Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-01-30
lAWMAkjNG AND ADVICE

city Wednesday between a Legisla-
tive committee, a committee from
the Maine Automobile Association.
the State Highway Commission and
committee from the Executive
Council. Nothing is said about a
committee representing the banks
being in attendance.
But it is very important that there
should be represented in all these
efforts looking toward bond issues
those whose experience with matters
of finance is valuable, those who are
capable of Analysing n proposition
on a credit basis. Especially is this
true at this time when there is a
country wide mania for issuing NUM-
cipal. county and state bonds-to
say nothing of Federal bonds-plac-
ing on the next generation the cost
of that which we would have now.
Maine is not as susceptible to these
"crazes" as are some States, but
she is not altogether immune from
this or any other variety of mental
"flu." While her communities are
not likely to issue town bonds for
marble swimming pool and the main
tenance of public chiropodists-and
something about as absurd as this
is being done by some municipalities
in this country-some of her COM
muntics have been known to issue
bonds for building highways and yet
have the debt although the high
ways have been worn out and must
be rebuilt, for the simple reason
that maintenance of them has not
been kept up.
If there wasn't so much snow on
the ground the city of Augusta could
give the Legislature Il very convinc-
ing demonstration OF what happens
are not properly maintained. The
city ltas the bonds TO pay. They won't
mature for several years. 1t has
complied with the terms and has
set aside the required sinking fund
which at the expiration Of the term
Will pay off the bonds. 1t plesum-
ably Will continue to do SO, paying
for dead horses. Tut what about the
roads. so built? If it were summer
tho. legislature would require but
one ride over some of them to con-
hat l.
insufficient maintenance. This, al
though by-and-large we consider
Augusta a we'll governed community,
with as much public spirit and as
liberal an attitude toward the needs
as any community in the state.
But we built those roads with
bonds, which arc not paid, though
the roads must he rebuilt. What
Augusta has done other communities
will to--if not Norsc-and there YOU
have it.
Someone, We think it was the
chief engineer Of our highway COM
mission, remarked in public ad-
dress recently, that no one seemed to
be able to get a thrill out of having
his shoes rosoled. Those looking for
q thrill will throw the old shoes
with perfectly good uppcrs into the
ash bin and buy Il new pair if they
can get the price. We arc not quot
ing, but this, as we understand it,
was the substance of the remark
made in course of a discussion of
the public's attitude toward MAIN
tcnancc.
And as VIC sec it this matter Of
maintenance is most important IL
the State were presented with
complete system of highways con-
structed according to the most APP
proved modern methods it would he
a severe tax to properly maintain
item. and II this wasn't done its
final condition of affairs would be
ruinous.
The owner Of real estate who
didn't wisely provide for mainten-
ancc Of it would in the end bankrupt
himself. The State is no different
in that respect from the individual.
But the bonds of the State are
eagerly bought. They are tax ex-
empt and the buyers assume they
are absolutely good. that all the
property of the State is holden there
for. They would change their minds
If they had to foreclose and try to
get their money back. They would
be precisely in the position, Of those
who held bonds Of States that re-
pudated their obligations, for this
has occurred in this country and will
occur again If reckless financing ID
continued long enough.
Better have a few bankers at that
conference. Also, a suggestion that
lawmakers talk over the schemes
with their bankers ought not to be
regarded as an impertinence.. The
need Of good advice to go with law
making Is apparent enough.
'"The time has come when no oues-