East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-02-05
THREE METHODS FOR
FINANCING DAM SITE
LISTED BY BENNETT
Local Banker Suggests Govern
ment Aid Under Federal Wa
ter Power Act, Bi-State Ac-
ton, and Private Capital

Financing the proposed develop
ment Of the hydroelectrie power from
Umatilla Rapids might be accomplish
ID by one or more OF three methods,
VIII H. Bennett, cashier of the Inland
Empire Bank Of Pendleton and form
er state superintendent of banks, said
in his address before the Umatilla
Rapids Power Site Association today.
One IS by the governmf 1t, acting
through the commission appointed un-
der the federal water power act, sec
ond is the joint action by Oregon and
Washington. through water power
commissions, and the third is the in
teresting of private capital.
Mr.. Bennett declared that he was
not familiar with the intricate details
OF the project but that from his know
ledge Of the conditions he would sug-
gest one or more OF these means in
combination, as feasible.
TT has been estimated by former
State Engineer Lewis that the possi-
bic cost of this project Will be up
wards of S20,0OO, 900, a huge sum in
former DAYS. but not so awe inspiring
at this time, because Of the common
use Of large figures during the late
war period" Mr.. Bennett said. stu
SIC, ,0c0,V60 would be huge sum foI
any municipal district to raise through
the sale of its bond issues, especially
il bond brokers in the near future de-
mand such heavy discount as has been
demanded and received in the past
Three Plans of Finance.
"To my mind there are three meth
DDS which could be used TO develop
the hydroelectric power of our Co
lumbia river Whatever method i:
quickest and surest should be follow
ed, so that this immense amount o.
waste energy can be utilized to bene
fit our community, and cur state.
Regarding water power, Franklin
TX. Lane. secretary of the interior, re
Gently said: Water power can d.
more than any one thing to lower tn
cost and raise the standard of living
it is the root of agricultural wealth
4 il is the key to the industrial life o
the future. and it is essential 10 ou
national defense. The policy of tn
government towards water power af
fects the welfare Of every man, womal
and child
with such tremendous water pow
er flowing past our very doors, as
were, we must work to select tn
most feasible method TO finance III
harnessing OF Umatilla Rapids.
Owing to the size of our prujec
which unites the development of hH
droelectric power and the irrigatio
of almost half "a million acres of Ian,
the first plan | would suggest is IN;
the government undertake this d,
, velopment through the eommissiO
created under. the recent enacted fec
! eral power act.
States Could Work Jointly.
/ Another plan suggested is that
state power commission be created |
. law, in the states of Oregon an
9 Washington to act Jointly. and Il
O states OF Oregon and Washington I
1 nance this development OF tmatn
4 kapids and the many other pow
! sites located along the Culumb
= riveE in some manner, possibly sim
NH county Orerop ana ClarI
- lrnupt,, Wasbirgton erected he inte
stafa b,.d~o betwrcn Portland n,
lNt,nro,5,er
n "A third plan suggested is to i
3 terest private capital in the deVelo
!, .msnt of bydroelertric noyyer n, /
!. s,,a un5er ropsidaration Tho COVER
mont ,,.,tar 1,nNRspr ram t11iSsinn bnS q
L thorltN 10 lease sues TO private &C