Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1869-10-01
90 N m unioation IS.
FOR THE KEowEE COURIER.
Air Line Railroad,

In Wow of the interest taken by the people
OF Oconee, Piokens, Grosnville and Spartan
burg Counties, for tho speedy construction of
the Air Live Railroad, and the desire to Sc
uare the full bcneft from its location through
thor commercial centres, will answer few
questions that are being asked. The follow
iug are the questions:
What will be the liability Of tax, and what
will be the increase of tax on tho present as.
sessment.
To answer these questions will take that
of Ooonee, tho other Counties can apply the
6guring:
The County of Oconcc yu5scribcs to the
capital stock of tho Air Line Railroad in the
eum Of 100000. In doing this they issue
the bonds of the County for the $500, 900 pay
able in twenty years. The interest on this
will be $4,000 per year. Tho County is
then made responsible for the principal nnd
interest, md holds in lieu thereof the same
smouut 10 the, capital stock of the road, with
the dividends from the profits of the road to
the payment OF interest.
Should tile road DC one Of profit, pnying
II per cent yearly on its capital stock, the
County would be the owner Of the stock with
tho bonds paid off within the twenty years,
thus acquiring 100000 stock IN the road by
simply loaning tho credit Of the County.
There can be no doubt but what tho stock
will be II source of profit to tho stock holders,
from the fact that it will DC constructed nnd
equipped With the economy that churactcrizcs
the construction Of the rairoads in the State
Of Gcorgia. They only give dollar promise
10 pay where they get dollsr of miteria fur
nished, or work done. The County being in.
tercstcd as stock holder, this would be guard
cd, tho same along tho entire line. The
Counties ull having tho same interest, tie
material and work would be furnished at the
lowest rate, and with smch prompt"css that
the entire line would soon Ic constructed, thus
avoiding the heavy drain On tho capital stock
to pay interest OH unproductivo expenditures.
With this view there would be no increase Of
tax.
But suppose the interest and bonds were
all to be paid without any revenue from the
rosd, and We have total assessment of taxable
property Of the County, S3 900, 600 interest
on 100000 at 6 per cent, $4,000, which
would be 40 cents tnx on the 500 Of valuation
IN the County To retire the entire DEBT
would add about l8 cents more to the Sl00,
ss tho road would add 81 600 900 tsxsbIe
property to the County of itself. This would
take of one quarter from tho estimate, which
would leave it 433 cents tax on the 800 on
the present valuation to pay interest and re-
tire the bonds. While the tux on the value
Of tie road would reduce tho Tux on tho tax
payers of the County one quarter on the pres
ent assessment, as the erona would pay one
quarter Of all the tax Of the County. Hence
We muy safely say that the per centsge would
not exceed 30 cents on the 800 to purchase
aud pay for 100000 worth of stock at the
present subscription.
In this estimate there is no account taken
oftho increase Of tho value Of property nor of
The additional capital shown to the County, nor
of the ready market for everything that could
be raised with the increase Of prico that could
be obtained. There would be another largo
deduction ofper centago based upon this.
The reasoning is plain. A first chss Rail
road running through tho center of our Coun-
ty, placing us as near to tho great cities Of the
North as Coumbis or Charleston would be.
with direct route to tho growing cities Of
tho Sonth, would certainly give toIus large
Increase in the price of tho present products
besides enabling US to increase those products
ut less cost Ia addition, much of tho vir-
gin material and products of tho County would
be ttruod into substantial wealth
Hence we may say thst tho taxable proper
ty would be greatly Increased directly by tho
advantages of the road with the present pop
ulstion and capital Of tho County, enough go
that tho tax would be of no burthcn.
But VIC must look to other advantages Of
the road. Il would be moro powerfully felt
by inviting emigration and where there is
now, in making fair estimate, not more than
one eighth Of the eIlable lands Of the County
~ cultivation, by emigration this would soon
bo iAcreased, while that which 10 10 oultiva.
ton would be made to produce greater val,
40 from the advantages to market.
Hence we ray, fear not the tax when II
brings you ten.fold for every, dollar paid out.
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