Our Public Debts [pp. 205-222]

7THE P-RlNCE TON i~E VIE [V.
no voice in creating, and for improvements that may not meet
the requirements of the next generation. He said:
" The effect of spreading the payment for works over a long period was
this-that those who had planned and executed the work, and perhaps
the generation who were most benefited by it, passed away while a very
small proportion of the capital sum expended had been repaid; and that
the repayment of the great bulk of the capital was thrown upon the succeeding generation, which might perhaps have views of its own; which
might think, perhaps, that the action of its predecessors was not so good
as should have been undertaken, and that the work, perhaps, was somewhat worn out; and that at all events the new works which had developed themselves rendered it very desirable indeed that the community
should get rid of these old burdens as much as possible, in order to raise
money for other purposes."
While fully admitting the force of Sir Stafford's remarks, it
must be admitted that where the works are of a permanent
character it is perhaps only fair that posterity should have to
bear a part of the burden, and it would be unjust to expect the
present to sacrifice itself entirely to the future. The analysis of
our city debts brings out some important facts showing that a
considerable portion of the bonded indebtedness has been created for not altogether unproductive, improvements. For example, nearly $I42,000,000, or above 21 per cent of the entire
amount, has gone for the purpose of building and equipping
water-works. In many cities this property is a good investment.
The tables show that nearly thirty millions have been expended
in this way in the State of Massachusetts, but the books of these
same cities show receipts amounting to nearly two and a half
millions of dollars as annual rental from water-works. The
$I42,000,000 then cannot be considered as wholly unproductive.
It adds incalculably to the health of the citizens by furnishing
them with pure water for which they are willing to pay, and
such taxes do not fall as heavily as direct taxation. Such investments certainly do not tend to handicap future generations.
To bring this point in the briefest possible way to the mind of
the reader I have prepared a very interesting table which not
only shows the purposes for which the six hundred and eightytwo million dollars of bonds were issued, but also the per cent
for each particular purpose:
2I8