The Caddo Herald
April 14, 1911
So the People May Know
To the Honorable School board and Tax Payer of School District No. 5, which includes the town of Caddo and surrounding community-
Pursuant to request of G. S. Cobb, a citizen of your town and school district I herewith hand you total indebtedness that may be had for all purposes in the way of buildings of the public improvements for school purposes other than current expenses as follows to wit:
On a total valuation of $800,000 your total bonded indebtedness according to the Constitution we would not exceed five per cent of the valuation, which would be forty thousand. A $17,000 issue now against the district would leave a total of $23,000 to complete the debt limit. Respectfully, S. E. Swinney
The above is part of a letter which some who are opposing the school bond issue are using to defeat the proposition.
On March 12th we wrote Mr. Swinney for a statement of our taxable values, based on 1910 rendition and March 13th we received a reply to our letter in which he said, “Your taxable value for school district no. 5 is eight hundred and seventy-five thousand dollars.” What do the records say?
Any “Doubting Thomas” if there be any, is at liberty to examine the county records at Durant for verification of my statement.
The records show that the total taxable value of school district no. 5 in 1909 was $861,000. The same records show that in 1910 the taxable value of school district no. 5 was $875,000.
Can this school district, under the law, issue $25,000 of bonds for school purposes in addition to the $17,000 already issued? We say, without the least hesitation, that it can.
We will not be satisfied with a less amount. How we can do it is a very simple matter.
“Figgers” Can’t Lie
And while the editor of The Herald is by no means an expert in juggling “figgers” yet we have prepared a few that will show this proposition up in an entirely different light to that shown by some who are opposing the issue.
Taking the 1910 value of the district, $875,000, as a basis, 5 per cent (the amount under the law we are allowed to bond the district) of $875,000 is $45,750. Deduct $17,000 and the balance is $26,750. That is the amount we can vote now for school purposes based on 1910 values. Based on taxable value of 1911 our debt limit would be $50,000.
There is no question about being able to float this bond issue; there are thousands of people in the East who are not getting over 3 per cent on their money who would jump at the chance to get 6 per cent bonds. Instead of not being able to get a market for the bonds as some seem to think, we are willing to wager a year’s subscription to The Herald that the bonds will be sold at a premium.
The taxable values of this district in 1901 were $875,000; if the value of the district outside of the town of Caddo increases at the same ratio over 1910 as it did over 1909, when this year’s count is in the value of the district will be upwards of $1,000,000. In the town of Caddo the increase will be at least $75,000. We have eight mercantile and manufacturing enterprises this year that we did not have last year to say nothing of numerous new houses and improvement in the residence district; besides the Katy railroad will pay taxes this year on about $10,000 more property in the town of Caddo than it did last year.
The columns of The Herald are open to the citizens of School District 5 for the discussion of this proposition; if you are for or against the bond issue you certainly have a reason for the stand you are taking. If you have a good reason for supporting or opposing the proposition it is your duty to tell it so the people may know.