The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-02-18

Leaving ofrecelpts over expenditures for -
the year looo Of SoovO
Deducting this excess from the deficit OF jan
uary /, 1865 leaves q deficit on the LIST Janusry,
1869, of 1926 060, to be provided either by fund
ing the certificates Of indebtedness or by leyying
an additional tax.
The funding Of these obligations will necessarily
relieve the State treasury 70 great extent, as
from receipts hereafter collected the treasurer
will be enabled to take up gradually the oatstand-
ing warrants and meet the current expenses OF
the government, until such time the legislature
may come together and provide by aw tue means
necessary TO meet all claims against the State.
The proposition of funding will be viewed by
many as a violation Of the pledged faith OF the
State and of the spirit and letter OF the law au-
thoriZng the issue Of these certificates, and may
tend to iDjure the credit OF the state Ia future
operations. II may also interfere with the vested
rights which holders have acquired under the law,
aud subject them TO heavy losses.
Another mode OF raising means to meet the pc
cuniary embarrassments OF the treasury during
the coming year is 10 levy additional tax, to be
collected according to existing laws. Toe assess
ment rells show the total value OF property IN the
State to be $3.50, 600 000 by levying a special tax
Of onehalf Of one per cent. 1t Is fair to suppose
that after making allowance for portion I'M
collectable and expenses for collecting the
balance, enough will be realized TO redeem the en-
lire amount of the outstanding certificates OF in
debtedneEs.
The last proposition cannot, however. give the
treasury immediate relief as the collection OF
taxes cannot be enforced before twenty days
notice from the beginning Of the year 70 come,
and can then only be collected In the ordinary
way during the year, unless harsh and oppressive
measures are taken TO do so. Both propositions
have their objections, and either will, in some
cases, work hsrshly and uDjus1y. IL funding
could be accomplished, even al shorter period.
say year or two and the tax levied and sacredly
appropriated collected and set aside to pay these
particular bonds, IL would give the most speedy
relief, and this the treasury requires with the
least possible delay.
Trusting 10 yoor wisdom and sense Of justice TO
decide upon the most equitable plan, we are, with
respect,
Your most obedent servants,
ssnsa, .Df fSS s1FFES A Treasurer.
STATE OF LOUISIANA, Treasury DEPARTMENT
New Orleans, La, Dec. 10th, 1861. !
In our report TO you few days ago on the con-
dtion Of the finances OF the State we did not n-
elude 10 our estimate OF expenditures the amount
borrowed for the use OF the board OF levee com
mssioDers urder several acts Of the last legsla-
ture, as follows:
From smith Newman ACo................... lSsg peg
Prom CitiFens' Bank. s5ey
From Canal Bank oNo
Total. UOO
To secure this debt. the parties hold COS State
| bonds for $1,000 each, which bonds become due
| in 1856.
The debt created by the levee board for build
ing and repairing levees in addition TO the above
| amount we believe to be about 81 ,2OO,OOO. Ins
| debt having tbeen contracted Dy the board OF
| leyee commissioners, who do not report 10 TINS
| department., we have no official informAton As 70
| The exact amount due, bat believe the hB cures
| stated 10 be nearly correct.
The taxes OF 1860 'el, 49,. '63 and '64 suspended
by act No. l56 OF the leg stature OF loO'' amount
20 about 81. 100000.
(Signed) H. PkEALr An,
(Signed) ADAM Gi TI.s'.,.,