The independent. [volume] (Oskaloosa, Kan.) 1860-1874, 1865-08-26

Shall we vote the Railroad Bonds ?
This is the question our people must
discuss and decide. 1t is of the great
est importance. In a locs! point of
view it is the most weighty matter that
has ever come before the electors of the
County for their decision. Let us look
lit fairly, 1,,@ t,ss ;.a
81, The proposition is 10 subscribe $50. !
600 10 the Atchison, Topeka and Santa
Fs Railroad Company in bonds Of the
County running thirty years at six yer
cent. interest. Now $4,000 at six
per cent. interest for thirty years will
be e520. .000--a little over half million
at simple interest. The interest being
paid annually. it is the same as com
pound interest, and will amount 10 about
half as much more interest. say $780,
OO0. or agrand total Of $3.50. 900. That
is what the County is asked TO pay for
$4,000 worth of stock in railroad.
Is it not rather dear bargain Let
Us see. a. 41 oi
The bonds are not to be issued until
the road is completed and in running
order. Hence, no obligation is incurr-
ed until the equivalent is in hand. 1t
is proposed that thirty miles of the road
run through our County. Thirty miles
Of railroad At e25. 600 per mile is worth
S750.O00. The road will be tpxable
property. The sum named at eight
mills on the dollar will yield a revenue
Of s6. 600 per anuum. At ten mills,
which will hardly be less than the aver
age tax, i. will yield 1880 per annum.
But the road with its depo,s. switches
etc. will probably be returned at $780,
coo for the thirty miles. This at ten
mills will yield revenue Of IS, 600 per
year, or $50. 900 for the thirty years.
At, present the rate of taxation for
school purposes and all.is much higher
than here stated.
This much for the naked question Of
the road i,self. ard it is a very fair show
ipg for the bonds. But it is not Lalf.
Tie lands Of the county will be doubled
in value for series OF miles on either
side Of the road. 1t is safe to say that
for Eve miles on either side Of the road.
,he average value Of the tilable land
will be enhanced $40 per acre., II the
road runs 80 miles through the county
the stlip ten miles wide will give us 300
square miles in each Of which are GAO
acres. or total of l92. COO acres. which
AT $40 per acre will give US 81 ,920. 600
dollars. Deduct one-fourth for waste
ETC. and We lave Sl.44O. 600 net taxa
be property. which at ten mills to the
dollar will yield revenue Of $4,000
q year. This added to the railroad tax
will make fetal Of Sal. 900 addition to
the tax Of the county per annu@. De-
duct one third ofth;s amount for conlin-
eencies. and ~e have SI4.60O as the
net proceed OF. taxes from the railroad
quite enough TO pay the iuteres; on the
bonds (ss. .0oO) and carry on the cur
rent expenses. for which $500 will
remain. This is certainly most ex-
cellent showing, and We think within
The bounds all the way through. IL
the road is finished and runs through to
Santa Fe, the bonds themselves will be
at or above par. SO that the County will
make clear gain in the thirty years OF
a quarter Of million Of dollars. besides
lhe advantages Of the road and the in
creased worth Of real estate. That
will do. v
Tie drawback. We have no assur.
ance that the road will come into our
county at al. il We vote the bonds. The
law on the, subj SCI says ito, into. through
OF near" that is. 10 the county line. in-
side little. through it fairly. or near;
ssy ten miles of, more or less. Do
away With this uncertainty; le, our peo-
pie know what they are voting for; let
them have demonstration Of what they
Gao get. and the thing vii! be easily
settled. II the conditions are such TIA,
The road must 60 such distance or So
many miles 10 aud through the county,
and the condition be part Of the in.
-s,ructions voted upon. there will be no
difficulty. But without some such def
Unite acknowledgements thing sure
and solid. We may vote away our bonds
and TO, ge, cent in return. We do
cot ~;sh to vote 10000 principal.
and 327o.0o0 interest. or a total Of
81 q. 900 fas nothing, or. al best for
bond. that may nesfr.be more shaupas.
and ". lose the s27O. 600 Interest aWe
DO ne, believe there is 4 man in the