The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-13

lotai city ueDt-. .Sl4 ,537 ,4S3 65
The above figures do not include the debt
of 50 ,OcO, 900 authorized to be paid for the
water works, and as the water works will
probably sell for as niue or more than the
price paid for them, or at any rate. if retained
by the city will yield a revenue sufficient to
meet the interest on the bonds to be issued in
payment of same, it would not be equitable
to include the amount to be paid as portion
of the city's indebtedness.
The total Indebtedness stands as regards
the total assessments on real estate and
personal property for the year 1867 (s139,-
OOOOOO) at eleven per cent, or nearly fifteen
per cent. on the total assessed value of real es-
tate only, for the same year. (Real estate as
sessed at 100000, 900 for 1867
There is certainly nothing in these figures
to alarm any one who will give himself the
trouble to. examine the facts and compare the
present time and circumstances with those
that existed in 1852, when the city was con-
solidated. AT the time of consolidation the
total assessed value of real estate and slaves
was, in round numbers, SEQ, 900, 600, while
the debt was So, 400, 600, or over eleven per
cent. of the assessed value of both real estate
and slaves.
We have no slaves now, but the city owes
less than fifteen per cent. ON the value of real
estate alone, and only eleven per cent of the
value of real and personal property.
1t certainly does not look like a very great
increase of debt in proportion to increased
values of taxables, and this, too, after nearly
eight years of war, misrule, oppression and
random legislation.
Let the ordinance that passed the Board of
Aldermen on Tuesday evening become law.
and city money will soon be absorbed and out
of the way; and until city money! is out of the
way no healthy system of retrenchment can
successfully be carried out, for every step
that is made through the most earnest en-
deavors of the finance committees and the
Common Council, is met by this phantom of
deprecated currency staring them in the face.
When the city money is gone all the reve-
nues of the city will be received in United
States currency only, and the administration
will be enabled to make purchases and CON-
plete contracts at enormously reduced prices,
and then, too, the question of reduction of
salaries of employees and of other requisite
can be more successfully advo-
Gated than at the present time.
But after city money is redeemed there still
exists floating debt of nearly 81 800, 900 to
provide for. The policy of selling the Water
Waters to iquidate that Indebtedness has been
preached and we do not propose to discuss it
at the present time, but there is another plan
that can be adopted and successfully carried |
put. 1t is for the council to reordain the
passed in Mayor Heath's time and
since repealed authorizing the issue of certi6-
,ates of indebtedness for all current liabil-
ties) bearing eight per cent. interest; this
will at once give relief, and viii give time to
ievise measures for the future, even if the
Legislature at its session in January next
hould again fail to pass some enabling act
or the relief of the citys finances.