The Birmingham age-herald., 1922-05-14
To the Editor of The Age-Heraid: ::

To the Editor of The Age Herald:
 After much earnest thought and effort to ascertain the actual facts and figures. have reluctantly come to the conclusion that I must vote against the proposed s5, 900, ,000 bond issue for schools. This question Is not matter of sentiment but of sound finance and requires dispas- sionate analysis in terms of dollars and cents. It is we'll understood by all who desire good government that education Of the future citizens is its very foundation stone, and that money for more and better schools is the cheapest money we can spend. Every forward-looking citizen of Bir- mingham desires the best educational facilities for the city we all love and work for. But no real lover of Bir- mingham and her children can de- sire, for the sake of immediate and momentary relief from badrs condi : tion. to plunge into future one still worse; and such, it seems to me. will be the result If the school bond issue is authorized by the voters on May 22.
 Two questions must be answered in the affirmative if the patriotic voter is to vote "yes" for the bond issue:
 1. Can the city honestly afford to issue the bonds without jeopardizing it's financial future?
 2. Is the need imperative for such a large expenditure for schools and is 1t impossible by additional taxation for school purposes. to work out an adequate school program without the issuance of bonds?
 Cannot Afford It
 .f tl that to my mind and against my de- sire the answer to these questions is in the negative. I do not see how the city can honestly afford such a large Issue of bonds at this time. No in- dividual who spends money in an- ticipation of his estimated future revenue ever achieves competence. As his income increases his wants expand. The same Is true of cities, which are but aggregations of indi- viduals. According to the table of figures issued by the city comptro1- Ter, on which the advocates of the bond issue are passing their argu- ments, our estimated increase in property values will provide for the amoratization of the bonds over a period of 30 years and leave at the end of that time a substantial sur plus. Consider these figures:
 Interest on $7.oo0,o00 at 5 per cent a year, s350, 900; yearly sinking fund to amoratize in 30 years, sS3,000; total. s433,000.
 Revenue from 1 h mill tax on as- sessed valuation of $140,000.000, $210,- 900; annual deficit. $223.000.
 Estimating the annual increase in assessed valuation at $7.000,000 Gas comptroller does), 1t will require an increase of s14S.0o0. 900 to produce the amount of the above deficit. s233.- 900 yearly This will require 21 years. If this deficit is paid out of current revenue. it will simply mean reduced living expenses for the city fewer teachers. firemen. policemen, etc, and 1t Is obvious that we have few enough of these already. Sup posing. however. that our increased revenue is consumed in meeting this deficit. what of other bond issues that may become necessary? Can we go for 21 years with no further im- provements? At present we are in desperate need of a new sewer sys- tenn. as residents of Woodlawn will testify. I have heard competent engineer estimate the cost of this system at. conseryatively, $15,000,0 900. Where is money for this and other