The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1917-08-28
TOWN IMPROVE
MENT SERIES
Bonding for Municipal improvements
(Contributedl

| 49,
Il has long been mooted ques-
ton with the towns and smaller
cities of our country as to whether
or not they were justified in issuing
municipal bonds for purposes of
municipal improvement.
One stock argument of the ants
has always been that one generation
is not justified in saddling a debt
upon future generations.
But let us consider this.
We will say that the town Of
Jonesviiie has set its heart upon ac-
quiring a modern technical training
school. The subscription plan has
failed to achieve it, and direct taxa
ton is out of the question. At least
it would be many years before suf-
ficient funds could be realized by
direct taXatlOn.
We will suppose, first, that the
town decides to resort to direct
taxation and establishes a fund
that is intended in the course of ten
or twenty years TO furnish means
for establishing the desired institu-
ton.
We presuppose that the town feels
the need of such a school, that her
young people may be properly
equipped for a life of usefulness.
In the meantime, under the waiting
program, they are either not re-
ceiving the necessary instruction, or
else they are being sent away to
some other place to acquire it. In
the latter case, the knowledge is
dearly bought; and in the former,
lives that might have been made of
great usefulness to the world have
been stunted and nullifed by the
failure to acquire competent train
ing.
Now, as to the bonding PROPOSE
ton. And right here PROPERTY
becomes a big factor in the prob
lem.
Let us take Mr.. A. as repre-
senting the property interests, which
of course are expected to bear the
chief burden of taxation. He has a
family of boys to be educated and
trained in professions and trades.
Under the waiting plan this is ac-
complished at great expense, vastly
more than he would have had to
pay had the bonds been issued, or
else HIS OWN children are debarred
the eduiation they should have had
in order that HE may lay up a fund
that will give this education to his
GRANDCHILDREN reversing of
the policy which he condemns, as it
is saddling debt upon one genera
ton for the benefit of the next.
But, had the bonds been issued
and the institution established at
once, Mr.. As children would
have profted by it and their children
as well. And this would have been
accomplished with no more expense
than the direct tax plan entailed,
and that without the loss of one
generation of efficient usefulness.
We say with no more expense, be-
cause the rate Of interest on such
paper is very reasonable, and no
town can afford to do without need
ed facilities on account of it.
Now as to saddling a debt onto
future generations, as they term it.
Suppose the bonds have been issued
and the school has been established.
The bonds will have a life of twenty
years at least. In the Meantime
As children have been educated
and are in business for themselves
long before the debt is paid, and in
all probability have succeeded to
their fathers business, and it is
really THEY who pay the debt at
last, and not he. Furthermore, for
their payment they have tangible
asset in the shape Of the institution,
which stands ready to do for their
| children what il has done for them.