The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1891-02-19
THE cOUnT MOUSSE sONDs.

ne bonds non-taNablc, for if the bonds
'ould not be sold at par then under Sec
ion six the money could be borrowed aud
. tax levy made to pay it, all in one year,
II i'll the judgement of tho county commits
slCncr, the interest of the county rcQuir-
Ell It,. We believe that every species of
property, except churches and school
houses, should he taxed. But under the
provisions OF this Act. if bonds are issued,
some individual can invest ten thousand
dollars upon whi"h he will not have to
pay cent Of tax. This is not Just to the
other taxpayers of the county whose
property will be taxed to pay both the
interest and principal of the bonds. AZ
to ourselves we would prefer the county
commissioners to proceed under tho pro-
VISION OF section six. and now that the
burden is on us, let lis get rid Of it as quick
az possible Easl"y Democrat.
The necessity for making tho bonds
non-taXublc was TO give the taxpayers the
benefit OF the lowest possible rate of i'll
tcrcst. Money is worth eight per cent.
and the obligation to secure it is subject
to tax Of ono and one half per cent. by
the State and county, and if its holder
is resident Of q town it is liable to a
still greater tax. AS tho rate Of interest
was placed ut the lowest notch for the
benefit Of the taxpayer, it was just and
fair to the lender to raise the character
of the security to tho highest notch in
other respects. Persons who have con-
siderable sums Of money to invest haC
rather have nOn-taXablc bonds Mt six per
cent, than taxable, uncertain mortgages
OF real estate at eight per cent. But sec
tion six allowing the commissioners {,
borrow money and levy Il tax to pay th,
loan was put in to keep any one from
taking advantage Of The county. II
other words it was put there to make the
bonds bring par. Besides if the com
mls"ioncr@ can borrow money on better
terms than they can place the bonds
common business sense like theirs viii
suggest that plan.
But time is an important matter to bC
considered as well as tho rate of interest
when it comes to borrowing SO, 900
We feel sure that the bonds can be plncCt
| payable on the lSt day Of january 1897
and the last on the Samc day Of 1902, the
whole sum can be paid and the tax pay
crs scarcely feel the burden. One hall
of one mill on the present asaessmcn!
will more than pay the interest. and by
the time the first $4,000 fell due, the
Same rate would doubtless raise sui1ci
cnt sum to pay it off. Then us the bond
rd debt decreased, and the assessment
increased the rate would be reduced.
1t il not the best plan to "gct rid OF ii
as quick rs possible even if it is& ''hur-
den" This plan of sacrificing all other
considerations to that of speed, might
crack tho niain&tays of some of our most
solid citizens. 1t would involve the pay.
mcnt Of 500 ON The 81 900 for one year,
whiic the PLAN Of paying it slow and easy
hy issuing bonds would only rcGuir,
the payment of fifty cents on the 81 ,00t
! for n period OF ton years. The last cal
cnlation, OF course prc&nmes an incrCas
in the assessment. |! there should b
no increase the comparison would h
simply this: the payment Of 500 ON tn
$1,000 in one year, or ninety cents o
the 81 600 for ten years.
The Democrat does not except coul
houses and jails, but we arc sure it wi
agree that these buildings should be pu
on a list with the churches ana schou
houses 50 far as taxes are concerned
! Then there can be 70 in ;lStce or part
atty in not taxing six per cent. cour
house bonds. All will have the sam
chance to invest. Those who lonot invcs
will lave the u@c OF the money at tw
! per cent. less than the legal rate, and b
! like the bond holders have it invested i
something which is non-taxablo-th
court hou@c. BESIDES this gives the citi
zcns of tine county and State bette
showing ut the bonds than non residents
If the bonds can be placed Mt par, thi
appears to II" to be the most practicabl
plan Of raising the money. Many hand
mako light work, and Taxpayers arc bt
coming more numerous each year. Th
Improvement will be permanent. l.,
those who arc to enjoy it help pay for i
| ----<e-e -
NEW EN'TEsPKF%E&.
Only about II month and half Of tn
new year has passed and in that shol
time dozens of now enterprises hay
hrrn Stot11 in thC 1ifIrrrnt ,n,,rti,a ,