Rensselaer Semi-Weekly Republican, Volume 19, Number 3, Rensselaer, Jasper County, 14 September 1897 — Water Works. [ARTICLE]

Water Works.

Why cannot the city of Rensselaer build a water works system with local capital? A stock company could be formed with local capital, and capitalized, say for §25,000 in shares of §IOO each, of this sum the city might take §5,000 and the citizens §20,000 and entitle the concern of the Rensselaer Water Works Company. ’ Tne company co-operating with the city common council would then be able to say to water works contractors we want a water system and we want the very best that §25,000 cash will buy. We want it built according to the plans and specifications of Mr. Rooney the engineer who has been employed by the council to make them. Past experience has taught us that money talks, that if we want the best results for your money, you must pay cash. With the money in sight contractors can know just when they will get their pay. All kinds of material and service can be had cheaper for cash than for ‘‘Gilt edged” securities. Citizens will you take hold of this? Our city has a reputation to sustain. We certainly have plenty of money in our city, and we would suggest that this company be formed and the capital subscribed here, when the plant is completed sell it to the city on 20 years time, and to be paid for in hydrant rentals, < with deferred payments bearing 6 per cent interest. This will enable the city to get the best plant for the lowest price. Built with local money and will be such a saving to the tax payers as will compensate investors for the low rate of interest on the local capital. Don’t let the council pay §35,000 for a $25,000 plant simply because investors may think and say that our securities are not first class. Make them first class by taking them yourselves. Will you do it? Tax Payer.