The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-12-05
The BOND ORDINANCE.

The voters of New Orleans are called on
to-day to decide very important question
question which concerns their immediate
interests far more nearly than any OF the
general political issues which have, recently,
enlisted their attention. 1t is simply whether
or not the city finances are to be extricated
from the deplorable position into which they
have fallen; whether or not the public credit
shall be restored; whether or not provisions
shall be made for lquidating debt which
must be met in some way or another: whether
or not the numerous persons who serve the
city shall be paid in money which they can
use; whether or not the city expenses shall
be reduced by reduction of those high rates
which we are now compelled to pay in the
settlement of all contracts and other demands,
on account of the terrible depreciation of the
only money now at the command of the city
treasury. Every person in the community is
interested in the decision of this question, be-
cause every person is interested in the welfare
and prosperity of the city; In the educa-
ton of youth, in the paving and light
ing of the streets, and in the mainten-
ance of public order. These objects can be
assured only by the expenditure Of a certain
sum of money per annum, and that money
can be raised only by taxation. But if
the taxes continue to be paid in city
money, the city treasury can pay out nothing
but city money, and the creditors of the
corporation will soon become tired of re-
ceiving paper which they cannot use ex-
cept at an enormous discount The result
of perpetuating this suicidal system must
inevitably be to cause a progressive de-
probation of the demand obligations of the
city, and progressive rise in the price of
everything for which the city has to pay,
until the debt will increase to such an amount
that it will become entirely unmanageable.
1t is plain to every reasoning man that
we must get rid of the city money be-
fore a healthful condition of our city
finances can be restored. But we cannot
get nd of it as long as we continue to
receive it in payment of taxes, and we
must continue to receive it for taxes as
long as it preserves its present form
that is to say, until it is converted into
some other form of obligation.
The bond ordinance purposes to effect
this object. 1t offers city bonds bearing
7.3O per cent per annom interest the
principal payable in twenty-five years, in
exchange for city notes. This is the only
practicable method of solving the problem.
There is no way to get rid of city money
except by exchanging bonds for it, or by
taking up by means of excessive taxation.
Those persons who object to taxation for
the purpose of paying the interest on the
| proposed bonds can scarcely have re-
| fected that the alternative is an ex-
IRENE of taxation which the industry
and commerce and property of the city can
not bear. The practical everyday experience
of all men teaches them it is easier to pay
debt in long term than in a short term, and
that payments which would ruin them if
concentrated into day or a week, or even a
year, can be easily met by the accumulated
profits of a term of years. 1t is precisely
for this reason that they are willing to pay
interest in order to have the term of payment
extended. What is true of individuals is true
of the city government. We have a large
debt to pay we cannot pay it now what re-
mains but to fund it and pay it when the aug
mentation Of our population, and the increase
of our commerce, and of our property, shall
make it comparatively easy?
Property holders should remember that,
in whatever manner this tax is levied it is,
ultimately, paid by the whole community.
They should reflect that there is no escape
from payment, except reputation and that
postponement only increases the evils of the
situation and augments. the difficulties to be
overcome.
We appeal to all citizens to come forward
to-day and cast their votes for this ordinance.
al are interested in redeeming the credit of
the city all are interested in the solution of
this vexed financial problem all are inter-
ested in getting rid of this incubus of unre-
deemed and irredeemable city money which
now weighs upon our energies and palsies
our efforts.
SHERIDAN AND CARPET BAGaERs.-T Rad
icals used to talk with high glee about the