31- 



for the method of excess condemnation, a means of 

 financing improvements much practised in Europe. 

 This scheme is justified by the fact that the 

 exercise of foresight may earn a most astonishing 

 amount of money. In the early period of a town's 

 development, land is available at a cost far below 

 what it will be within even a decade or a score of 

 years. There is seldom any difficulty in disposing 

 of the whole or a part of the land so acquired, and 

 should this later be recommended, its sale at the 

 advanced price would be a profit to the community 

 rather than money in the pocket of some private 

 individual. 

 Bond Issues . 



The issuance of bonds may also be 

 employed, the bonds to run for forty ,for longer""} 

 lyearsiand to yield about three and one-half percent 

 interest. Such bonds are usually retired by 

 payments from a fund created by annual taxation. 



"In the case of outlying parks" - (and 

 this would apply equally to forest reservations) - 

 "we who secure them should pay the minimum. Eifty 

 years hence these parks, now suburban, and now 

 somewhat of a joyous luxury, will be indispensable 

 to these urban neighborhoods. We should be able 

 to issue bonds for such parks with a very small 



