The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-01-11

may seem too good to betrue, 1t is nevertheless
held to be not only practically sound, but most
simple and easy In attainment. II 1t may seem
| in,the nature Of q paradox that every dollar ol
! the debt can be paid with It's interest also, an6
skill save the city over four and half millions
that, too, Is not only true but easy to the m1nds
ment and explanations thereon herewith pro
duced for examination. In ALL there is nothing
proposed or needed more than the advantage ol
present circumstances indlclously and timely ap
| piled. with vig0r and unanfrntty, to the accom-:
pllshment OF the important end .deslred. !, -. u.
In order to eucidate aproblem even'less dlfh
| cult than this or tna city debt. and to attemDE
It's solution in safe course, it may De !, pest &C
| stands, and next to advance and apply such
propositions or means as may seem best to sur.
mount difficulties and produce the desired se'
| suit.
To that we now proceed. In column. sd" of the
subjoined table we ind the sum Of the principal
| OF the debt as 1t becomes due each year, and In
E' the principal ana interest 2ge1ner @ e as ST. II now
which the city -tgx reduces it. The footing
Of TA'tl this &c coluau Shows that the debt viii
have drawn from the people, when all
is about two:thIrds the true value Of all the
real property In this city. Now, to change THIS
fatal Condition OF our AFFAIRS to one more favor
able without detrlment TO any, but. as IS hoped,
with benefit to all, it is proposed to pay oil the
holders OF the city stock at present. Instead Of
waiting for date Of Its maturity. ..
To do this equitably, column "B" is prepared TO
show the prospective value OF dollar IN stock,
with It's own interest OF five per cent. compound
ed and included at twelve per cent. per annum,
to any OF the periods the principal becomes due
on. and &c" Is prepared to show the presef' equl.
valent Of "B" prospectiyely. In the sam. gay
tecome due, with their interest compounded anil
Included as explained In the case OF column "B, !"
and, therefore, the sum OF "F" Is the present
value of s.D,n or the debt prospectiyely. The OBJ.
Iect In view In finding the present-yalue OF the
debt is to attempt an Illustration Of truth, quite
plain when examined fairly and fully, and or
great advantage In relieving the city from large
part OF this debt while every stocknolqer can De
paid the full present value OF these securities at
once. On investigation OF this, we fear not 1t will
be deemed Well-founded In TACT. the whole ones.
tEon, and the advantages claimed, depends upon
the changed condition OF things. we who are so
poorly possessed OF The circulating medium
OF all industrial pursuits, are certainly not the dt
people TO be stock or bond owners Money Is TOO
scarce here for necessary use, and nenee COM
mQnds. and will continue to command till we be-
come relieved aud prosperous, very high interest,
while iu r. superaoundant abroad Mt very low
rates, where tle security is satisfactory. lndi-
yyidually. few here can give such security; hence
the scarcity OF money and the paraly zaton or oil
industry. But suppose that all the stock due BY
the city was 10 day offered for redemption at It's
present value In cash, as It ought to be where
money is worth so much In ready use. Is 1t not
reasonable to thluk that the City OF Charleston
would be deemed as good and desirable security
for the sum needed for this purposeP Surely one
would think so especially when us Xnown ads snas az
small as to warrant the sefevident conclusion Of
her immediate prosperity. Assuming this to be
So we next propose to borrow abroad tte.sum re-
quired which viii be. .$2927,8.5, less the value OF
all our available assets, or exactly $2,6os, $50.
For this " Issue our bonds In amounts, aud pay
able In time as In column "H' OF table, from one
to twenty five years, without the -hamperlng pue-
rillty and nonsense Of sinking fund. This
Will require annually sl77.sso only to pay
the principal and interest In that time
1t will be seen that the sum OF columns and ID,
In each and every one OF the twenty-five years,
is s177 900, and that their sums total ls what the
city will have paid al last or 81 449 745 25, against
es45 sos o. as at present arranged, less whatever
the taxes may be on city stock from now to that
time or, II the tag on it be to that time as 1t now
is, exactly $4,000, ,8g7 95, aRd the difference, be-
tween the present condition and this proposed, Is
In favor or the city at the end Of the final pay
ment OF the debt, the sum OF s. 566 i52 TO- or per
ir oney saved be no less useful and valuable than
that We borrow or buy with other commodity, It
Is fair to count It's interest value also 10 favor OF
the city; II we say at 10 per cent per annum, Sim
pie interest," for the time OF twenty-five years
upon the medium OF the first annual and the final
sum saved il would be over $5,9 9S8, or II add.
ed to the sum saved, In al over $l0,50 $50. But
II counted at compound interest, which Ia its real
value, 1t would be over $ls, ,l42, 400.
[The elaborate tabular statements, here submits
ted by the appraiser, reached us at too late an
hour for publication in this issue.-ED. NEws1
We here see, though but in'part, the difference
In favor OF the whole people OF the city IN that
s,ved without detriment to any one. But there
is another and great benefit which may naturally
be hoped for TO follow from this influx OF real
money. borrowed though 1t he, to take the place
OF these little more than shaky colateras Tor less
than half their face at rulnous rates.
1t ls no stretch Of imagination to preconceiVe
the rehabilitation OF an industrious people by 3
sutficiency OF that the scarcity or which now
binds them, hand and foot, to id'eness; while IL
would be difficult to express the acceleratlng ln-
nuence produced upon every interest, Social COM
mercia and mechanical, as 10 would be TO tell the
sum OF countless millions. II these hopes become
realities, as they may II there is determination
and progresslvenesS In our people, whose united
action is alone needed to achieve this object para
mount to all others, man has neither seen nor YET
thought OF change so favorable as this place,
this old city, With all her natural advantages, Is
Immediately thereafter bound to experience.
This Is the time TO act. or perhaps never again.
II we 20 on much further In the old course to-
wards the precIploe OF our already visible ruin, 1t
NAV soon be as diiult for us 30 stop half way as
It would be for one tumbIing over Niagara Falls
to do so on the downward course. Ifthere be any
who hope that the city can ever pay the debt as
It now is, save by final bankruptcy, such hopes
are as vain and frutless as would be an Individual
effort to paddle keelless sElf against -tortu0us
nlne-knot stream, or climb smooth, ootuse, IN.
yerted cone that towers high'ahove their reach.
II the State will but graut US her bonds lor our
railroad assets, as It Is hoped Bhe Will, this city
can be thus redeemed at once.
Under these Impressions. which daily become
more imposing, and convictions that but become
more intensified BY the fullest proofs OF ncreas.
ing deterioration Of all In this place, and WIN tne
hone OF doing some good. however little 1t may
be- this subject has been assumed with great dii-
ddence, but still with zeal and care II not With
ability, and Is so submitted oy
Your obedient servant r. ). CooGAf.