The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1893-11-30
THOSE BONDS.
Judge GOber Has Some
thing More to Say.
SCHOOL BUILDINGS A NECESSITY.
1t Is in the Power of the People to Get
Them or Lose Them. Do YOU
Want Them.

EDITORS OF JoURNAL:-1n my last /
tried to show that it would be to the
interest of Marietta to issue bonds and
own school houses. We are called on to
consider a condition, not a theory. Ev-
cry parent in the town should remember
that proceedings are ON foot to sell Har-
wood Seminary; if sold there is no assur-
ance that it can be used for school pur-
| poses; there is no other place in the city
that can be gotten for schools that is
suitable; it is important that the city
should be in shape to purchase Harwood,
If it is to her interest, or to secure some
other place suitable. The colored chill
-dren are in houses in which it is difficult
for the children to keep warm, nearly
every one of them is unceiled and not
plastered, in cold weather the children
are compelled to huddle around the
stoves. In all the buildings the rooms
are unsuited, so that larger number of
teachers are required. School buildings
for our city are an absolute necessity.
| Now it is objected to on the ground
that the present plan provides for the
collection of sinking fand each year
]
for by the city Council.
The law will not allow the issuing of
| bonds by a municipality unless provision
| is made for their payment by the collec-
ton of sinking fund. This is one of
the requisites of the law; there is no
other way to issue them. This provision
is part of the Constitution, and if it is
wrong the people of Georgia are to blame
and not the School Board No bonds
are issued in Georgia by municipality
without such a. provision for sinking
| fund.
Once before this question of bonds
was before the people of Marietta and
some of the people who now object to
the sinking fund objected to the bonds as
4 then planned for the reason that they
were short termed. II is said now that
short termed bonds can besold. Well
the city Council has got the right to issue
the bonds for as short termed as they
can sell them, and to print on the face OF
the bonds that they will be called when
ever they have money enough to pay the
principal and interest of any of them
This will be part of the contract and this
will do away with the objection to the
r. sinking fund and the sinking fund too
That fund however could be used for NJ
other purpose and | do not agree tina
there is a presumption that the city
Council would steal this money as i.
argued.
There is no city in Georgia that has
bonded Indebtedness but that has a sink
ing fund, and l ask where has any city
Council ever stolen a sinking fund in
our State.
Now as to the amount. 1t is said the
schools could make out with Harwood
and the Academy. Well to own them
would cost the city $4,000. There would
be many changes to make and furniture
to buy. There would still be the cOlored
schools to house and furnish. AS to
amount of sinking fund In thirty years
there would be collected $4,000 as sink
ing fund. For the equated time at seven
per cent this would amount to between
$4,000 and $4,000 This sinking fund at
five per cent compound interest would
amount to little more than $4,000 or
enough to pay it off. If, as l suggested,
this money was made to redeem .the
bonds as it accumulated, the effect of it
would be to place the sinking fund at
six per cent compound interest and it
would pay them off, before the expra-
ton of thirty years.
Now l have said this much not that l
would take away from any man his opin-
ion or discount his idea. But this is an
important matter to our city and to
every child and parent IN it. I for one
would have the facts before the people
as they are. If the people do not want
the school houses, that is an end of it.
If they do, it is in their power to get
them. GEO. F. GoBER
Wealth is a thing of heantv. hut