The Calhoun chronicle. [volume] (Grantsville, W. Va.) 1883-1984, 1907-02-26

take four percent from the county
rather than leave it as two per-
cnt checking GccoQnt. Suppose we
decide to take five percent, all we
haye to do is estimate what price t.
pay for SIX percent bonds running
tdirty-four years, to make five per-
cent on Investment.
Count it yourselves, $4,000 at
six percent thirty-four years equals
$40, 500, which added to the 500
600 makes $60,SO0, the sum we
viii have received in thrty-four
gears, Five percent 10: th;rty-four
years equals 10 percent, our in
terest. which added to tho principal
makes ITO equal $GO,SCO. We can
pay $22518,51 for the bonds and
make five percent interest per eun
um. But-at the pleasure Of the
county court of said county, after
ten years, the bonds may be paid.
That looks innocent. 1T sounds
fair, and is legal, yet it is the blum
der which Will lose tho county
moro money than has been proper
y exp ended en- our roads in a year
Figure with me again. $4,000 at
six percent ten years Is $4,000
which added to the principle makes
$4,000 and 10 $50 percent Of what
we can pay for the bonds and clear
five percent per year, divide $32,-
600 by $50 and you will see we can
only pay $21333.33 for the bonds.
We money lenders arc very conser-
waive. We are so afraid that that
sinking fund will be large enough
to pay the bonds, that We will
estimate the price 10 pay for bonds
ca len year la ). / VIII say
night here that my private opinion is
that if a sinking fuld is ever
launched it VIII be so true to ma ne
-- : akng-that before ten years
are passed it VIII entirely disappear.
But while the possibility Tor uncer-
tainty) of paying in ten years, will
fughten us money sharks, the prob
ability of not paying for thirty-four
years would put TO flight the small
frye who might other wise be anx-
ious to invest few hundred dol
lars in bonds till they coald accu-
mulate enough to go into business,
or until they found chance to get
married. But what girl would will
ingly wait thirty-four years? She
would be an old maid even if you
We're to begin counting her grand
mother now. 81 you see we shy
locks have a cinch. Outside CAPT.
tai will not be attracted by a prop
ositon in which one can not guess
within twenty-four years the date OF
payment; With this worse than
blunder, you need not be surprised
to SEQ us take the bonds at par, thus
making us six percent per annum,
not with standing we have thoua-
ands Of dollars in bank bringing us
only two to four percent.
Is it morally right to fas ten a debt
on posterityf 1t will look TO our
descendants like taxation without
representati Il, but most Of u can
placate our conscience with the con-
ISOLATION that we will die with old
age before the Boston Tea Party
begins.
tits with pride we chorise the
memory of parents who through
industry and economy leave lis even
small legacy, but who could re-
member with reverence the parent
who left nothing but a debt and
the name of having recklessly spent
more money than he earned. And
what an opportunity fo1 graft
| Borrowed money comes so easy ite
/ expenditure will not be guarded by
that jealous scrutiny with which
the people would watch earned
money. And again think what a
CORFU pting influence n sinking fund
of huge dimensions would have On
our honest citizens who have enough
patriotism and could raise enough
money to buy an Office
Such fund would certainly raise
the price Of votes.
What is our remedy?
Vote "again5t the bonds"
Yours Truly.
Pay as You Go.
. gT0 RIA.