The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-01-05
Per Cent. on Real
Estate.

The Committee of the City Council on
Ways and Means propose, among other
things, to raise the tax on real estate. for the
current year, from two per cent. to two-and-
a. half per cent; and they doubtless do this
because they intend to provide revenue
which will enable the city to resume the
payment of interest upon its debt, as well
as meet the ordinary expenses of the Mu-
nic;pal government. This is o most praise
worthy determination; but we cannot, with
the information before us, quietly acquiesce
ic an increased rae of taxation which will
seriously impair the value of every feet of
land, of every dwelling house, and of every
store and shop in Charleston.
The committee estimate that the taxes
which they propose will produce seven
hundred and seven thousand dollars,
and that the payments will be seven hun
dred and ten thousand dollars, leaving
deficiency of about three Thousand dol
lars. The tax on real estate is expected to
produce, q: two-an1-a-half per cent, FIVE
! hundred thousand dollars, and o continu-
ance of the present rate of two per cent
would reduce the income from this source
to four hundred thousand dollars, leaving o
deficit of one hundred thousand dollars.
W. do not know of any other tax which
can be increased to make up this deficiency;
but it seems to us that while the income
may not be enlarged, the outlay may be
diminished by On amount nearly sufficient
for our purpose, if not entirely so.
According to the statement Of the COM
mitlee, the actual expenses of the city for
the year, including interest, will be S624,-
900, the total amount of $4,000 being
made up b "city improvements" S36, 900,
and floating debt S5O.0OO. This proposed
outlay for city improvements we object to
in toto, unless it is shown that it cannot
be avoided and is indispensably neccs-
sary. There are many places in which
money could be advantageously spent in
improving and identifying the city. We
want parks, and public squares, and new
side walks, and cobble-stone pavements,
and host of other things. But this is not
a time when we may crafty our taste for
the sublime and beautiful, or even enjoy
all the conveniences which the public COM
fort requires. We are making strenuous
efforts to pay the city interest, and will
pay it; but we cannot afford to spend thirty
six thousand dollars in city improvements,
if the money is to be obtained by any in
crease in the rate Of taxation upon real
estate, or any other description of tangible
or intangible property. We should be will
ling to see taxation increased, if without
that increase we could not pay the interest
on the city debt; but we are not willing TO
increase taxation for the sake of bcautify
ing the city, building shell roads, cutting
mails, opening parks and the like. And
80 with the floating debt of fifty thousand
dollars. We believe tha. it is better to
carry this debt for one more year, at cur
rent rates of interest, than to pile up taxa
tion still higher. With an improving gen
eral trade, end with vigilance and prompti-
tude in collecting taxes, the income Of the
city should rapidly increase, end twelve
months hence this fifty thousand dollars
could be paid without trouble. Indeed, it
seems soma THAT absurd that the committee
should ouly estimate the tax on gross sales
to produce seventy thousand dollars, which
would be the tax upon total sales of only
one million four hundred thousand dollars.
But in aay event we say that it is better to
pay twelve months interest upon $4,000
than to add one-fourth 10 the tax upon the
real estate in Charleston.
Omit.ing the charges for floating debt
and city improvem ents, the total outlay will
be S624,OO and the income-with tax
of two per cent. on real estate-will be
S6O7 900. This leaves deficit Of about
S17 1000, which may be made up in great
part by an excess of income over estimates,
caused by the steadily improving condition
of our general trade.
We do not desire to hamper the City
Council, or to embarrass them in carrying
out their financial scheme for the year.
They have in their general propositions our
cordial support; but we do not think that
an increase of the tax on real estate is nec-
essary, and hope that Council will not pass
the Tax bill as it stands, without mature
deliberation. There may be reasons for
the increased tax which are known to Coun-
Gil alone; but in that case the public have
the right to know what those reasons are.
England and the East.