Show SOUND FINANCIAL NEW YORK is contemplating the adoption of a state constitutional amendment restricting the borrowing ower powen of municipal and county corporations and to prevent the reckless expenditure of public funds which has been common throughout the country and for which new york has hag obtainer obtained unenviable On viable notoriety the doctrine of pay as you go which some ot the leading journals are now advocating as as a measure of public economy was taught by the men who laid the foundations of thas community and has been adopted with but few exceptions throughout the territory it has hag its opponents as restricting progress L an and hindering rapid advance advanced ment but as a rule it has been found to be wise policy and the practice c of mortgaging the futurell lu future turell has not opre prevailed to any great extent in public affairs in utah the credit of public corporations is not unlimited any more than that of private corporations cities have hase become bankrupt inthe in the brief history of this great country and many now considered solvent sol soi vent vend are arc so lifavi heavily y burdene with debt and the weight of increasing interest that they are in danger of collapse in case of a great financial disturbance tur bance the policy of cash transactions is good for public as well as private affairs debt means bondage to corporations as well as individuals the credit system may suit present convenience ven veni lence ence and give room for dash and display but it is unsafe and of recklessness and undue speculation we ve hope that the plan of limiting the borrowing power I 1 of cities and counties in utah will wnm be continued and thul that b bonded n ded debts will still be the rare exception c tio 6 n at and id not the rule throughout t the he territory by this means our public affairs will stand on a solid basis and when wreck and ruin co come me to municipalities and alid nations disaster will not strike the institutions of zion |