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

Shall we build 1t with borrowed
money? la nearly every article we
have read and nearly every discus
sion we hear on tho subject we find
evidence Of misunderstanding of
tho order made by the court. and
This article may prove no exception
Read the order which is headed:
ga ProclrmGtion: by the county
court of Calhoun county, W. Va
ordering a special election to be
held on the 80, day of March 1907,
for the purpose OF voting on the
proposition to issue bonds in the
sum of $4,000 to build a bridge
across the river at Gcantsville"
Then add to this headl inc, "Said
bonds to bear interest ut the rate of
six percent per annum land payable
yearly redeemable in thirty-four
years, but at the pleasure of the
county court after ten years" This
is the substance of the whole scheme.
II these bonds are laid al the end
of thirty years, we, our chill
dren, and grand children will pay
$4,000 interest and 100000 prin-
ciple in all $6O,S0O in order that We
may now spend $4,000 Most %
us viii be gone before the debt is
paid, so will the bridge But the
odiior Of the Chronicle tells us that
that the interest on the sinking
fund Will be an offset TO the interest
on the bonds. Let Us examine this
sinking fund. There can he no
sinking fund unless 1t be collected
from the taxpayers b. increased
taxes, and the people from whom
it is taken Will lose the Use OF this
money worth six to eli. at percent to
themselves, while it may be placed
it the banks at four percent and
some of the taxpayers j. they can
furnish good security may have the
privilege of borrowing from the
banks at eight percent, this same
sinking fund with which to pay
their increased taxes
Juggle the figures rs wo may, it Is
plain that the hoods will draw $40
500 and thet the taxpayers viii
have paid that sum at the end OF
thirty-four years and still owe $40
600. But at the pleasure of the
county court of said county after ter
years, they may be redeemabl(
which means $4,000 interest
more than half the original debt
Now if we can pay the principal anc
interest IN ten years, we can at the
same rate save enough in six years
and four months to make the $50
900. We could then build the
bridge with our own money. But
this would be hard on road super
yisors who( Use personally know o
this being done) give orders to TIA,
store for flour and meat and thei
present the same to the county cour
as material furnished for the road
Such plan might also reduce thu
profits of members Of the board 0
education who through a DUNN,
or b. he use Of pardner Civ
themselves the contract to cree
school houses at the public expenses
but it would cave the county mon
ey and Gs a majority OF tie super
visors and members of the board O
education no doubt have an inter
est in the welfare of the county
Those Of the above named elias
should resign for tho public good
But we are DEPRESSING If the PEG
pie wish to build bridge on "tick,
the court has, no doubt with th
best intentions, offered the bond
under such conditions as will los
the county thousands of dollars
Thousands Of dollars2 That sound
big. We'll Jet us figure some. w
shylocks who hovo money to loat
will bid the bonds in at such a pric
~ Will give us the rate Of interest a
which we arc willing TO loan on
surplus, You who have no mono
can not buy them Mt any price
Now if we buy the bonds at par
give $4,000 for lace value $4,000
in bonds we will receive six percon
per Gnnum whether the bonds b
paid at the end OF ton years on latoi
But suppose some of u5 money len
ders az 30 patriotic That weprofor G.
loan the money we do not need t.
tho county at FIVE percent rathe
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