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Show The Peopla Pay the Interest. Salt Late City, in its corporate capacity, is already al-ready bonded almost to the legal limit of indebtedness. indebted-ness. Salt Late City is solTent and its bonds command com-mand a premium. This fact .was demonstrated only recently, when the million-dollar bond issne for expanding ex-panding and making permanent the water supply system was bid in by one at the largest insurance companies in the country for a handsome bonus over face value. Salt Lake City is a thriving, flourishing, flour-ishing, growing community, and the financiers who control this great insurance company have confidence confi-dence In its future. The Telegram also believes in Salt Lake City and ita every effort has been directed to building up the city and adding to its prosperity. But there is a bonded indebtedness against the people of Salt Lake City that is not accounted in the city's liabilities. Nevertheless it is a tax upon the shoulders of the people. This bonded indebtedness indebted-ness it is now sought to increase. ' We refer to the f 6,000,000 bonded debt of the Utah Light and Railway company, which that, company, com-pany, through a consolidation of its several franchises fran-chises and the extension of the same for ninety two years, is seeking to increase, to what sum nobody outside the councils of that corporation knows. The people of Salt Lake City are ncrw paying from $20,000 to $300,000 annually in interest on the bonded indebtedness of the Utah Light and Railway company. That sum must be paid, and who pays it? The people who ride upon that corporation's cars and who use its electric currents, and gas for light, heat and power. It is a tax upon the patrons of that cor- j poration. It is a tax upon Salt Lake. j The total revenues of Salt Lake City last year were only $819,000! The management of. the Utah Light and Railway company admits that its purpose in seeking the extension of its franchises is to enable en-able that corporation to issue more bonds, thus making an additional tax upon the people to meet the increased interest. This is one phase of the "square deal" that does not appear upon the records, but it is a fact, nevertheless. never-theless. . - |