Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-03-08
CITY TAXATION.

The growth OF memphis mas peei
strangled by the weight of taxation
Nearly four per cent. upon the value o.
real estate is more than any city car
bear and grow. People will not buy un
improved lots and cannot afford to build
because every brick they lay costs every
year in the shape of taxes nearly -four
per cent. At that rate, in twenty-five
years, a mans lot is eaten up with taxes
Ask the real estate men, and they will
tell you that persons from abroad, who
come to Memphis to examine, with a
view to settle, are driven off by
the terror of taxation. No sensible
man will choose his home, if he can help
it, where he has to pay as much as four
per cent. taxation. That is more than is
paid in any other city in America. In
New York, the rate is about three per
cent, and in other cities about that rate.
But in those cities, the assessment.of the
value of property, as rule, falls much
below the actual value. In New York
city the assessment is generally little, if
any, over half the actual value. So that
while the nominal rate is threelper cent,
the actual rate is only about one and a
half per cent Here in Memphis the
assessment, as a general thing is up to
the actual value.
But say some short-sighted men, less
than one and three-fourths for the city
will not raise enough revenue to pay the
floating debt, and the interest on the
bonds, and the current expenses. And,
they ask, Are you going to repudiateY
By no means. The surest plan to pay
the debt is to lower the rate of taxation.
That will take off the weight which now
brushes down the value of real estate,
will raise the value, will bring in popula-
ton, will increase business, will re-
store life and growth to the city,
and thus work out an increase OF
revenue. Low hostages increase the
postoffice revenue; low railroad fares
increase railroad travel, freights and
revenue. Everybody but the old fogies
who run the city railroad knows that the
reducing of the present fares one-half
would increase the travel on their cars
three or four or more times what it now
is. And even the Italian fruit-sellers
ought TO know that if they would sell
their apples, oranges and bananas at
half What they nov ask, they would sell
ave times the quantity they now do. 1t
i 30 with all business. Cheap cost
uuicksns trade, gives life eheerfulness,
prosperity, growth Ii Is low taxes in
AMERICA 1hx1 has been one Of the great
ess s-1nulnufs 20 procure emigration from
Europe 10 tins country Peopleerushed
70 the earth with taxes long to get TO
the cvun1ry where taxes are light
Ohm cur rulers comprehend that if the
total taxation here could be reduced 10
the ratio practically Of New York, say one
and half per cent, the result would be
an increase ofpopulation, business, value,
wealth, more than enough to equal the
revenue from therate of last year, nearly
four per cent? Can they comprehend
that the enormous rate of taxation Of the
past years, is a constant force lowering
values, retarding population, lessening
business, strangling the very life Of the
city? And can they comprehend that
the sure way to produce revenue to pay
debts, interest and expenses, is TO stimu-
late the growth of the population, bush
ness, wealth, ability to pay taxes?