Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1923-07-27
FRIDAY, JULY II. 1928.
Wants Bonds for Hampton Roads


his speech to the Virginia Press
Association Mr.. Homer L. Fer
guson, president of the Newport
News Shipbuilding Company,
was quoted as follows in the
Richmond News Leader of July z:
Unless the bonds $3.50, 900, 0O0)
Of road bonds are issued Tor
good roads .here is no chance OF
state bonds being issued for the
development of Hampton Roads,
the speaker declared.
The Hampton Roads Com
mission has solidified Norfolk
and Newport News, and these
cities are working together for
forty-foot channel instead OF the
present thirty-five foot channel. /"
Mr., Ferguson then said that
there were two WAYS of i'm
proving Hampton Roads, one by
a corporation composed OF the
railroads and municipalities
benefited by Hampton Roads
ard the other by the issuance Of
state bonds. He favored the bond
Ilan.
So this is the milk in the
CO coanut. Mr.. Ferguson wants
t, saddle the people of Virginia
with a S5O,OO0,OO bond issue be-
cause if that is done then the
people can be saddled with ad
ditional millions of bond issues
for the development of Hampton
Roads, 1t is perhaps true that
if the people are unwise enough
to issue $50, 900 for roads, then
the persuasive eloqueuce of Mr..
Ferguson and others interested
can induce them to issue the
millions necessary to deepen
Hampton Roads. and for many
other state activities, meritorious
in themselves, until Virginia
shall surpaSs the record of North
Carolina. There tile boud fever
has been fully developed, and
not only SOS, O0O,O 900 has been
issued for roads, (only sufficient
to build ope-third of the state
SYSTEM but $4,000. 900 has been
authorized to construct railroads,
and SIS, 100000 for school and
other public buildings. Today
North Carolina has a authorized
bond issue of about $4,000, 900.
second only to New York states
among all the states of the Union,
and where proposal by the
Governor to issue bonds for a
steamship line was only defeated
by a narrow margin, State High
way Commissioner Page of North
Carolina, says that $500, 100000
of road bonds must be issued in
North Carolina so as to complete
the state system.
Tie whole of Virginia is proud
of Hampton Roads. No argu-
ment is made against the i'm
provement of this great water
way, vet to issue millions of
bonds for this and other meri-
torious projects may bring dis
aster to Virginia.
The bond craze or the desire
to place the burden on posterity
and enjoy the benefits today are
dangers inherent in any large
bonded program and NAV not be
comfortable if the precedent is
once established. In 1922 the
bond advocates in Virginia were
urging a $l2, 100000 bond issue.
and that was all they were asking
At the special session of 1923
they were smoked out and forced
to acknowledge that $4,000, O0O1
was the minimum amount they
desired. This. Mr.. Ferguson, in
his Newport News speech, calls
petty" financing.
TIE Pay As You Go Associa-
ton has always contended tn: I
the proposed bond issue was only
an entering wedge for still greater
bond issues. We predict that
the same forces now contending
for $50, 900, 900 of road bonds will
be conducting the same costly
and vigorous campaign for adj
ditional issues for various pur-
poses if the issue now proposed |
should pass.
Mr.. Ferguson is an able aud
patriotic Virginian. He has the
courage and sincerely to publicly
express his approval of the bond
plan of financing, and in effect
serves police upon the Virginia
' tsxpsy ssa atGaf ia1 lsss,;s s.1lli,t
pendnispsoEranrsfaE 5 80, lb00sa00
81 foad aBoAdy iss appvotstl. tifise'
viii Sc accepted as the EnaI to
hoist additional bond issue upon
wx.s-s~ e. BTeaanknn Roads and /