no BOARD OF AGRICULTURE. [Pub. Doc. 



interest, even though there may be some delinquencies or de- 

 faults on the part of taxpayers. A provision such as that 

 embodied in the Missouri district court law, making drainage 

 bonds legal investments for trust funds, school, county and 

 State funds and surplus of savings banks, would enlarge the 

 market for such securities. Since drainage in Massachusetts 

 will add materially to the general welfare of the State, it would 

 seem that the State or its political subdivisions could afford to 

 participate in the work by extending financial aid. Just how 

 much assistance should be given, and on what basis, are mat- 

 ters of detail to be decided by those in charge of public affairs. 

 Because I have laid stress on features which tend to enlarge 

 the marketability of drainage bonds, it should not be inferred 

 that difficulty is encountered in marketing good securities of 

 this character, for within the past year one of the large financial 

 houses of Boston, despite the fact that drainage bonds were 

 not generally known in the New England States, disposed of 

 over $1,000,000 of bonds of a large drainage district in one of 

 the middle western States in a few months. But the point is 

 that every precaution should be exercised to make drainage 

 bonds rank on a par with the best securities in the market, 

 for the stronger the security and the wider the market the 

 better will be the price realized by the district and the cheaper 

 can its financing be accomplished. 



Conclusion. 



I have outlined briefly some of the fundamental principles 

 governing the organization and financing of drainage districts. 

 Those who may be charged with the preparation of a law on 

 drainage should liiake a careful, comprehensive study of the 

 needs of the State, and of the laws of other States which have 

 proved successful. Too much caution cannot be exercised in 

 drafting such a law so that it may be in harmony with the 

 State and Federal Constitutions and the trend of decisions on 

 the subject. 



The Chairman. This question is open for discussion on this 

 paper. I think Mr. McCrory has given a pretty good demon- 

 stration of what the laws are in different States, — how they 



