Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-01-23
DAVIDSON COUNTY BDNDs

The subscription 70 the four "a lroaiI leading
ont f-ou Nashville, is one million Of dollars. sud
the iss1a1cs Of tie bonds Ct tie county for the
sane running thirty years. bearing six per cent
interest, are questoLs upon which the ci.iz5ns Of
the county have widely differed. We DO not Tow
intend to discuss the ProP-ety Of the subscription
or Of tie issuln3e Of the bonds. But since the
subscription has been made, ard some Of the bonds
issue and as we understand that the companies
cannot reslzl the cash on them except ct very
heavy discount, we simply propose making some
suyEe5.j5ss to the parties concerned.
We see that the interest on one million dollars,
st * per cent per sn1um, is sixty thousand del
lars. This sum multiplied By thirty years. gives
ore million eight huadred thousand collars. Add
this 10 the principal to be paid st TIA, time, and
we have two million eight hundred thousand dol
lars outlay, less the anolat Of diviis155 that
may bs received from the rosds. A to what this
would be, W. leave every one 10 -jI5ss for him
self But tie sixty thousand year is q Fixed fact.
Now let Us see TO what extent The companies
are to be sided in the construction Of their reals
by this subscription. We Understand that they
are not able to IellE3 tie cash on the bonds, ex
osps at discount Of at less. thirty per ceot-ssy
seventy cents on the doTsr This woull give
seven huEdred thousand dollars to be expended
By the "a !road companies in TIE construction Of
their rosss This hears very small PROF ortion to
the amount 70 Be paid by tee equity.
Would it not be good policy for the county, pro-
vided the arrangement can 90 made viii the die
fsrsnt road companies concerned, to purchase
their outstanding iuis ard their Obligation 10
issue tue balance, cay eighty cents en- he dollar
p ya5le 10 cash in four or i've annual iusta msnis
without in,erest2 If il f1u, iustalmel.s, the
county would be required 10 pay two buld cd
thousand dollars year. instead Of sixty ttolssnd
for thirty years, and million at tis tni Of Tia.
time, un ess the am su1. ssoII be relu.eI By DE-
vidends from the roads. The amount suggested
would be about one per cont on tie taxable prop
erty Of the cJun.y-a pretty hasyy tax but would
not the people rather stand Ills assessment for
JUr years and be done WITH it, t.a1to psy sixty
thousand per sHuun for 50 long period raric-
u,arly ii it wa provided 10 this arrangements with
the roads that esci Individual should have sDs-
cial tax receipt for what he plys, and that be
5lJutA 10 81 Io-tlI 70 70 10 u e ONO OF n q
several roads, when his r,csp.s amount TO az much
as one or more shares, and have them cancelled
and a certificate Of s ock issued for the auoInt-
Thus each tax payer would become a stakeholder
to the anOun. by him paid, and be entitled to re-
present the number Of his shares in the companies,
whether they turLei out to be worth mac or
little
There is another a-rangcm31t if it could be
made with the roads ct the same time, that would
greatly relieve small tax payers: that is, for the
different railroad companies to bind themselves to
take railroad tax receipts a. par IN payment for
freight aad passengers over iheir road, when they
commerce rUnLing. By this means they would
work out s. much Of the stock, leaving the bal
snce more valuable, AMI the taxpayer wOlld be
able 10 pass of his receps at some rsss1n,ble
rate Of discount in bis ordinary business trsusss
tons, 50 that he would not so ssusioy fe the
weight Of taxation.
These subjscts sre Of grca. interest to the tax
payers Of the county. II a pan can b. devised
which will relieve tbs taxpayers withoI: prej1-
diciug tie roads, such plan should be aio7,sL-
We sugges: this outline FIR tie c5lsdsra.ion Of
al part.s.