The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1913-05-27

our population with city water. If
the balance of the population could
be supplied, and those who are able
are required to connect up with the
sewerage, the income from the wa
ter, In my opinion, would more than
double, In which event an additional
$I,77O.63 could be added to the
surplus, making a total of $11,-
1911. From this sum we will de-
duct $4,000 representing the inter
est at dve per cent on the proposed
issue of $4,000 and including the
Soo,OOO waterworks bonds now out
standlnS, thus leaving after paying
all actual running expense of the
town, OF the waterworks, and the in
terest on 100000 of bonds. the
sum of $6,179.11, which would be
available for streets or any other
necessary expense. This $6,179.11
annually together with the proposed
Sl3,OOO as starter, would, if
properly expended, soon give us
streets and pavements that we would
De proud OF rather than ashamed of
as we now are.
While believe that we could
take care of a 100000 five per cent
pond issue without any increase in
taxes, IL Is my opinion that an ad-
attlonal levy for sinking fund
should be provided for. In fact the
statutes require it.
On the present tax assessment of
Soo9, '4s, and assuming that there
VIII De no future increase, although
mas increased $134,188 in five
years, | figure that two and one
half (2A) mills. or 25 cents per
hundred dollars, will create a sink
ing fund of $1,349.37 annually.
which for forty years would amount
10 $53,974.SO, and four per cent
simple interest on $1,349.37, if in
vested annually, would in forty
years amount to $44,255.4O, which
with the principal would aggregate
$SS,23O.2O, and if anyone will take
the time to make the calculation at
the rate of four per cent compond
ed quarterly, as is paid by the
banks, l believe this sinking fund
created by two and one-half (2b)
mills would, in forty years, more
than pay the present and proposed
bonded debt of the town.
IL the bonds are twenty-forty
year optional, we can call them in
after the first period, using the ac-
cum mulated sinking fund as far as it
VIII go and refund the balance of
the debt, which of course if done.
would proportionately decrease the
hxed interest charges for the next
twenty-year period.
An increase in taxes of two and
one-half mills will not be burden
some on anyone, because of the ex-
tremely low assessments of property
In Lancaster, which / do not be-
EeVe exceeds twenty or twenty-five
per cent of its true value. In look
ing over the tax books and picking
out dozen of our largest tax paw
ers l find that a two and one-half
mill increase will affect them per
sonally (not including the indirect
tax they would pay through corpor-
atlons In which they have stock TO
very small amount, ranging from
the highest, $51.66 to $4.55; and
10 the average tax payer in
town based on present assessments
1 do not believe an increase
of two and one-half mills will
amount to as much to him as he is
now paying at the rate of fifteen
cents per month to have his dry
closet cleaned.
From the facts and figures ]
nave given you there can be no
uouDt OF our being able to stand
this proposed issue of bonds. That
we need and must sooner or later
have these improvements no one
Will dispute, so let's all of us put
our shoulders to the wheel and
make Lancaster what she now ought
to be, the best town in South Caro-
lima"
Other speakers followed Mr..
Jones earnestly advocating the bond
issue. A rising vote was taken on
the proposition which was carried
unanimously. Petitions to the town
council, praying that an election be
ordered on the matter of the bond
issue, were signed by many before
leaving the court house. The peti-
tions will be further circulated at
once and when a majority of the
free-holders have signed same an