Daily tobacco leaf-chronicle. (Clarksville, Tenn.) 1890-1895, 1891-09-14
FREE BRIDGES AGAIN.
A Correspondent Submits Some Figures
to the public.

SuoC7 10 Va AhNAiB IA ohO " 6AAhN Al
trying to get the city to appropriate
$500 to help build the new free
bridge, and when the accusation is
brought home to him, in trying to
defeat the free bridge, he tries to
show that the present bridge does
not pay, and the stockholders are
heavy losers, and the public are to
infer that they are the gamers, and
that it is cheaper to have toll bridge
than a free one.
He says the stockholders have only
gotten seventeen per cent. in thirty
years. But the question is with us,
seventeen per cent. on what? Is it
seventeen per cent. on what it costs
the present owners? or seventeen per
cent. on tax assessors valuation ? or
seventeen per cent. on the face value
of lot of paper printed about fifty
years ago?
The farmers of Kansas complained
of the high freight charges of the
railroads. The railroads answered
that they were mistaken, that they
were not charging enough to pay six
per cent. interest. A shrewd legisla-
tor thereupon turned the tables on
them by introducing a bill taxing
railroads on the face Of their stock.
They cost about $15, 900 per mile and
were stocked at about 100000, and
wanted the shipper to pay them six
per cent. interest on it. Now if they
want per cent. on the face of their
stock, why not tax them on the
same, and the county could give the
whole amount to buy the bridge
without levying one cent. more tax.
L suppose they would object to such
an arrangement. Then why want to
calculate per cent. on something
that has only one, tenth the value,
and cost most of the present owners
probably five cents on the dollar.
1t seems that the State furnished
half the money to build the original
pike and bridge. About ten years
ago the State soldlits interest, which
was bought by GAINESVILLE parties for
81 800 in State bonds, worth then
about so cents, or $3.50, for one half
interest, which made the whole pike
worth at that time 81 800. The face
of the stock is $4,000.
Suppose two men owned house
and lot which cost them $75, 200. Now
suppose the house was burned and
total loss, and the property damaged
by loss of business. Suppose one
member of the firm borrows 1875, 900
on the credit of the firm and rebuids
for his own benefit. The other man
waits twenty years, and getting
nothing. sells out to his partner for
81 800 in notes worth $3.50. What
would any one say the property was
then worth? Why, 81, 800. But the
rents in ten years pay off the debt OF
S25, 900 and interest and makes $12,-
100. This looks like the remaining
partner was making pretty fair
profit. About as much as the Dutch
mans one per cent-only one dollar
for one dollar. We toll-payers are
the renters, and this is not all it is
costing us. We have to pay for all
the repairs, the toll-keepers and the
officers. In all, I suppose, about as
much more. Had we not better bor-
row the money and build ourselves
a good new house which will not
cost us over $40, 900, instead of paying
about $4,000 year for an old and
patched, badly planned, badly built
structure -something that we will
not be ashamed for strangers to see,
nor afraid Of ourselves; something
that will attract custom instead of
repeling it?
LIDO not propose to tax the turnpike
on a value that does not exist. But
the tax on increase of value of prop
erty in the county will more than
pay the 1896 increase of tax necessary
to pay the interest on the Sc, 600 asked
OF the county. The total increase of
value of property need only be 1884,
1876. Who can doubt that the real in
crease of value will be double that?
And this increase of taxation falls en-
tirely on the benefited. l would
make net saving of 10 per cent. by
increasing the assessment on my
property 20 per cent, although it is
nine miles from town. now pay
1925 tax and $50 toll. My tax would
then be $3.50 and toll nothing, saving
$500
Let the county give the $4,000 and
then let those interested raise their
assessment enough to pay interest
and a sinking fund. Thus all parties
can effect a big saving.
G. n. M.
Glenellen, Tenn.