The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1890-10-08

tax collector takes away from him part
81 what he has saved by his individual
work, but if by reason of the fact that
the city has grown around him he can
make more money each year then he is
allowed to pocket that which should 60
in taxes. The single tax will give to
each man what he earns and will pay
the public debts out of the value that
the people create, M. u. Mcdowell. in
Memphis Appeal.
HOW THE TOWN WAS BONDED
"Well, Uncle Ben" said Frank, Il
hope you haven't forgotten your prom
ise to tell me about the bonding Of your
town to aid in building the railroad. ."
mo, indeed; and I guess this is about j
as good as any. a rs
. s'You know before the Midland was
built we were long distance from the
railroad; and the country hereabouts
being SO hilly, scarcely any one expected
ever,to see a railroad constructed any
nearer to us. So when the line Of the pres Z
ent road was surveyed through here
nearly every one was anxious to have 1t
built, and when proposition was made
that we should bond the town for $143,-
900 for the purpose Of taking stock in
the road, it was received with q good
deal OF favor. One of our leading farm
ers, Mr.. A., the brother of great
western hog killer. was particularly
earnest in the matter He described in
glowing terms the benefit railroad
would be to our town, and showed how.
within very few years. the stock OF
the railroad company would return US
sufficient in dividends to meet the inter-
est on the bonds, If not to
pay handsome profit. In one
way and another, enough property
owners were induced to think we'll Of
the scheme to. carryit through, and 80
the town was. duly bonded
"Wcll, the road was built, and land
values doomed for time. Mr. A.
sold his farm for something like $500 an
acre, and. moved away to Kansas City to
take charge Of his brothers business
there while the rest Of us, like fools,
stayed here But it was soon evidentthas
the road couldn't pay, and its affairs got
into the hands Of receiver. The road
kant running down: the fences along
+ha limo vent to nieces. and our cattle
began TO stray on to the track and ges
killed I myself lost three valuable
| COWS, and when ] wrote to the receiver
about Il. Twas told that there was no
51nnaer anv railroad company--the COM.
nanv was bankrupt.
iii was even sol The road was sold
nm mortgage foreclosure, and the stock
Witch. the town had received in ex-
change for it's bonds was no longer Of
any value. So, now we are paying in.
4 terest on those bonds, and shall soon be
! compelled to. nav the principal"
1 ..But." said Frank, ..the road is paYx
/ ing we'll enough now, isn't it?" :.
"Yes indeed" answered Uncle Ben;
"the road is making money now; but
| then the original stock isnot worth any:
thing. 1t has been cancelled in some
/ legal way that just about equals repudi.
Iation.' @
4 "Well, then, why don't the town can.
! eel Its bonds in the same way II they
4 have never received any value for
them. - y s
+ I.Oh, YOU see we can't get through
1.-The same. loop hole by any means.
4 Some of the other towns that were caught
in. the, same trap tried that, but fall
J. ed, and had to pay large sum
for costs into the bargain. You see the
bonds are mortgage on all the land OF
the town, and they can not be evaded.
4 Frank looked puzzled. "a mortgage
i Ion all the. land?' he said. ibid you
sign the bonds yourself?'' a
mo, indeed!, And even voted agalnsaa
issuing them a.
q "And SO your farm-your land anc
;, house. and barn and stock-has actually
been mortgaged without your consent
Z and will be sold to pay q debt you neyel
incurred. Really, uncle, that looks Y
!. lsme like pure and simple confiscation
You ought to join our united laborparty
We don't believe in any such thteyint
principle as that All we claim IS TIN
! right to tax the value OF the bare unim
proved land without any Improvements
a. ai,' a NJ l laad. and whatsyar vom ~,
~ H., T., 40 10 - TIC land ~ mt q, tha land
ii