Such a system carries with it, however, two results, not always
appreciated. A municipality which embarks upon a policy of guaranteeing
monopolies and leasing the enjoyment thereof should make all permanent
improvements to the system at its own expense, and its financial
organization and methods must be adapted to the necessity of raising a
liberal supply of funds for such essential purposes. Its borrowing
capacity must not be arbitrarily restricted as in the case of so many
American cities at the present time; and, of course, any particular
lease must be arranged so as to provide not only the interest on the
money raised for all work of construction, but for the extinction of the
debt thereby incurred. Furthermore a city adopting such a policy should
push it to the limit. Wherever, as is so often the case, private
companies now enjoy a complete or a substantial monopoly of any service,
and do so by virtue of permanent franchises, every legal means should be
taken to nullify such an intolerable appropriation of the resources of
the community.
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