The commercial. (Union City, Tenn.) 190?-193?, 1915-03-12

have required 40 cent tax to pay th
interest, we would have issued nearl
$500, 900 worth of bonds-the assesse,
value at that time being, as stated, So,
J 675, SOB, forty cents hundred on which
would have amounted to $14, 702.41, o
few dollars less than enough to pay
the interest. By this time, withou
counting any sinking fund interest, WI
would have collected enough as result
OF the 80 cent tax to have paid off ths
$500, 900 worth of bonds, and we would
have had left about $145, 1920. AS stated
above, the average assessed value OF the
property for the thirty years has been
81, 451 900, 40 cent tax levied on
which would bring in 500, 844; the in
terest on the 100000 at S per cent
would have amounted to $15, 200,
which, taken from the 500, 944, would
leave each year $14, 844 surplus, which
in the thirty years would amount to
$445, 800, or $145, 800 more than enough
to pay off the bonds; and if the surplus
each year was placed in sinking fund
at interest it is safe to say that there
would have been at least $3.50, 600 more
than enough money on hand at the end
of the thirty years to have retired the
bonds.
There is but one way to judge the
future and that is by the past. This is
an accepted and approved rule in judg-
ing the affairs Of men. Applying this
rule, the experience of the past thirty
years shows a gradual increase in the
assessed value of the property of the
county to the extent that it has trebled
in value with nearly million dollars
over; SO that according to this rule the
assessed value now being 1000, 600
in the next thirty years it will increase
three times that or up to $50, 900, 900, |
and subtracting the $12,000,OOO the
is now assessed at, would leave
an increase of 1914, 100000, which
would make an average yearly ASSESS
ment for the next thirty years of $24,-
600, 900 per annum on which the 40
cent special good roads tax would be
the amount of which would
be $4,000 per annum. Suhtracting
from this amount $4,000 per annum
for interest on the bonds would leave
S56, ZOO per annum average yearly in
come from the 40 cent tax to 90 into
he sinking fund to retire the bonds,
ind this amount multiplied by thirty
years would show an estimated amount A.
n the sinking fund at the end of thirty
FEARS OF 81, $50, 900, not counting any
interest on the sinking fund, or enough
money to pay off the bonds and $780,
700 in addition, or enough in addition
eft over after paying the bonds off to
,uild another system of roads like that 4.
low proposed to be built. This tax OF
o cents could be reduced from wear to
ear so as not to accumulate more
money than is needed, or the surplus
ould be used to extend the system of
nain line roads over the county.
Thirty years ago I was nine years of
ge. The principal thing here at that
me was the lumber business and log /
auling. Forests of fine timber abound /
]. Later on we had furniture factories. /
wv mills, spoke factories and the like. /
1d remember that it was predicted |:
lat when the timber was all cut and i
sposed of the country would be ruined |
I'd the day of its passing was looked |
rward to as time of dire calamity |
come. !.
ONo" WhoS LILO udS III STORE Tor W
no one can foretell with precision; in
1t for one ! believe that the spirit OF Il
ogress is alive in the land; that his y
ry will repeat itself; that in the next :,
irty years as marked improvement ii
d increase in values will occur as in v
g last; that as part of that improve
emit and progress will come the build IN
OF permanent roads, culverts and q q
Idges, houses, barns, silos, and fine bl,
mes; improvement in the cultivation ns
the soil and breeding of live stock be
provement and progress of educa- W. W.
u and church work; and at this time
'elieye that We should do our part in ~
S system of progression by stopping bI,
r dirt road child's play and proceed to
! promptly and in business like (ct
nnor Al hrxsld zw-.to... - VIZ