The Birmingham age-herald., 1924-03-24

There is no doubt that public sentiment Overwhelmingly favors as large a bond issue for schools as the community can afford on a. sound financial basis. There are many who believe that the pressing public library needs should share in the bond issue. As the mat ter now stands it is apparent that practically everybody favors the best possible schools, and nobody opposes the proposition to make them adequate and efficient. The question is how !, large bond issue can be authorized without impairing the public credit. There seems to be considerable difference of opinion on this point. Hence another mass meeting is called for tonight to further consider the situation from every angle, in the belief that the prev ious meeting was not properly representative. At this meeting phases of the question which it is claimed were not fully brought out at the meeting of the general civic committee will be considered.
 While it would be unfortunate for any sharp difference of view as to the size of the bond issue, and whether the public library and other proposed municipal improvements should share in the proceeds, to be so injected into the situation as to endanger the whole project at the polls, frank and intelligent discussion of the situation should be helpful It should be informing to the board of educa tion, which has authority to determine the size of the bond issue. The board is com posed of thoughtful, public-spirited citizens who are deeply interested in the schools and sincerely concerned for community welfare, which is closely identified with and largely -edependent on an adequate, efficient school system. How. far the city can go in bond issue of this kind without jeopardzing the public credit; whether it is good business judgment to predicate the issuance of mu- .nicipal securities on anticipated increases in stakable values; what additional tax levies { would be necessary to provide sufficient sink ing fund to care for, interest and principal on the proposed bonds, and how much would Dc required to meet additional operating costs incident to the expansion program whether library should be included-these and other phases of the question will be considered by the board. Hence the import ance of full information for a sound analysis of the situation.
 In view of the apparent difference of view as to the size of the proposed bond issue it were well that several things be carefully considered in connection with the senerally accepted sentiment that Birming- ham should go as far as it safely can in providing the pressing school needs. First, how much money would be required for building program extending over a period of three years, and is it wise to issue bonds now, the proceeds of which could not be properly expended before the expiration of that period? Secondly, will such proposed increase in taxes as are set aside to pro- vide a. sufficient sinking fund to care for bond interest and principal and provide nec- .ssary additional operating expenses for the schools meet the requirements?
 As general policy, not safely to be ig- nored, the necessary sinking fund to care for interest and maturing principal on all public securities should be provided It is the only sound program. It should be done in this as in other programs for public inn provements. It IS gratifying to note that many who are manifesting sincere interest in the schools and in the public welfare are proceeding on this basis. It is equally grati- flying to note the interest the people are talk ing in this important civic project. Their attitude is constructive and promises fruit ful results