Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1913-10-16
The Bond Issue Question

DloICCl Stdlt DulibCIS Ids llldlS Jul
dens to carry in subduing Nature CT
which our successors will be relieved.
Moreover. the next and succeeding
generations of population and tax
payers will be greater in number and
taxable resources than are we. I'm
der such state of facts, there is neither
impropriety or injustice in shifting
the burden of repaying the cost oi
permanent public Improvement to an
other generation When we issue
county bonds for public improve
ments we must meet the annual inter
est on these bonds. But there is no
necessity that that this generation ada
to its pioneer burdens the redemption
OF the bonds issued to build highways.
for example. which another genera
ton, under easier conditions will as
we'll enjoy 1t is enough that this
generation do what it must in the
subjugation of the land and the max
ing OF it fruitful and habitable. Let
the next generation pay for the high
ways
In this view. l believe that county
bonds. issued for highway improve
ment should be 50-year 5 per cent.
bonds. redeemable at any time within
that period at the pleasure of the
county That the county issuing the
same pledge itself to levy an annual
tax sufficient to meet interest only
for the first twenty-five years, and fox
the succeeding period meeting the in
terest plus the redemption of one
twenty-fifth of the total issue annu-
ally. By such distribution of the bur
den OF highway improvements, (under
the return operations OF interest paid
the state) the counties of Nevada can
borrow the money required for high
way Improvements, get the immediate
benefit from the local expenditure of
this money and get the benefit of the
highways when completed: eala with
out any noticeable increase either n
the state or county tax rate.
To complete the Lincoln Highway
across Nevada as proposed, will il
volve an expenditure OF not less than
ST, 100000 OF this sum the state
and counties will have to provide
probably about $5OOOOO, the balance
being made up by National donations.
The taxable property of the counties
traversed by the proposed Lincoln
Highway. by 1914. will approximate
S50,0O0,O00 in round numbers. If by
suitable legislation such counties sew
orally bonded themselves in the
equivalent of one per cent. OF Their
taxable property and with the total
proceeds to be expended in the high
way construction. regardless of coun-
ty boundaries, the burden upon the
taxpayers of the several counties
would be equal as the benefits are
presumed to be equal. In such in
stance .Washoe County with. by 1914,
say S2O,000,0OO of taxable property
must be benefited by the expenditure
of some Of the proceeds of its bonds
in Churchill County. where the larg-
est relative expenditure is required.
for good roads in Churchill County
is a necessary factor in the success of
the road to stimulate automobile trav-
el to Reno.
On such basis of bond issue
ramely one per cent. of the taxable
property-the bonds running for 50
years: the interest only, at per cent.
per annum, payable each year during
the first Is years and the redemption
Of the principle beginning there after:
with the $500,O00 borrowed from the
State School Fund, the immediate re-
suits to the taxpayer would be as fol-
lows:
The state would dispose of $5OO,OOO
of 3.5 per cent bonds. and convert the
proceeds into such county bonds at
5 per cent. thereby securing S7,5oO,
1llOlc dS dllHudi lutcicSt III SupPoll VI
the public schools than at present and
which would effect corresponding
reduction in direct taxes in support of
the schools. A. the taxpayer gets
the benefit of this Of this offset in Ii
rect taxes his net actual interest
charge is the 3.5 per cent. which has
hitherto come into the public reye-
nues from outside sources and which
he assumes. This is equivalent to an
annual charge the first year of 3.o
cents on each SlG0 taxable property.
or IS cents on each $1,000 of taxable
property. with decrease of this sum
annually in proportion as the taxable
property on which the burden is as