The Anderson intelligencer. [volume] (Anderson, S.C.) 1914-1917, 1915-03-23
BONDS FOR HIGHWAYS
Valuable Official Suggestions For
Everyone Interested in G0nd
Roads

! tFronl the Manufacturers Record
y most practical publication is
J ';ui!cun No. l"6 OF the United States
department Of agriculture. c0ntribut-
rd by the Olice OF public roads. being
! u conVi,atiun by Lawrence ]. Iicwcs
and James W. Glover oi data and an
:.nalysia o. economic features affect
inr construction and maintenance Of
h.Ghways financed by bond issues.
io%c'icr with the Development OF the
! ihcorv nf iiahway bond calculations.
~ introduction tl,c statement i, mad,
t'ial the Practice OF issu!ng bond,
.ur highways and bridge construction
~ cuuni4cs anJ their subslitisiols has
becolnc Il!ic prominent. and ih.S
- a 'hie..s Is reinforced 10y tic follow
I tng
IN l-" counties, o, III per cent
i..- Az III. count!cs III this country,
'h"r.. were out standing highway bond;
On J"nI:.ry |, III /; Tae total amour,
of such bonds voted. H.; a.ccr,Aincl
! by the o.Icc OF public roads up 10 that
'!a,e. vas $2aGj.,;.o,.. OF which
, township bonds alone amounted to
; So ,lJ.:.1lS. The amount oi. outs,and-
ilE local nignWay bonds on January
!, ISL, Was approximately s2n2.0O7.-
.0 THIS amount was Increased dur
Tag the year 1913 hy current issues
.Ctcd below, but was also slightly
decreased by maturing payments.
The county highway bond is os-
sentially municipal bond; that lis,
bond issued by Il public corporation.
Statistics Indicate that all municipal
bonds are regarded a; excellent in
vc3tments. and are frequently used by
banks as second reserve. The
amount Of highway bonds issued is III
dicatcd shy comparison with the $79,-
.41.6SS OF irrigation and drainage
bonds authorized in the interval from
1907 to 1912. inclusive.
The progress OF tine local highway
bond movement is further indicated by
the diagram OF first issues for the
interval 190O-l9l3. Dates of first is
sues were reported, however, for only
a79 counties. First issues for 1912 and
1913 arc practically complete.
During the past three years coun-
ty. district and township highway
and bridge bonds we're voted as fol-
lows: 1911, s2?.o00.c22; 1912, s32.-
W., ,IU3; 1913. S60.lA5, ,7o6-making a
total of s111 668,4S1
There have also been voted State
highway bonds which total $15S.;,3O,-
600. The grand total of all highway
bonds voted and reported to the Of
lice or public roads to January /,
1911. is. therefore, Si45,li7.013.
The bulletin presents diagrams,
llaii tone illustrations aud statistics in,
Illustration of it's text dealing with
the economic value OF the market
road, the cost OF highway construction
and maintenance. the methods OF is
suing bonds and the total cost of
highways. 1t dwells upon legal re-
strictions on bond issues and the need
Tor highway engineer. and, discussing
the advantage of bond issues, says:
The issuance Of highway bonds is
essentially method OF cap;talizing
the resources Of a community for the
purpose fcreating improved high
ways. The fundamental advantage of
Inc bond plan Is the construction of
good system OF roads at once, but
there arc secondary advantages in
building roads in long stretches and
m the planning Of the maintenance
of such roads.
THE question is hot merely wheth-
or community shall incur a debt:
1t Is also n question as to whether
thc maximum economic efficiency and
he full dcycl oDment of the public
wealth Will he hest promoted by using
public credit
i.nnhas's has been placed in this
ribEra';or cn the strictly measurable
economic benefits to community
from rOnd Improvement. There arc
; many additional economic benf;ts and
very great social benefits which are
no trcadily measured. Increased
school and church attendance Is
shown in rcneatctl instances to mo an
immediate consequence Of better
r"hdr. TIL" general stlmm'us To busi-
noes is difficult TO evaluate. It Is evi
gent however. that business and pro-
'"ssional men Of all classes are among
The first to be benefited This is es-
pccially true, Of physicians. The cost
nf upkeep of automobiles. particular
" Of tires, is becoming yearly a large
item. and the road condition Il
most serious factor for the automobile
ist and the users Of motor trucks.
ut should he understood at the
outset that the question Of debt it.
self is relatively less important than
the question of sound planning and
good management Of the loan. The
very presence of the improved road
system increases the value Of the
county property, and therefore the
resources supporting the loan. It is
well-established BUSINESS principle
that extension of credit within safe
limits Is necessary for maximum re-
sults. The financing of all private en-
terprices by bond issues has increas-
ed very greatly. In 1908 statistics
show that during the preceding decade
bonds were issued as a method CT cap
italiZing public and private enter
prises at the rate of s5S3. 600. O.O00."
Meeting an argument which is
sometimes advanced the bulletin says:
''Ir. planning the highway system or
the maiu market roads as mentioned