The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1922-04-22
SALE OF STATE BONDS UpW1sE.

bonds while the market for bonds Is SO exceptional
" favorable.
The letter Is a circular letter which is being sent
to tho members Of the Legislature, to bankers, and
other officials. asking their opinion regarding the
adyisability of such action, No doubt Mr.. John
son will. receive general acknowledgment Of his
appeal, which has some very good things to recon-
mend It, and The West vlrginian is glad to respond
with its opinion based upon serious reflection con-
corning the matter.
There Is no question but that the present market
for bonds Is very good indeed. The time is favorable
to dispose Of all kinds OF bonds. II Fairmont had
been authorized to sell city water bonds, they would
have been promptly snapped up. The West Vir-
gilman has no doubt, II a special session OF the
Legislature would give its assent to the sale Of the
twenty-five million dollars Of state road bonds as
Mr.. johnson requests, the present market would
take care of them most advantageously, and the e1-
pense entailed in the extra session Of Legislature
would not be worthy OF consideration in compari-
son, but there are other phases of the question to
be considered and these are worthy Of thought.
In the first place the fifteen millions OF dollars
already available for the use Of the State Road
Commission have scarcely been touched. The sale
Of an additional twenty-five millions Of the bonds
would place in the hands Of the commission forty
millions Of dollars practically entire. 1t is such a
vast sum that the average mind can hardly grasp
II. It is so enormous that 1t must appear mex
h%austible. There is absolutely no question on the
part Of any one OF the integrity and honesty of pur-
pose of the members OF tho commission, nor Of
those members who may follow them, but 1t is
hardly humanity possible to plan with the same
economy when practically unlimited funds are on
hand, as it is when the sum is limited and economy
alone can secure results.
There Is not the faintest chance that West iyir-
L. g. -
to carry on road Improvement. The fifteen mil
lions now available Is amply able to take care OF
every need for three years at least. The whole
good roads plan Of West Virginia is yet in its in-
fancy. The organization which is to handle the
expenditure Of the funds is but a skeleton organ
ization In many Of the districts, and the entire
program hazy and uncertain. It s'one Of the most
stupendous tasks which has ever faced the state,
this pulling West Virginia out OF the mud. At
present It would be an impossibility for the state
to expend economically more than five million dol
lars yearly in road Improvement. There Is no plan
for the progression OF this amount Of work. Penn
%sylyania, with her trained, experienced, state road
commission, and her definite road plan worked out
TO infinite detail, only expects to cxpend ten mil
lions of dollars In the present year to take care Of
every bit Of work contemplated.
Z bodybuilding cannot be rushed to completion
A"SS RhtS a. Is kAaS AOb
be hurried. Those who travel the road etwee
Fairmont and Riyesvihe will have convincing proof
OF what haste in road building accomplIshes. Tho
application Of the cement to a filled surface not
sufficiently settled has resulted in a broken, crack
ed condition, responsible Cor more than one bad
accident, The haste in this Job was decidedly e-
pensive haste, and It would be true Throughout the
stasai IL the work were hurried to completion.
Road building, moreover, is yet in its infancy.
There is only need to look back over the past ten
years and see how many road experiments have
been hailed as the final solution only to be dis
carded after entailing great expense. The business
is yet on the way to perfection. Suppose all OF
the money for West Virginia roads were available
aud there should result q great, hurry up program
OF road building? What gain would there be in
this IL ten years from now the state would be crisis
crossed with obsolete road construction, while
better surface materials and better engineering
plans were to be had at less expense than that In
vested. Every year Is going to seq great strides
in the perfecting Of roads; 1t would be we'll to pro-
coed a little slowly and benefit by these improve
-ments.
Mr.. Johnson warns that the market for bonds
may not be nearly so good in a few months as 1t is
now. This is merely one mans speculation OF
course. No one can say with any certainty whether
bonds will sell for more or less six months or three
JeoAS INV tnau buey Will At PRESENT. WeSt
Virginia has ample provision for all road improve
-aent for three years to come, and it will be tina
enough then to consider the condition OF the bond
markell. ~
Taking all things into consideration, and adding
tlt fact that the holding of such a vast sum Of
money would mean additional burden upon the
people Of the state, FOR there would have to BIO the
interest, and the sinking fund, which taxation
would have to take care Of, thus bringing another
load upon people whose taxes are amply heavy
enough as It is, it is the opinion of The West vlr-
sinian that the sale Of additional bonds is at this
time unwise, because not necessary, and that the
gain which tho state would receive, would be more
than balanced in the final outcome by extruvagance
In. expanding, by not being able to take advantage
Of improved road methods bound to develop, and by
faulty construction which haste would certainly
bring about. Go slowly and build welp< expanding
carefully dollar by dollar the more than sufficient
sum provided already. and leave to the future the
problems Of the future.
-
Wheeling voted three to one Thursday for a
filtration plant, CONGRATULATIONS are Certainly to be