The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-05-26

{,
ship is recognized by the business
world as being similar to such cor
porations as cotton mills, railroads
and other chartered institutions,
who seek bond issue in order to
secure money to develop their pro-
pcrticS by such source, and the
general laws describe how this must
be done III their case in order to
give a good title to their bonds.
therefore. to give a good title in
this case, there arc certain lines OF
procedure, described by law in the
issuance Of township bonds. which
are necessary to be carried out with
out any variation and to the letter
OF the law. to make them valid;
otherwise. the prospective purchas
crS of the bonds will discover the de-
fccts. and sale Of the bonds can
not be made. and the bonds SHOULD
not be sold. AS we wish to put our
self Oh record as honest and law
abiding citizens. therefore, an cleo
ton. as ordered in accordance with
our laws. is necessary.
The law requires that if a ma
lorlty Of the voters favor the good
roads. the auditor Of the count,
shall charge to each propcrty-holdcr
in No. 6 Township 7 mills on the
assessed value Of their properties in
that township: the treasurer collects
this tax. which is equal to 70 cents
on every $4,000 worth Of assessed
values. When SO collected. it is
turned over to the five trustees and
receipt is taken for the amount,
which is about $28oo.oo. These
trustees. having sold the bonds, will
use the proceeds Of the sale in build
ing the roads. Now that we have
borrowed the money. how will the
bonds be paid when due in thirty
years: The interest which is due the
first OF January and July each wear.
amounting to $ISoo.oo is paid out
Of the taxes, S2SOo.Oo. collected
each year. leaving 100000. The
trustees dcposit i'll bank SIOoO.OO at
tour per cent interest as a sink
ing fund to be used only in retiring
the bonds when due. If YOU will
take the time, you can figure out
how long this tax will be necessary.
You will readily sec that { ftcr few
years your taxes will gradually
grow less. Some orc. no doubt, will
say, Why not use the $1,000. 90 every
year in retiring the bonds. Because
a bond buyer will not purchase
bonds in that manncr-he wants ali,
his money paid at once, hence he is
willing TO wait thirty years to get
it that way.
Now, to some Of you. this NAV
seem a long timc-and it is a long
trmc-and in my opinion it is plan
by Which our children will assist us
in retiring the bonds. The most OF
MS arc carrying life insurance and
are paying the annual premiums for
the benefit Of our familieS--bcsidcs
assuming obligations for invest
mcnts. buying homes and building
houses, all for our comforts and
Our families benefits. Now, why
not assume this small obligation ct
paying only 800 each year as taxes
On every $Iooo.oo worth Of prop
erty for road improvement, which
is an investment equal to any life
insurance policy that you can buy?
You cannot question the benefits de-
rived. Besides, if your property is
worth $Iooo.oo now. the good roads
will enhance its value another
$Iooo.oo in five years.
In the event a special tax should
be levied upon the county No. 8
could and would be exempted from
any such tax because Of the for.
ward movement which had already
been taken by this township for
road Improvement.
Good roads are like the rural mai
and the tclcphonc-whcn once
placed at your door and in your
home, they are practically indispcn-
sable, and if you had good roads
YOU would not permit them to be
destroyed. This plan for having
good roads does not Interfere with
the present law or any other laws
winch may be enacted for road