Press enter after choosing selection

Another Financial Scheme

Another Financial Scheme image
Parent Issue
Public Domain
OCR Text

It is with great interest that I read the communication ia your paper on finance, for it is one of the most vital inestions of the day. When mankind was content to be slaves it mattered little to thein, for they were content if they had coarse f ood and clothes. Bnt men who want to be free aspire to something higher and nobler. As a solution to this question I sub uit tlie following, and to make it plain I will give an illustration: Harrison county, Tex. , issued $50,000 in bonds to build a court house; said bonds run for thirty years, at 6 per eent., which is $3,000 per year; thhty years' interest would be $00,000; we pay, and still owe the principal, L50,000. Individu√°is bought these bonds at par. Of course they considered the investment good. Now suppose the law was so we could have deposited those bonds with the Dnited States treasurer, and receive greenbacks for theui at 2 per cent. interest, which would bs $1,000 per year, in thirty years, $30,000- a difference of 60,000. So it is plainly to be seen that Lf 2 of the 6 per cent. went for interest and 4 per cent, for a sinking f und we could pay the principal and interest in thirty years, and have $10,000 to pay expenses with. This plan looks to me like a wheel within a wheel, and the government would need no other source of revenue forever. Incorporated cities and counties in the United States could carry their credit, and this plan would greatly rednee the tax of city and county. It is a secure plan, for it is based upon the property of