Show MUNICIPAL DEBT editorial utterance of a shrewd and Seus st thle journal san jw 1 the cily city of san jose joee with about eighteen thousand thou ind people twenty four million dollars worth of taxable property and a location unequaled in the conditions of proximity to the market and productive capacity and general attractiveness of its environ ment las has rent bed a stage la in its development oben it needs certain improvement improvements in the way why of sewers city hall bridges and street and park parl repairs when it is i ile its solemn duty to its citizens itself and to the tile state of which it is a favored part bartto to mako mak when it haa no money to make them with when if they are to be made the city m must u a t go in debt lisue bonds to evidence d c u ta that debt and evolve a schema for the redemption of the bonds why not JK Is there any dark and hidden mystery surrounding the question of a municipal debt which the ordinary mind cannot penetrate and which separates separ atee it from all an other kinds of debt and reserves it for a special damnation or is the question quei tion of the wisdom and policy of a city debt subject to the same buli buti nets rules which determine the course of men la in the borrow borrowing ng of money we take the latter view and will endea endeavor voi to present the principles of debt that there nothing ie lis not hinc inherently evil about debt a moments glance glanc cat at our commercial systems will disciple debt is the great means for the capitalization of wealth the bring bringing lugof of brains and energy into work working in rela tiona with natural resources resources the maintenance of the highest degree 0 it gives opportunity for thu genius of the present to seize and use and multiply the stores of the past the witnesses to it its virtue are the successful men of every place and abd time who by the aes istance of debt have risen to the of riches and become the arbiters of trade the monuments of its efficient utility are the banks and exchanges and loan associations and business houses built for its did pies ples and out of its mutual gains it is true diat mat debt like every other good thing may be abused and its aid bought sought to support extravagance and without the hope er or prospect of its repayments even then the evil ignot is not in the debt but in the viola tion of the principles which should regulate its creation and provide for it redemption if the purpose of the obligation is not idle or extravagant if the result of its invocation is to increase the resources of the debtor and if the method of it to repayment la Is practical debt is a blessing and u hit assistance to him won who seeks its aid these time propositions apply as well to acety a as to a citizen there is is no reason why rby they should not the form ortho obligation is the bame the i i purposes porpoises of 1 loane loans are ade ideall nu i cat cal the means of repayment if dissimilar ar are e to the advantage of the city tho the same principles precisely rec isely are to be applied by and to each in the determination of the policy of borrowing money under the same emergencies upon the same game security with the same prospect of gain with the chances of repayment vastly in favor ef of tha larger and wealthier debtor we postpone the discussion of the advant advance oge to the city of now ent ff upon the proposed improve inen ts abich in addition to ita its need and duties urge tile issuance of bonds |