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

(l'rom the Manufacturers Record.)
y most practical publication is
Bulletin No. 1J6 OF the United States
department Of agriculture, contribut-
I'd by the Office OF public roads, being
:, compilation by Lawrence /. Hewes
and James w. Glover OF data and an
analysis OF economic features affect
Ing construction and maintenance of
highways financed by bond issues.
together with the development OF the
ihc.rv OF highway bond calculations.
IN introduction the statement is made
that the practice OF issuing bonds
Tor highways and bridge construction
~ counties and their subdivisions has
become quite prominent, and this
,tttemc.l. is reinforced by tie follow
.ng:
In 10, counties, or Ill per cen.
-. ali Tie counties in this country.
there were outstanding highway bond.;
on JANUARY |. 1911. The total amount
of such bonds voted, as ascertuined
hy the Office OF public roads UP To that
date. was $2S6.:,o6,073. OF which
township bonds alone amounted to
Sj7, 10 ,IlS. The amount ota outstand-
ing local highway bonds on January
/, 1918, was approximately S202.007,-
80. This amount was Increased dur
ing the year 1913 by current issues
acted below. but was also slightly
decreased by maturing payments.
The county highway bond is es-
sentially municipal bond; that ais.
bond issued by a public corporation.
Statistics Indicate that all municipal
bonds are regarded a; excellent in
vc3tments, and are frequently used by
IN MI Il,
amount Of highway bonds issued Is in
dicated by comparison with the s79,-
T41.6S8 of irrigation and drainage
bonds authorized in the interval from
1907 to 1912, inclusive.
THE progress of the local highway
bond movement is further indicated by
the diagram of first issues for the
interval 1900-1913. Dates of first is
sues were reported, however, for only
6I9 counties. First issues for 1912 and
1913 are practically complete.
During the past three years coun-
ty. district and township highway
and bridge bonds were voted as fol-
lows: 1911, S29,20O.022; 1912, s32,-
022, ,703; 1913, S60,445, ,756-making
total Of Sill ,G6S,iS1.
There have also been voted State
highway bonds which total $15S,59
600. The grand total of all highway
bonds voted and reported to the Of
flee Of public roads to January l,
1914. is, therefore, $445,147,O
The bulletin presents diagrams.
half tone illustrations and statistics inS
of its text dealing with
she economic value OF the market
road. the cost OF highway construction
and maintenance, the nnthods OF is
suing bonds and the total cost of
highways. 1t dwells upon legal re-
stricttons on bond issues and the need
Tor highway engineer, and, discussing
the advantage Of bond issues, says:
THE issuance Of highway bonds is
essentially a method OF capitalizing
the resources Of a community for the
purpose fcceating improved high i.
ways. The fundamental advantage of
the bond plan Is the construction of
4 good system OF roads at once, but
there are secondary advantages in
building roads in long stretches and
in the planning Of the maintenance.
of such roads.
THE question Is hot merely wheth-
er community shall incur debt;
1t Is also n question as to whether :.
the maximum economic efficiency and
the full development Of the public
wealth will be best promoted by using
public credit
I. Emphasis has been placed in this
cn the strictly measurable
economic benefits to community
from road Improvement. There are
many additional economic benf,ts and
very great social benefits which are
no treadily measured Increased 4
school and church attendance Is
shown IN repeated instances to ME an
consequence of better
roads. The general stamulus to busi-
ness is difficult to evaiuate. It is eyi-
don't however. that bus.nesg and nr0-
fcssional men Of all classes are among
the first to be benefited! This is es-
true: Of physicians. The cost
Of upkeep of automobiles. particulars
~ of fires. ia becoming yearly a large |
item, and ;,':e road condition "a a |
most serious factor for the automobil-
iSt and the users OF motor trucks
ut should be 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. Il is |
a wetl:established business. E-incipIej
that extension OF credit within safe |
limits Is necessary for maximum re-
suits. Tho financing of. all private en-.
terprices by bond Issues has increas-
ed very greatly. IN 1903 statistics
show that during the preceding decade
bonds were issued as a method ct cap
public and private enter
rsyere .f,fsf