Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1912-05-08
William Marion Reedy

/ Last itll tht people OF JachsOi /
county. oregon. decided 10 issue 81
500 600 twenty-year bonds at 6 per /
cent. Tor good roads. This would |
mean the payment OF $50 ,6Ue per |
wear interest. In 20 years, Sl.b00.- |
0ou in interest alone and finally |
with tho principal So. 900. Some
money
The Oregon suprcem court declared /
the bond issue unconstitutional be-
cause b. was not voted az a general
instead OF q special election. but the
people stlll want good roads. Mr.. ~. |
II Scott. % Antioch voting precinct,
Ictcnral Point Rural Route No. p set
himself 20 thinking on the problem
lot how 90 get the roads without pay
..ue Saa for each SIS expended on thr
roads NoE no. has figured o. olt
though he Is not a lawyer. bur "a
.ruchcr and has never read up on
FINANCE or political economy. His plan
so simple as 20 be- surprising. ami
without q flaw lon It's economic logic
Us outlined In the February l7lh issue
OF Mr. Rey n Lampman's Gold Iln
| Ncws
instead Of issuing sl.50C 900 90
ItWcnty-ye1r interest bearing bonds.
meaning "a total 10 pay. with Interest.
for 20 years ~ six per cent. of So
200. ooo. Mr. Scott proposes 10 take
advantage OF existing fedora bank
Ing laws hy having the people Of
Jackson county vote non-lnterest
bearing bonds. TO run 90 years or
more for the total amount OF g. 900.
1000. end deposit these bonds in nc
United Siatcs treasury at Washing
; ton. as security. and then take out a
national bank charter In the name OF
The Taxpayers National Bank OF
. Jackson County. Oregon" have the
.treas1rv department issue national
bank notes 20 the amount OF 81 300
600. which the people Of Jackson
county. under tho national baukin.
!. Law would have the use Of for 30
wears in perpetllty. or as long rs
they wished 10 retain their national
bank charter For the use OF this
money their bank would have 10 pay
D nothing, having te same privilege
rat are extended 10 other national
{, banks The people. through their
bank. would own the bonds them
! selves with the assessed valuation Of
Jackson county. ,at present thirty.
eirht millions. and all the great
a natural resources. agricultural min
rcthcr with the industry, INTELLIGENCE
!, and integrity Of every good man and
every good womtn In Jackson county.
D now and forever. back of their bonds.
making them easily the equal OF the
best money ever minted or printed
Mr. Scott explains how bis plans
would work out thus: Taking -
!0n 600 for round number as the
amount desired by the people of Jack
> son. or anv other county for good
q roads or other improvements Il would
cost the people in interest alone on
per cent bonds under the present
% system OF bonding and the system
o that was proposed to the people OF
Jackson county last September. Sl9S.-
n 600 per wear. Thus the people would
De. ps now The slaves of the grcaJ
god Money ON the contrary. under
q the plan which propose TO the PEG.
pie of Jackson county and all oth"l
counties the people would have s..
300. 600 in national bank notes issue
y on the bonds. on which they woul
Ipay NJ interest. saving SleS.0O0 i'e.
wear on this alone Such money ..
is not paid out from tho TAXPAYER
Bank Of Jackson county Tor roaa i'm
proyement or other purposes could b,
loaned 10 the local banks or to others
on good security at q low rate o
interest Thus there would be say
inc 20 the people Of Sl9N.00o a yea
m interest that would be- paid undel
the old plan, plus whatecer intcres
was received from money not used io
road or other public purposes Il
other words, the people would o'
masters OF the money instead Of m,
money neins their master
Mr.. Scott has thorght ont careful
W the manner Of retiring these bond
~ when issued. and explains lucidly A.
81 Stunning the amount of The issue 10 b
g.. 2ro 600 the people may at an
time tax themselves o. the extent %
S1Gi. 900 per year, the same amour
- that would have been necessary q
~ paw the Interest and maintain O.
y. sinking fund On bond issue Of 81
:" 500 600 such as was proposed las
W fell. and In 20 years the people woui
~ be- able ~ turn the entire amount q
q, : eco 900 over 70 tho government.
" est an 4 they haying had more tina
tvice the benefit that they woul
have had underan ordinary hond issu
for 81 500 0oO A. the prcsent as
~ sessed valuation OF Jackson COURT
'spuroNimately S3S 600 600. an al
=, nuel levy Of 49, mills would take car
=. OF a bond Issue q s2.}0o. 900 in .
=, wears. and give a small surplus enc
Ia wear This levy would be annual
+. decreased hv the increase in assesse
,u valuation Ha,ing recalled the
ho bank notes 10 the Taxpayers Nations
-. Rank ~ the rate Of sl6l. eco per Yea
for 90 wears. or having recalled thel
all a. tho end 81 Tho % voars the ne,