Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-12-20
HIGHWAY eoNos


Short term bonds not extending
beyond the life of the highways
which the bond money builds. fifteen
years the period preferred. longer
tenn bond. thirty years. for the en-
during cement bridges, these are sd-
yocatsd alike by good judgment and
by the state Highway Commission,
assuming we nre unwilling TO 'ax
ourselves directly for that which we
should have. The data which the
Commission compiled sbo~lpg the
Interest accommodating is very service
able for the consideration OF the tax
payers. A iiitie attention to the I'M
formation the commission has com
piled IL convincing Of the fact that
state may easily pay more In inter-
. est on bonds than the amount ot
bonds themselves,
That method hardly makes Tor
economy: neither does the reissuinS
Of tho bonds IL we would get out VI
debt. For instance. the record shows
that on Ian. J.. 1921 all the bonds
which had como due had been paid
and retired, 40 II appears that dur
ing the years 1871 2?-23-2i Jopds
TO the amount OF $sts.5o0. which had
become duo and had been rctired.
were rcissued. Somewhat peculiar
conditions may have made this poll
Icy the best, but It Is hardly one
which should be continued indehnite-
~, especially rs the bonded debt in-
creases as II is bound 10 do.
There Ia yet an opinion entertain
cd by some who have not given tho
subject thorough consideration. or
who do not care 10 do so Nut want
tire money regardless Of how 1t may
te obtained. that money raised by
bonds should be used for surfaclng
gravel roads. In other words be ex-
nended for improvements which
would be gone inside O period OF five
years. Asking the taxpayers fifteen,
twenty or thirty years from now 10
pay for the roads wo wear out In
ave years time is--audacious. IL we
are content with n mild term.
. There are many temptations to be
guarded against II we would restrict
The use Of bond money within eco
monte limitations. No administra-
ton of public affairs, which has TO
look to popular support for approval
but wishes to make a good financial
showing at the end of its term.
Hence Il Is common all the way from
municipal 10 national affairs to strive
10 have money accumulate In the
treasury at the end Of the term, al
though tho bills which will come due
"A month later will call for every
penny OF It. This Is mentioned to H.
iustrate the need Of restrictions,
which the emergencies Of political
campaigns or the selhshness OF blocs
may not entirely override.
IL mel be well TO have, In
the next amendment permitting bond
issues. restrictions such rs shorter
terms. but forbidding reissue after
being paid. and providing from what
sources the principal and interest Of
SUCH bonds shalt be paid? Under the
present arrangement the Legislature
Is providiag that the principal OF
these bonds shall be peid from feef
obtained from aptomobilists. Subsc-
qucnt Legislatures may not be cf
that opinion and may decide that
these bonds shall become a debt de
reetiy on the STATE and so be paid
out of general taxation.
What may be regarded emergen-
-~t~e may get arise TO bring about
adoption of some such procedure.
has shows how great are
the Inducements to rob Peter to pay
Paul. to the confusion of all con-
cerned. This state Is going to issae
IN considerable volume Of bonds Tor
highway improvement before it Is
,done with the matter. We believe
this should be done and u done
properly will inure to the welfare OF
Tho state and increase the value OF
property. Furthermore it seems clear
THAT the state can afford to do this
without apprehensions II 1t but goes
.ahout Il 10 the right way. Would
III not be advisable to consider care
fully what may be the right way be-
,fore we commit ourselves to further