New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-12-03

The following speech was delivered to
an association known as the Tiger Club -
of this city, by its President, Mr.. Archibald
Mitchell. We copy it from the Bee.
GENTLEMEN OF THE TIGER CLUB In a
few days we will be called upon to vote,
either for or against, the imposition of a
tax, for the ostensible purpose of redeemng
the city currency, now greatly deprecated
This is to be effected by issuing bonds or
profnissorY notes, bearing the singular in
3lrest of $40 per cent per annum.
To accomplish the object in view it is
proposed to lay an additional tax OF one
quarter per cent on all real estate, personal
property and npon licenses. 1t is asserted
by the advocates of this measure, that a sum
will thus be raised each year TO pay the
interest on the bonds. with sufficient sur
plus to redeem them in twenty-five years.
Now, gentlemen, am opposed to this
tax, upon general principles and for Darti-
cular reasons. | am opposed to it, because
1T proposes to pay one set of the creditors
by borrowing at an exorbitant interest
fIOm others. This is merely removing the
present evil, by incurring greater one at
a remoter period-and increasing instead
of decreasing our Indebtedness act,
which on the part of private individual
would denote marked business imbeciliiy-
and not the less foolish or criminal if com
mitted by corporation.
The proper method for corporations as
well as individuals to pursue, to enable
them TO pay their debts. is 70 cut down
the'r expenditures. With very little econo.
my this city can pay off that Indebtedness,
which these PONDS are intended to absorb
IN two years. The Chairmen OF both
Boards Of the Council, last February, esti-
mated the receipts from all sources TO b.
$4,000 900, in excess OF estimated expendi-
lures, but snpposing that these estimates
are erroneous to the amount of $500. 600
liberal allowance--then two years will
redeem all the outstanding issue. But
ONCE holders are seemingly willing to do |
anything rather than economics. III
If wise, judicisus and economical sys- |
TEN were adopted ny the City Council. |
justifyiug convection in the public mind |
that these notes would be redeemed IN two |
or three years, they would Immediately
rise in value, and as the time of their re- |
demption approached, wonld approximate |
IN value to the currency of the country. for !
1t is well known that their.depreciaiion is |
almost altogether owing to dstrnst, or that
insecurity which the public feel in their
eventual redemption.
1t is very far from my intention to say
anything that would in the Sigh est degree |
array class against class; the richest man |
has 40 equal right with the poorest one TO |
obtain that which is justly due him, but |
see In this plan Que of the most in-
hldlous scbenies ever conceived In the brain
OF man. t. despoil The public at large
OF Wnie1 IN poor constitute the greater
paft-lor The uene It OF whom? A few rich
brokers' who hold probably nineteen TWEEN
neths OF tbs currency Remember. | say
nothing against brokers, not one syllable |
against the business OF brokerage. and am |
far. very far, rom Participating in The peroi- |
eious and vulgar .ieinsila OF snpDosinq for |
q moment that it has caused or can cans
the slightest deprs citation IN the Currency
This business Is as useful IS anv other in t6e |
community, and by G mpeHtion has mo |
doubt iessHned instead Of having increased
me depreciation Of our currency. But
these gentlsAs n purchased this moiav al 4
greatly deprrclAtsd price, (Which lheg were
xlghs 10 doing,l thereby taking all the riak
81 IT'S redemption When the question Of ils
absorption WA aot agiiated 10 the Council /
Holding y e lact' in view, then, it fol- |
1QEs ihatany act on the part 81 oHr Coun-
ell having tendency 70 gise Increased
value 10 the currency ID their hands is jast
- much sb<uacied from this already over
taxed community. | have no prejudice
against lhe broker, but he has certainty no |
claim for special leelsIs ion 10 advance
4ls Interest e. ~ expense II The citizens ct
lag0e
I az alse opposed 10 The excessive in
AeTe1l Which lneH b1nds arB % DlsF=z7 i
~ per cess per anaum and % be exetnpt.
oclle7ss sf1fa taxsiioa: bat thsa exces- 4
elFe inta1eS. lenasstd SUI more exorbl-
f4nt ss Inuc' tAe greater portion o. She h
o1..la1dine ca11tne4 Is held b those alio
FA|1 eoQ1f eix y ct'Ira tn ih9 6blsnf inf Il
<4Ql, Sc actual latefaeI H||isA lkss8 beads 1