interest charges.
And If the school debt, for instance,
could be wiped out tomorrow the in
tereet money that it takes to carry II
would be sufficient to build a new
schoolhouse of magnificent and mod
ern proportions each year. That sure
ly is a goal worth working for.
| The members Of the board of educa-
ltion and the city commissioners are
alive to these possibilities, and the PEG.
lple, without doubt. would be glad tt
hack them up m any reasonable IF
forts that they might plan to discharge
these obligations. This is a paramount
civic duty of the present. The people
of today in Topeka are enjoying the
advantages that this bonded indebted
ness made possible. They should be
and no doubt are quite willing to pay
the bill. The growing generations In
Topeka will have costly municipa
problems Of their own to deal with
Is It fair to leave them such legacy
of debt. small though it is to what
the public debts are in other localities
Throughout the country. Just because
1T is relatively small, compared with
the wealth of the community, Is ne
reason why this debt should not b.
paid as soon az possible.