The south-western. [volume] (Shreveport, La.) 1852-1870, 1867-05-08
The City CURRENCY.

In todays issue we expected to lay Before our read
ers the proceedings of the Board of Trustees, bu
| have not been able to get them in time. We howeyc
have the Mayors annual message, from which W.
make the following extract the subject Of the city
issuesz
n The apprehension on the part Of our commercia
men that our city note currency is too large togethe,
| with common misunderstanding as to the effect o
| the recent act OF Congress, imposing the ten pei
cent. tax On corporation issues has since YOUR last
meeting caused some embarrassment in its circulation
While do not think there is any reason to Justify
this embarrassment would suggest that solemn guar
antees be given to the Citizens by an ordinance pro,
7lGng that no now ISSUE shall be made and that
measures VIII be adopted looking to the withdrawal
entirely OF all the excess OF this circulation.
The ten per cent. tax law should have no influence
on lS character OF money-it applies to it only when
paid out by bankers and banking houses and does in
no way affect it IN the hands of the people
!hls money is all in the hands of the citizens and
""!ie many OF them may think that unwise and rash
legislation has been enacted and extravagant expen-
oltures OF Tue public money have been made no good
can no" come to the individual or to the citizens gen.
eraliy by embarrassing its current. features. The
whoe amount is common debt, contracted by you as
the agents of the people of Shreveport and must
hnally be paid by Them either by general especial
taxation; 1t cannot at any time be repudiated the
resources and all the property of the city pledged
We agree with the Mayor that though unwise egisla
ton has been passed by the present Council though
large expenditures on grading and other works have
been prematurely made, yet it would be bad policy at
this day to embarrass throw any obstacle in the
way Of the circulation of the city money.
Let the Board guarantee that larger circulation
will be permitted and moments reflection will satisfy
any one ofthe entire ability of the city to absorb the
present amount before next January.
The city, for its local circulation, will always demand
and justify the circulation OF ten or fifteen thousand
dollars.
The small notes when mutated will be more easily
redeemed than greenbacks, and will facilitate the MAX
ing Of change
The ten per cent! tax law, according to Commits
soner Rollins does not apply to this money, except
when paid out Of bank and should not at all damage
its value.
The faith OF the city, together with every dollar of
its assets and resources is pledged for its redemption
every issue is an acknowledgment of debt and action
as Tor other debts may at any time be instituted for its
recovery
If the present Board have been ilnpruden or faith
ess in the discharge OF their duties-bave done
utoSs WHICH Lhey ought not 10 have done, and left
lndone those things which they should have done turn
hem out at the next election, and elect men who will
10 better for U.s.
This is the remedy for the evil it would be suicidal
nd foolish at this day to resort to the remedy of re-
using TO take the money in ordinary commercial trans
ctions in the city. :
If individuals fortunate enough to accumulate
of this money than they can use in their business
icy can invest it in city bonds which will bring them
terest as large any other investment.
We trust that the Mayors message will have the r.
feet of relieving the currency of any further embar- -
ssments. 8