The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1902-04-18
THE NEW DEPOT pRopos1r1o Y.

{ THE NEW DEPOT PROPOSITIO v
At the meeting to discuss the new
depot proposition. at the Court HOus'
Monday night. the argument was mad'
by Mr.. Smiser that the additional tax
able Improvements made by the Rail
road would be about so. 900; which,
at the present city rate of taxtiOn.
would yield a revenue of only 1915 pei
year; or S25 less than the interest on
the $40. 900 II is proposed for the city to
borrow; and that therefore the people
would have TO go down in their pockets
to pay the principal The logic of the
conclusion was irresistible if the prem
Uses were correct. but Major Whit
thorne. when he came to speak, chal-
lenged Mr.. Smiser 8 figures. He said
that the improve ments would increase
the taxable value of property $50, 900 /;
so that instead of paying trifie over
$500, as they now do, they would pay
nearly double. about 81. 200 taxes
annually.
| So far as the income to the city is
concerned, there is only difference of
about 5000 per year. According to Mr..
Smiser's figures the interest would con-
sumo all the additional income. Accord
ing to Maj. Whitthorne's figures the
additional railroad taxes would exceed
the interest on the borrowed money,
$500 annually; which. in twenty years,
would pay off the debt. Suppose we
strike happy medium between these
estimates, and say that the enhanced
value of railroad property would be
$40, 900. No person. We suppose, will
contend that it will be assessed at
more than three. fourths of it's actual
value; so even at that Mr.. Smiser' s
figures will work out all right. But
this first $40, 600 is barely sufficient to
buy the property called for in the
contract. and makes no provision what
ever for the damages to accrue to
abutting property from the blockading
of High and Garden streets, and the |
change in the grade of South Main.
Another $40, 600 should be added for |
that. 1t may cost less, or it may cost
more. If the railroad is willing to
assume this liability for less than $40,
600. let them specify in the contract
the amount. If. therefore. when it is
all done and paid for, the new depot,
and the new streets. and the damage
suits, and the lawyers fees, and the
court costs, have cost the city $50, 0O0
and the additional taxable improve
ments are assessed at $40, 600, the city
will receive, in excess of what they
now receive from the railroad taxes.
$500 pei annum, and will pay out in
interest $500 per annum, making an
annual deficit of $500. So instead of
paying out, principal and all, accord
ing to Mag. Whitthorne figures, in
twenty years, the city would, at the
end of these twenty years, owe $26. 600
instead of twenty, to say nothing of {
the compound interest that may have
accrued on the $500 borrowed annually ,
to keep up the interest. t
The argument is made that if the t
Board rejects this proposition it will
Do years before Columbia has a new
1epot. Not necessarily so. The Rail
Dad Company can be, under the law, =
md should be, compelled to build I
lew depot, or so materially enlarge and j
enodel the present one as to amount
practically to the same thing. 1t
would not be as handsome, perhaps, as
he one proposed but Columbia can
letter afford to do with a less hand a
ONE one than to increase its tax rate. Ii
But there is no good reason for
citing at loggerheads at all The
abroad has simply asked too much.
lore than the conservative citizens of
Columbia are willing to give. The
'oard should consult the people as m
} what they are willing to do, and e,
lake the Railroad Company PROPOSE q
on.
The Herald is not in favor Of giving !,
lem anything. Not one dollar in W
loney. nor blockading any street for N
,eir convenience, to the inconvenience u u
the people. But we recognize that is
e are in hopeless minority in that b.
pinion, and will not, therefore, insist P.
pom it. ~
We believe majority of the people n,
ould consent to having High street bl
osed to vehicles. with a gradually o. o.
lclined 'overpass" for pedestria ms A
cross the track. We do not believe m
ley would ever be willing to the m
diculous hole in the ground as the &c &c
'ntract now provides, or to mount a in
ng flight Of steps on one side and ce
,scend like number on the other. VI
ut a gradual incline, with three or r.
ur steps at the bottom, we believe
m
ey would accept. tn