Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-03-07

aptborized oniv Tor two Ipcome-producin
| projects, port Improvement and transit.
- lnese Wo ~ ,',ns' b. Win pay i,e oWn ";, WY
lends It's credit TO finance transit, Every
cent comes back Taxpayers shouts not he
nisied as to this phase OF the situation
-r-,,r,>, A.. ,-.,,,. 49,, o., ,,,,, ,,,u
! w -, -. s,, r,,,its,1a,,,t,,, -. 80 49,,
| fro,tod ot o,co ,,,i,b financial diHlcu1ties tIa
sougbt re,ief from the Legislature and brought
a. about that nersonaI propertv as we'll as
| roaI estate .ho,,,d bo tho bssis for committing
! the borro,vinp canacitv Of the citv. THE money
On obtainable &c nov, available for anv perrna
nent irrnrovomerts
He then went before the Legislature and
the people of the state with proposal that the
borrowing capacity Of the city be increased
from per cent. to 10 per cent, the money
obtained under the extra per cent TO he
used only for two purposes. to wit, transit
and port Improvement
There yos "a Great underlying reason for
this Taypavers might reasonably object TO
an increase of debt from which there would be
no return In actual money. But transit and
port Improvement, be 1t understood, are in
a different category. They are both revenue
producing projects. They do not actually add
a dollar to the debt new pier produces suf.
ficient income to pay the interest on the capi-
tai invested and to supply the sinking fund.
Transit lines do the same thing.
The 2 per cent. extra borrowing capacity was
for the purpose of allowing the city TO lend its
credit IN bui1d facilities II did not conten.
plate the addition of one cent to the perma
nent debt Of the otv or the inposition of any
burden on the taxnaver
,,o. ,..,.,. H., ,,.,. ,,,,.,,,, ,,,o,,,,. %
- -. A., -, l., ,.t1s., mn,
-, - =. -, -, .. .,,o ,a,,,,,a,
W., ,,l,,,o,..,, - .,., ,a,,,+.,,o,,. - ,,hI,,
,,.,,i.,. 49,, s.,,a o,,,,o 49, 49, e,,1,,,,i.,
49, -. =, ,,,.e,a,..,.
:. - a.. -, -,
IAN something ne got lor Ho'hlns III d
way II can company oullus d iac'orS lor
Slo'Voo'VoO' II uoes hot expect thereafter 10
oe putting up yearly the interest OH thlS
money got from an OUTSIDE source IL expects
the factory 10 earn the interest on the Dohds
ana also provide SINKING luhu mat Is
eNactiy what the factory does uo' Inc Slo''
oVooOV mas simply Deeh loaned lor period
OF years curing "Ilch time II Is Seh-Sup'
Poruhs'
The people did not contemplate permitting
Philadelphia to borrow additional millions for
nonincome'producing projects.
This principle was further carried out in
the provision that so soon as either project
port Improvement or translt-became self
the bonds should no longer be
charged against the borrowing capacity.
The effort, therefore, to make the taxpayer
think that great burden will be put on his
shoulders If the Taylor plan Is consummated
is misleading. On the contrary, 1t is admitted
that the Frankford will be money-maker
from the beginning and so Will the Broad
street subway. Not only Will neither be an
incubus on the back OF the taxpayer but
neither Will eventually even be charged
against the cltys borrowing capacity.
Moreover unexpected developments due to
the war have made the Darby l. more than
ever FEASIBLE there now being adjacent to the
Darby district great body OF workingmen
who must be given quick transit to the city.
SO there Will be great increase in the activi-
ties OF the Navy Yard, which will also render
profitable the extension to South Philadelphia.
Ialk OF contracting the system In order to
save the taxpayer money is Just buncombe
and nothing else. NO advocate OF the Taylor
plans is proposing to do anything but create
a system which will actually add value to the
real estate holdings Of vast number of tax
payers Money is to be put into their pockets,
not taken out. Even the gas works, poorly
represented finally cent of
taxpayers money