Newspapers / The Davie Record (Mocksville, … / Jan. 22, 1913, edition 1 / Page 1
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0 v ' HERE SHALL THE PRESS, (THE PEOPLE'S RIGHTS MAINTAIN; UNA WED BY INFLUENCE AND UNBRIBED BY GAIN.' VOLUMN XIV. MOCKSVILLE. NORTH CAROLINA. WEDNESDAY. JANUARY 22. 1913. NUMBER 29 HOW TO GET GOOD ROADS. A! W. S. Wilson, in Progressive Farmer. N overwhelming majority of the peo nle favor good roads and wnt them. The men most bitterly opposed to road taxes and road bonds prefer traveling over a good road to traveling over a bad one. We must therefore, look back of the fact that good roads are favored and wanted, to find out why more of them are not built. The one absolutely essential thing in road building is money in larger quanti ties than can be raised by taxation ex cept in a few of the wealthier localities. In most cases a bond issue is necessary, and bond issues are not popular. Busi ness men who do not hesitate to borrow money to use in their own business en terprises oppose bond issues for roads or other purposes. Why is this? If it be good business to borrow money for a private enterprise, why would it not be as good business to borrow money for a public enterprise? Why are bond issues unpopular and why do some of our best men oppose them? Our people do not vote blindly for or a dainst a proposition. They count the cost and take into consideration the benefits. They know that in most instances bond issues under our present plan become permanent debts; that they are never paid and the interest on them is an un ending load for them and their descend ants to carry. When they borrow money for a private enterprise, they provide for its payment, and then the interest stops. When bonds are voted for and sold, they know that in certainly a great majority of cases no method of repayment which can be effectually carried out is provided for, and the interest does not stop, and therefore, they vote against the bonds. If some means can be devised whereby money may be had at a reasonable rate of interest and with a fixed period of payment, and the people can be made to know that at the end of that period the debt will be cancelled, they will vote for bonds and good roads will be built. , The plan which I shall here outline to meet this condition is based upon the fact that in this State the bonds issued by the State are exempt from all taxation, whereas county, district or municipal bonds are subject to taxation. There is. therefore, a difference in the value of these bonds, which is shown in the rate? at which they may be sold. The State can and does sell its non-taxable bonds readily at 4 per cent., while county, dis trict and municipal bonds range from 5 to 7 per cent, with a prevailing difference of certainly as much as 1 per cent. It is to take advantage of this difference and at the same time to preparer a plan by which a sinking fund can be created and invested under State supervision, to care for the county bonds at maturity, that tee plan is proposecTas a substitute for our present ineffective and unpopular method of road bond issues. This idea was drafted into a bill which j was presented at the last session of the I General Assembly, where it passed the House by a practically unanimous vote, but was defeated in the Senate by a small majority. The plan may be sum marized as follows: 1. On January first of a given year the State Treasurer shall be authorized to is sue and sell State 4 per eent. bonds, in terest to be paid semi-annually, to an amount not to exceed $209,000, the exact figure to be determined by the applica tions received by him before such issu ance. 2. The bonds are to run for a period of 41 years, since it takes that time to mature a sufficient sinking fund to retire thern. 3. The steps preliminary to such ap plication for road funds, including the method of voting in the county are - set out in the bill, and must be regular in every way, and be approved by the At torney General. 4. Taking for granted that enough counties have applied te take the whoje issue of $200,000 for use on roads in the following six months, the Treasurer issues State bonds to that amount and the pro ceeds arising from their sale are loaned to the counties. These counties must furnish proper proof of having voted "For Good Roads," and must execute and de- j liver to said treasurer a bond to pay him ; 5 per cent, per annum on the amount loaned, to be paid semi-annually at least ! one mcnth before the interest is due on j the outstanding state bonds. A penalty j for faiiure to pay within the specified j limejs provided which would amply re imburse the State for any advance pay ment it might have to make on its out standing bonds. 5. Both interest and penalty are made a State tax and the Treasurer is given every faculty for its collection that he has for the collection of any other State tax. 6. The county bond is not one that can be stolen and at maturity presented for payment, but it is an undertaking on the part of the county to pay to the State Treasurer annually, in two payments, 4 per cent, to ba applied towards the pay ment of the interest on its outstanding bonds, ond an additional 1 per cent to be invested by the State in a sinking fund to retire its bonds at maturity. At the end of the first six months the counties pay to the State Treasurer two and one-half per cent, on their respective loans being a semi-annual payment of 5 per cent, interest. On $200,000 this a- mounts to $5,000. Of this amount lhe State Treasurer takes $1,000 and pays the interest on the outstanding State bonds, and has a surplus of $1,000. Then to get his $200,000 to be loaned to the same or other counties upon the same terms as at first prescribed, the Treasurer puts this $1,000 into the road fund and issues $199 t00 in bonds and sells them, and the proceeds arising tberefrom are added to the $1,000 sinking fund and the whole amount is loaned in the same way as at first indicated. At the end of the first year the State collects 5 percent, on the $400,000, where as it pays out interest on only $399,000. Tiiis process is continued semi-annually for 21 years, and at the end of each six months the State's bond issue is reduced by the amount of the surplus, so that the two shall aggregate $200,000. A careful computation, will show that there is a sufficient income from the coun ty loans to pay the interest on the out standing State bonds and still leave a sufficient amount to pay off the first is- ! sue of $200,000 in state bonds. And by further srudy it will be seen that each succeeding issue always decreasing in a mount, will be retired in the same man ner. The counties borrowing the money will have pid but 5 per cent, per annum, yet their debt will have been discharged, and the State as such will have paid noth ing except for the sale of the bonds and for the bookkeeping. It will have loaned its credit only, and in return will have reaped an abundant harvest by way of additional taxes from increased property values. The counties are enabled to get money at a greatly reduced rate of interest and their sinking fund is handled and invest ed under State supervision, so that thev are not required to perform the imposs ible task of collecting, handling and in vesting it so that it will mature their ob ligations, and a counfy bond isue is changed from a permanet debt, to be handed down from generation to genera- tion, into a nxea yearly payment lor a definite number of years, long enough to keep the load from resting too heavily at any time, and as short as accumulative compound interest can liquidate the loan. The Watauga Railroad. Work is now to be pressed for waid more vigorously on the Wa tauga railway, there having just been sent to Wilkes county tnirty- one coavicts for work on that rail road. Three of these convicts were sent from the state s prison ami twenty-eigbt from work on the A.berdeeu and Reck Fiah Railroad in Cumberland county, where SI convicts have been at work. Work on the Aberdeen and Rockflsh is expected to be completed early in Jauuary and the Watauga railroad people hope to get sixty-one more convicts now working with it. The state's prison has been paid $1.50 a day in cash for each con vict, this from contractors who used them on the Aberdeen and Rockfish. From the Watauga iail way there comes $1.50 a day for each convict in stock of the rail road, this having been provided by act of the legislature, which stipulated that there should be not less than lilty or more than 150 convicts assigned to that road. m "DID YOU EVER STOP TO THINK! !" 1 how important it is to have your prescriptions filled where the great est of care is taken and every .drug is accurately weighed and measured? We do it RIGHT at the MOCKSVILLE DRUG CO. Geo. F. Tyson, Manager. g Try oar While Pine Cough Syrup With Tar for Colds and Coughs. j Mary Garden Perfume THE BEST MADE. "ST T i CAN PROVE That we have the biggest values in Men's and Boy's Clothes. All it takes is a look. Let us prove it to you. MOCK-BAGBY-STOCKTON CO. Under some circumstances it better to leave than to be leit. is 418 TRADE ST. WINSTON-SALEM. 1 - esinmng. Jan. jldui, ana ru County Baity's entire stock -of - store he occuoied and rather t & We will put out to substitute lots so hah for ten days, we are going to offer to the people of Davie s at cut prices. Our reason is we are going td vacate the move the goods we will sell them at a sacrifice, other lots that for lack of space we fail to mention. Come every day. 17 Men's Suits $3.50 to $6.00 values, choice each $2.48 Heavy Storm Flannel, 10c value, at 7 l-2c 25 Men's Suits $7 to $10 values at $3.23 All $1.50 Corsets 98c -- - All '$1.00 -Corsets 79c 35 Pair Men's Pants $1.25 to $1.50 values, each at 98c All 50c. Corsets 39c About 50 Pair Boys' Pants 50 and 75c. values, at 38c Colgate's Talcum Powder, 25c. value 10c r : ' '" .... - 8 Dozen Hanes' Knit Underwear, sold everywhere Men's, Women's and Children's 25c. hose at 19c for 50c. to go at " "j " " 38c 10c. Hose at 7c One Lot Men's Four-in-hand ties, 25c. kind for 19c All 10 Cent Snuff 6c " All 5 Cent Snuff 3c All $1 Shirts for 79c AH 50c. Shirts for 39c A Let of Boys' and Men's 25c Caps, sale price 19c - J All Baby Ribbon l-2c per yard All Flannelettes 8c. yard Serges, Mohairs, Panamas, 59c. values at 38c Whipcords, Wool Challys, $1.00 values for 79c 1,000 Yards Calico, sold for 6 and 7c. Sale price 5c Great Loads of Torchon and Valenciennes Lace's will be out at simply sacrifice prices, per yard 2, 3 and 7c Shoes for Men, Women and Children are to go at cut prices. Everything in the store to be sold if possible. Come every day, as you can't afford to miss such offerings 7 as will foe put out. SALE BEGINS JANUARY 15TH, AND CONTINUES TENJIDAYS. ; aity's Store.
The Davie Record (Mocksville, N.C.)
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Jan. 22, 1913, edition 1
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