The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-08-09

I IKE the Rotary clui Of Albuquerque, the Kiwanis club Of Roswelt
~ bond issue proposed In a constitutional amendment TO h. voted
uppa next month. The Roswell organization like the Rotary club, is
composed mainly Of business aud professional men. n there Is any
class Of peeple who should favor good ROADS il should be The business
and professional class The great majority Of these " automobiles
and have leisure 20 USE them, or business uses for them. Good roads
bring business TO business men. II may be stated a a rule with
rare exceptions the business man will favor building roads when
ever he Is convinced that the public treasury and the taxpayers can
stand the cost. IL is a significant fact that business men generally
throughout the state are found sternly opposing this road bond
setting aside The constitutional limitation a to bonded indebtedness
and as imposing q burden that is heavier than the state can bear.
The Roswell Kiwanisn club asked a committee of its members 10
prepare a report npcn the proposed road bond issue. A copy of
this report. vigorously opposing the bond issue, is found in another
column Of The Herald today. II will repay careful reading, by every
citizen interested in the subject, and every citizen, and especially
every taxpayer, should be interested in il. The Roswell club adopt
ed this report, we understand, unanimously.
Briefly this report sets forth that New Mexicos highway build.
ing program calls for an expenditure Of about eight million dollars
within the next six years, without this bond issue and OF ten million
dollars. If the bond is approved 1t holds that such en outlay rs be
is this the ease when no adequate plan of fsancing the upkeep of
roads when built has been worked out. Without the financing OF
shness to put the proceeds Of bond issucs'in roads that will dete
iorate and be destroyed before tn, life of bonds issued to build them
Everybody wants good roads. Everybody wants an automobile.
Everybody with m automobile wants 3 new or a better one. Nobody
is going to buy N automobile without some reasonable prospect of
being able 10 pay for il before IL is worn out; or at least a fair pros
The argument most frequently used at present in behalf Of the
road bond issue is that il win put more money into local circulation
and give employment to IDLE men at a time when employment Is
needed. II Is a very plausible argument until it - examined. 1t
oreriooks the fact that the money thus put into circulation must be
paid back and that the taxpayers of the state must eventually put
IL back. This ability 10 put back, 10 put up, TO pay, must be consid-
cred in the public expenditure Of this state; just as in the case Of the
automobile owner who buys a ear on credit, or the business that bor;
rows 10 expand. If the permanency and profit Of the expansion is
sure. borrowing is sound business. IL there is grave doubt as TO both
permanency and profit then il is rotten business to ~borrow-and
hard TO borrow money except OF very difficult terms. The state of
Colorado is now about to bcseech Henry Ford, John ID. Rockefeller
and others of the fabulousy rich 10 buy a road bond issue of that
state, because the state cannot sell II at par in the open market. II
ina poor time TO sell bonds; and this proposed bond issue. il the people
approve A. rs already arranged for immediate sale under the act OF
the las. legislature.
The people turned this 81 600 900 road bond issue down a year
ago. Under the Legislative act submitting the pending amendment
The people, IL they turn the bond issue down on September 20, will
be forced to vote upon il again at the general election in 1922, that
farsighted provision having been carefully written into the act by
advocates Of the bond issue who probably foresaw its defeat at the
special election This year.
This third vote upon the bond issue having been arranged for
80 that Il cannot be escaped. we can certainly wait until November.
1922, 10 vote these bonds, if they must be voted. The money will
not be required before that time. Another fourteen months will
disclose much more about our tax situation and our ability to pay
than we know now.
Since we must vote upon this question again in 1922, let as by
all means turn down this bond issue next month and take our time
for further consideration. No harm can come 10 the highway pro
gram by waiting another year, when we can tell much more accu-
lately the extent Of our need for this bond issue, and our ability 10
carry it,
The members Of the supreme allied council failed 10 take up the
Silesian question yesterday; and in view Of all the circumstances II
is hard to blame them.