The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-06-03
Page Coxey

After nearly sixty years the people OF this
county viii pay the final instalImcnt of bonds
issued In 1910 TO build the courthouse.
Tazes viii be little higher this Eear or
service poorer in some direction. for it will re-
ouire nearly 100000 to pay off the last of this
debt which. when it was incurred, amounted to
only s9500oo.
Passing ON the burden to future generations
in this particular instance meant that three
generations have been compelled to pay the
cost.
While the people have been scraping together
$4,000 to pay on the principal they have been
forced to pay with promptness, - $50 IN
interest charges.
The total cost of the building TO the public,
in this sixty-vesr period has been more than
three and half millions of dollars. not count
ing repairs. or rental of approximately sixty
thousand dollars year for the building alone,
inssmuch as fine county owns the ground.
Cleaning mp the last of the Indebtedness,
little ahead Of the program outlined year
ago. will pave the way for plans to erect some
sort Of a new building when the legislature
meets agan to give permission for either the
sale of the ground or for some change in its
use thai VIII he more in keeping with the
modern idea Of efficient offices. That will
mean. In either case. more bonds.
This interest burden has been regular.
Every YEAR its collection has been the first
item. The people have been compelled to pay
this before they could take care Of the poor,
nav salaries oil officials or erect hospitals.
II had first claim on every pocket book IN
the county IT was charge ahead OF any
other item of expense, private or public, IN the
county for ii was a debt on all the property OF
the county.
The formidable interest burden might at
tract. most appropriately, some interest IN the
new crusade which viii be started by General
Jacob Coxey on July s when he starts on
second march this time parade to the peo-
ple, TO induce them to get rid OF interest
charges ON public Improvements.
Under the Coxey plan there would have
been no interest paid on the courthouse since
1890 and ON that date all the principal would
have been paid The people would have paid
oxactlv sq50O00 for their courthouse and
escaned the s. 626 $50 which has been paid IN
interest
Instead of selling these bonds TO investors
the county would deposit them with the
United States government and receive back
money. real money for them. Every year the
treasurer would collect as he now collects, i've
per cent. Instead of paying it to buyers oil
bonds as interest. the treasurer would return
this currency to the treasury department IN
Washington. where i; would be destroyed and
Withdrawn from circulation. At the end OF
twenty wears. the bonds would be sent back to
tine county, all paid.
Coxcy. who now has the Endorsement OF
Henry Ford. says that this is the cure for farm
ers' ills and for unemployment. He may be
wrong. The plan may have some holes IN 1t, al
though half the banking committee of the house
of representatives does not believe it to be
either illegal or illusory.
At any rate. it is interesting to speculate on
what could have been built with that $262660O
paid in interest. I'VE might have had better
hospitals and better schools. We might have
had better roads We might have had, perhaps.
decent new courthouse that would meet
present requirements.
Whether his remedy he right or wrong,
Coxey is certainly right when he says that in
terest j. burden on industry and the industri-
Gus This courthouse incident shows how great
it can be.