The weekly Panola star. [volume] (Panola, Miss.) 1857-1881, 1872-06-15
Communicated
SABpis, MISS, June 10, 1872

-e
Communicated
SABms, Miss, June 10, 1872
EgIEzn RAApoLPn
Relative to the Board Of Super
visors Of this county issuing $50 600
AZ tohmySbomls BY authority OF an
AIT ,si ,ihe, Legislature, approved
March 9th, 1872, for the purpose
of bulldog a courthouse, | propose
through your paper 10 submit TO the
board, "fnauoe committee aud the
people OF the county some calcula>
ton aud a view Of the plan US it
appears to my mind.
h eAs | uuderstnnd, the bonds are to
be made due as follows, to. wit /:
$4,000 the 1st ofJanuary, 1875, and
$4,000 due the LIST Of January each
year thereafter, the last $4,000 fall
ing due the LIST of January, 1879.
The bonds are to bear interest at
ten per cent, and are to be pnid semi
anu0ally that s?5,000 Of the bonds
are first to be taken up at par by
citizens Of the county, and $4,000
:, be put on the market. Taking
the foregoing as a basis, | calculate
as follows, counting interest at ten
per cent. compouuding every six
months. I find the interest on the
Let $4,000, when due to be S2762 so
81 $4,000, when due to be S4071 90
3D. $4,000, when due to be S5512 20
4ti.Sle,909, when due to DO S7102 20
9th $4,000, when,dus tobs $3.50 90
nj -
Total interest S2S,803 IS
,ItAddipg principal, we have S78,-
8oS65. but bylpayipg tho interest
semi-annually, the amount of interest
actually paid we find to be s17,5O0.
Interest on the interest paid by the
county hatare the last bonds are
due, counting ut ten per cent. and
compromising scmi-annually, Sl0,-
S03 IS. But i might be said the
county does M pay compound in
terest semi annualB, but itis6tfthe
same principle there is no differ
cnce. The amount borrowed by the
county commences to be paid back
in interests after the first six months,
atfhs prdrate Of $4,000 every six
mbntks IA at this point We con SEQ
ltthtthe 6hhty does not get the use
Of the $4,000 as long as at first
glance it might appear. But we
have been making our calculation
upon the suprosition that oil the
bonds would be sold at par, which
wpplstho a vioent spposition when
We take into consideration the fact
that capital is scarce In this State,
aud the further fact that monied
men, like other men, look to their
own interest, ard combine and get
the bonds as low as they can. After
the county has got her $4,000 of
bonds off at par, she must 60 on
witfrthe work and sell the Others,
and would not, likely, receive more
than seventy cents in the dollar on
the remaining S25 900. Hence there
would be a loss of$7500 on bonds;
yet the county must pay interest on
the $500 she never got, ten per
cent. compromising Substantially.
So, looking at the interests, interest
compounding, interest on intere, 1t on
the discount Joss on bonds, per cents
paid for assessing, collecting and
paying out this large sum, | say at
once, awhy with yonr bonds. Nov,
/ am in favor Of aud want a durable,
commodions aud comfortable courts
house built as soon as practicable,
but I do not want a 4 $1,000 court
house at the cost of $1,000 and |
fear il will not fall far short of the
last named amount upon the bond
plan.
Mr.. Editor, I always thought l
could see extravagnce aud debt in
trails, but these bonds have a trail
nearly seven years long that We may
well dread. and it will be over Us all,
eare the bondholdrs, who are to lash
us with that trail. ! do not deny
that the people Of this county could
stand this tax, but Ican not see why
they should be forced to do SO. Why
not wait one year longer fora court
house, do as we are now doing, and
as We were expected to do by the
Legislature, whenE they parsed the
act 10 rem ovdthessAt Of Justice to
this place. The taxable property Of
thA aDtlsity eamounts, according to
the most correct information | can
get. 10 abont S5,0O0,ooO, and why
uetJsyy q tax of one-half OF one per
6elIl.. and build os d courthouse
worth about $4,000, like some Of
~ ne,ghbsing counties have done,
wa III W u entailing debts. 1t
dces look 10 mo to be the best. And
W. 6Ihsr pcinf r would make q