New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-05-17

modes for retiring the circulation OF the
city now no longer currency:
l. To sell the revenues of the markets
separately for the term Of three years, to
commence from the expiration of the pres
ent lease, leave the cash payment in city
money at the option of the purchasers, pro-
vided it be not less than one.twe fth, the bal
ance in monthly notes well Endorsed, and
made negotiable in bank.
2, Sell the revenues from the wharVes in
sections for the term Of three years as they
are now divided; give possession on the
first day of July next: the conditions of sale
the same as the markets.
j. Collect the personal tax assessed for
payment next year on personal property for
the year 1868 IS soon as the returns are
made by the Assessors, say in July next,
and continue the collection until the first of
December following.
4. Make application to the Legislature or
to the commanding general for permission to
levy special tax OF one per cent on real
estate for the years 1869 and 1870 collect
able the same year of assessment. All the
cash payments to be made in the Circula-
ton of the city by the year ending in De.
cemoer, 1870; all the notes will be taken up
and destroyed, and an abominable city debt
of four millions of dollars wiped out
without the payment of any interest.
For the information of any who wish to
purchase the market revenues, l give the
Beef market, Second District, as an exam
pie. This market contains 20S stalls, and
sold, for this year only, at an average of
siXty-four cents per stall per day with the
city money at ten per cent discount. With
the money at from thirty to forty per cent
discount the stalls brought for the ten
years offered an average Of thirty.eight
cents per stall, The rent for beef stalls
charged by the city is twenty-five cents per
stall, but the privileges given the farmers
for each animal slaughtered and offered for
sale are so great that some of the stalls are
known to yield over five dollars per dav.
There is no better investment for city money
than the purchase Of the revenues of the
markets.
dition, better than they have been for many
years. By their sale we get rid of an enor.
nous drag on the treasury. If you will ex-
anime the Controllers reports since the
day of consolidation you will ind that not
a dollar has ever been realized from the
revenues after deducting the expenses of
repairs, etc. The first sa made was for a
term of three years and brought hand.
some net revenue to the city. The second
sale was for about two hundred and thirty
thousand dollars per annum for the term Of
four years aud nine months. This was in.
terrupted by the war, and since then the
city has been managing them, and the re-
suit Is a heavy annual loss.
The city has the right to separate the tax
on real and personal property: decision
of the Supreme Court settles that point. 1t
is that the corporation is not bound to tax
real and personal estate at the same time
A tax may be legally imposed on either
alone, Ann. lS2, La. Is. Not one.half
the personal tax has ever been collected
The present system of collection is wrong
The Assessors 60 the rounds in January.
1868, and the persons assessed have until
July, 1889, to pay. The collection ought to
be made the same year of assessment and
give us q revenue which we do not now
possess, that is from July 70 December of
each year.
The taxes are now coming in very freely.
In former years q two.thirds collection up
to the first Of July OF each year was fair
average. l estimate a collection of nine.
tenths up to that period. Everybody is
anxious to pay, and a remarkable occur
renee is they all expect to leave the city.
l yesterday reported to the Finance Com,
mittee that | was ready to burn more notes
The accumulation of the mutilated is very
great, and the stencil arising from them
The balance reported about three hundred
Thousand dollars, can be safely DESTROYED
as the receipts are far in excess of the eX.
penditures. This destruction will bring the
circulation to about four millions OF all
issues.
I estimate the markets to yield 81 600, 900
Net revenue from the wharves 600, 900
Personal tax 100000
One per cent tax for 1869 1000, 600
One per cent tax for 1870 1000, 900