The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-11-29

The credit OF the entire state OF Louisiana is
behind the enterprise; the bonds are sold from
one end OF the nation to the other. and the peo-
pie of New Orleans have willingly submitted to
a tax In order to pay the interest the loan
until the canal is selfsustaining. This interest
will amount to about 100000 year.
When 1t became evident recently that new
bond issue was needed to complete the work.
and the possibility of throwing up the job en-
tirely was limited, the financial commercial and
labor interests arose and unanimously demand
ed that the work go
And the representatives OF these interests
voted that the people Of New Orleans mot OF the
state of Louisiana. though the state Is behind
the project) be assessed another mill to enable
S75O0O0O of bonds to be floated-should the
work require that much money.
According to financial experts. the floating Of
these new bonds will be easier than any of the
former issues. The changing economic situation
is responsible for this. The chief problem
the interest guarantee. Interest on the previous
bon dissues (st2,O00O00]. totaling 100000 year.
guaranteed by the public belt railroad.
municipally-operated facility, and the levee
board, state body, the latter meeting $4,000 Of
the interest alone. These boards able to
do this through contracting to the dock board
the work Of building the rail lines an doom
structng the levees
The entire interest provision was used to cover
the previous loans. The belt railroad could not
increase its quota, and the levee board presented
the only hope And it could increase its
sponsibility only through increasing the taxa
ton. New Orleans willing, however. to have
the taxes raised and the issue will be float
ed early In the coming year.
Not counting the bond issue, the canal
Will already have thrown some s47,000,000 into
port developments during the last year and
half. Twelve millions represent the cost of the
the work of building the rail line and
tract of the Doullut & Williams shpyard at
the Pontchartrain end; 100000 the shipbuild-
ing contract of the foundation company at the
turning basin and Si50ooOOO the three army
warehouse"
That is the only way to do big things. And it is
what Pensacola must do, and at once, if this port
to take its place in the lead with other southern
ports
Pensacola has not had to ask for state federal
aid for deepening her harbor-but is that good
son why the people of the city, the state the
nation, should refuse to make of this port what II
should be7 Is it logical that ports less
blessed should be signalled out for favors?
Big business is not carried by legerdermane OF
clarvoyance Business is the result of business
methods If six years ago the municipal bonds voted
by the people of Pensacola had been placed sale
j
Orleans. This is idle statement. but is based or
actual facts recognized by the United States
ment.
Much of the recent port Improvement in New Or
leans was due to the war. But 1t because of the
splendid facilities offered by New Orleans that this
Pensacola now has some of the best termi
nails in the United States owned and operated by
the Pensacola Northern and Gulf railroad and the
Louisville and Nashville and had this port possessed
municipality owned docks and belt line road, with the
important Notifications already established here anC
the largest naval flying school in operation there is
every probability that the United States government
would have utilized this port to the same, if moi
greater extent. than that of New Orleans, and
that much Of federal monies would have been spent
on port Improvement here. as in the, Crescent City
But Pensacola is not now concerned in what ha:
been done or what might have been done. The prob.
lem facing Pensacola today is what must be DONE
Pensacola must spend some money for its own
public improvements. And this must be through
bonding. The bonds voted six years ago must bt
placed the market without delay.
Because Pensacola failed in its civic duty in the
past is the greater for vigilance now. Be
other ports have gone forward, in spite of han
dicaps and have taken from this port business which
should have been ours is the greater for Of
ferng inducements to the trade of the world today
And the only way that these advantages may be
secured, is through additional port improvement
which will not only give Pensacola every opportunity
to care for the trade which would naturally con-
centrae at this port but will afford facilities which
will induce trade to seek this port In preference tc
other ports of the Gulf and the South Atlantic.
HOLDS RECORD FOR RIVETS DRIVEN.
The Pensacola Shipbuilding company for the frs
time. has the honor of holding first place in shiI
construction OF the United States according to rec