Fitzgerald enterprise. (Fitzgerald, Ga.) 1895-1912, 1908-02-13

course be surprised at the information, that it
will be 1920, 600. Fellow citizens think OF it, you
will have to pay $500 900 for $50, 900 worth of
goods, if you elect to issue the bond under the
proposed terms In addition to this, you will have
to pay each and every year for thirty years, four
thousand dollars interest, payable semi annually,
which is equal to about 81 II OF annual paid inter
est and further, it will take about thousand
dollars to pay insurance and other items of eX-
pense in keeping these expensive buildings and,
there will be further expense of n in the receiv
ing and collecting and treasuling these funds.
You ask where the item of $500, 600 comes in,
and beg to advise that the terms Of repaying the
principal is by raising sinking fund each year OF
81, SOS. g. which will in thirty years exactly ag
gregate $50, 900, and in this section con-
slider money well worth SM, and but few are able
to get it from the banks at less than 1919 to 12%.
We will say that money is only worth 8% and
now you begin to figure on thesnkIng fund as follows
81, 666. sc at 8% gives $2l3.33 interest the first
year Now add this To the second years collection
of 50, 666. &c, and you have total OF S5,546 Co.
drawing 8% interest, and you go on from year to
year for thirty years, computing the interest and
adding each year the - 6G666, and you will find
piled up at the expiration Of the loan period of
thirty years the stupcndous sum of 1920, 600 i'll
round numbers, and this is an entirely honest and
accurate calculation and any business man will tell
YOU that it is certain to accumulate this much or
more somewhere for somebody. 1t is, OF course,
likely that some bank or banks would be the Gus
todian of this sinking fund, and, SO far as we are
advised, would have the free use of it, and, at the
expiration Of thirty years, could pay off the $50,
600 bonds andhave the balance, $40 600, as their
share of the game. This, of course, would help to
make dividends for the stockholders of said banks,
and if all the people were stockholders OF sud
banks, receiving such material aid from the taxa
ton of the people, it would not make much differ
ence Do not think for moment that l object to
the sinking fund for the reason that the banks
might make some money out Of the use of it, not at
oil If ic fOrt 10 that the
the people whether the banks or any one makes
cent out of it not; it is this loss to the tax pay
ers that are trying to point out. am frank to
say that it is at least a fine scheme out OF which
large profits may accrue to other than the real
owners of this money. Who has the legal control
of this large sum of money other than the unbonded
county commissioners? What safe guards have the
people against the loss of the principal much less
the interest? Thirty years is a long time III this
our day and generation, and just when the money
was needed worst it might be hardest to find.
These are pertinent questions in the interests OF
the tax payers, and knowing the present commits
soners as / do / know they will admit them as
SUCH for they are shreWd business men, and they
know the people have right to have them an
sWered.
What would do if | could would be to issue
$25, 900 of 5R interest thirty year bonds for the
courthouse &c. 600 for the Jail and 800 600 for the
roads, aggregating $51 900 in all. | would allow
no commissions to any one Commissioners get
salary). The money should go directly into the
savings departments of the banks of our city at 4%
interest, except such amount as would be wanted
for the first sixty or ninety days. This would give
the banks cheap money to help US through making
and gathering crops, and the taxpayers as well as
the banks would be getting some of their
money.
Building material and labor are both cheaper
now than heretofore, and 800, 600 will do as much
as $50, 900 one or two years ago, and this sum is
mighty big plenty to invest in a courthouse for
the small county of Ben Hill, whose citizens, we
trust and believe, will have good deal less for
a courthouse at the expiration of thirty years than
we now have. The most important thing to be
done at once in furherance of material interest
in the building of good roads; for they give both
profit and pleasure to our citizens, be he rich or
poor, walking or riding. This town is losing more
money on account of bad roads leading to it than
from any other one source. The rural districts
are greatly in need of better educational facilities
and goodly sum has already been collected fer
people in the country, and in the towns, for that
matter are certainly blind to their own interests if
they prefer to build old fuss house in preference
to highways and schools.
The present tax rate is burden on at least
seventy five per cent of the people and nothing
should be done to make it greater but instead, it
should be soon reduced to half its present rate.
For these and other reasons, there should be
no sinking fund At or about the expiration ofthe
thirty years, the people living then can pay for the
bonds, or renew them as they see fit. 1t is enough
TO- lofth