The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1908-10-16
ZINC &c oEsT.

= There is every good reason Why tn
coar. house and bridge debts Of th'
county should be funded. In plair
words il viii mean an interest savings
Of approximately $4,000 per annpU
and there is not an intelligent and
discreet business man in Maury county
Who would continue to pay interest al
the rate Of six per cent per annum
rhen he could obtain money at -four
per cent. The county's business
should be conducted by those in con-
troll upon the same business princi-
pies that would guide them in conduct
ing their own business. The law re-
uuires that the public ohicial shall
give that same care and attention and
manifest that same judgment and dis
( erection in the transaction of public
4 business that a prudent man would
use in managing his own private af-
fairs.
No man will argue that the county
ought to pay more for what il buys
than an individual would be required
70 pay. If it should come to the ears
of the Justices, for instance, that one
Of the institutions conducted by the
county had been buying supplies from
some favored individual at fifty per
cent more than the same supplies
could have been bought for elsewhere
there would be perfect storm of in
dignation. Borrowing money at in.
terest is simply buying its use for a
stated period and the same objections
that would apply to paying unreason-
able and excessive prices for supplies
would apply to the payment of I'M
reasonable and unnecessary interest
The county is now borrowing money
at fifty per cent more interest than it
should pay.
BY floating bonds at four per cent
interest the county would annually
save $4,000. This savings, would, in
five years, when the first installment
Of bonds mature, amount to $4,000.
It could be loaned at an average rate
If interest that would net at least
$4,000 additional. AS the bonds were
'etired the saved interest account
would increase so that by the time the !
en- year installment became due there !
would be sum equal to more than t
$50, 900 saved with which to retire the t
ebt and the tax rate would not have E
'een increased one cent. /
There is nothing whatever worthy v
f serious consideration in the argu- i
nent that the funding of this debt 4
7ould deprive the county of the taxes g
n a very large sum of money. AS a f
natter of fact, according to the Trus- t
ee, not over $4,000 of the 100000
ow due is listed for taxation Admit 8
ng for the sake of argument that If a
1e bonds were issued not one cent of O
lis sum would appear the following a.
ear on the tax rolls and the county il
ould lose not over $500 which would a,
ill leave an annual net profit of c;
500. D;
However, the fact that bonds were n
I'D to Eastern capitalists and the
resent warrants retired would not
eprive the county of one dollar OF
xable wealth. Not a cent of wealth
ould be destroyed by the change in C,
e method of evidencing the county's r.
bit The money that was paid to -
e holders of the warrants or the
vestments that it would represent,
ould still be subject to taxation. mi
Ince as a matter of fact the county We
II save from $4,000 to $4,000 per tb
mum by funding the debt, the
lount constantly growing as the
we'd interest accrues.