Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1923-02-14


gent. and, that the saving by hay
ing the highways completed seven
years or more earlier is worth
the interest, particularly where
it is possible to finance the con-
struction of the State system
with a one-cent gasoline tax, In
stead of the three-cent tax pro-
posed by the opposition.
In making the cry against the
high interest charge, none of the
opposition is willing to credit
AGAINST this charge the returns
from the completed roads, the
saving in overhead and the low
or construction costs which are
money as can be economically eX'
pended available. Frank Page
chairman of the North Carolina
Highway Commission, estimated
the saving which North Caro-
lima has been able to make or
the S4O,OOO,OOO worth Of road
contracts which have been let II
| the past two years at $5,OOO,OOO
This would pay considerable in
terest. Chairman Shirley, of the
Virginia Highway Commission
made a statement, which was
quoted by Governor Trinkle, that
the saving to Virginia in having
as much money available as could
he economically expended would
he 10 per cent. Mr.. Shirley stated
he had in mind the expenditure
of Sl5,000,000 as compared tc
the S3,50O,OOO program now pro-
vided out of current revenues
Thomas H. Macdonald, chief OF
the Bureau of Public Roads from
his study of road construction
in all of the States, pointed out
his saving. The saving in over
head possible by reason of the
fact that the same executive di-
rection can handle large eX-
penditure as well as small one
To take care of the large eXpen-
diture it is only necessary to add
inspectors, project engineers ana
minor employees, Chairman Page
of the North Carolina Commits
sion. recently gave figures to
show that the saving in gaso-
line alone as the result of con-
nected highways built amount to
.Sll.45 per motor vehicle.
In the campaign of fright
which has been waged by the OPP
.ponents to the bond issue consld-
cradle capital has been made OF
the old State bond issue. In speak
ing of this bond issue, II. ~
Phillips. president of the Broad
way National Bank of Richmond
in an able address before the
Virginia Good Roads Assocla-
ton, stated that the $2l,64l,0OO
the present amount of this IN
Gebtedness being paid IN due
and orderly fashion. He stated
that as long as Virginia remains
a borrowing State, which Will be
indefinitely, it will be the height
of folly for the State to speed
up the payment of this DEBT
faster than it can be done with
out BEING q burden on the peo-
pie, for, he explained, the State
probably never will be able to
borrow money at so low rate as
S per cent.
Again, the opponents of tie
bond issue have been raising a
hue-and-cry about the total In
dehtedness of the State, taking
mo consideration city, town
county and district bonds. The op-
position has figured this indebted
ness down to a State mortgage
of 81 an acre on every acre OF
land in the State, with the result
that many of the farmers actual
ly believe that there is such a
mortgage on their farms. Mr.
Phillips has a very simple and
easily authenticated answer fol-
this misleading statement. lie ac-
ents the statements that the
total Indebtedness sof the State
county, village and districts
through bond issue is S96, 441,2O5
IOf this amount $55,OO0,00O rep
resents the bonded indebted sess
of the cities, for which neither
the State nor the farms are re-
sponsible and against which there
are physical assets such as build
ings, parks, ETC., worth many
times the debt.
Deducr;ng the $5500O,00O
leavesl $41,441,205. If yen take
from this balance the amount OF
RidGleberger and Century bonds
amounting to $21. GAL 900, which
are per ent. bonds, balance is
left of S19.SOO,2O5 against the
counties. districts and towns
Against this amount should be
credited the value Of the invest,
ments in town buildings, schools
and roads. But leaving any cred
its out of this last item there
would be an equivalent of debt
of only so cents an acre, instead
of the 81 charged by the oppon.