The Louisianian. [volume] (New Orleans, La.) 1870-1871, 1871-01-15

l.
hended deficit win approach two millions
OF dollars, which the city government
must meet in one or all of tASee ways; by
retrenchment Of all expenses now within
its control, and notifications of leeisla.
ton, to enable it to cartail expenditures
now out OF its control; by the issue OF
bonds; or by increased taxation.
i The bonded debt is now sl73150O0.
and tho taxation is two and five-eichts
per cent, both high enough in all con-
science. Bonds of the city ofNew Orleans
bring but about three-fourths of their
par value, thus, in fact, augmenting by
one-third the debts they are issued to
pay. Increased taxation ON the other
hand is perhaps, equally serious. This
question had best be left to the City Coun
ch Of New Orleans with the power to
ieayy a tax not exceeding two million
dollars; or to exercise q part of eacl, Of
these powers This win place the respon-
abiity where it belongs, and the City
Council cannot safely, and win not prob.
ably, act in this matter without full dis
cusnon and concurrence on the part Of
taxpayers as to what may be the wiser
and better course.
The city government has now power to
issue bonds for wharf and street improve
ments' power which has been judicious-
" and sparingly exercised. Relative to
wharves, this was probably the best and
only disposition that could be made; but
the new charter takes away the power to
require street paving to be paid in part
by the property facing. To attempt to
meet the paving requirements of New
Orleans by issuing bonds would create
I'M herculean dept and I recommend a
return to the old law requiring proprie-
tors to pay their proportion Of the paving.
1t is highly expedient and proper that
but one treasury should exist for custody
and payment Of city or local funds in tho
parish OF Orleans. It is unnecessary, mere
~ on account of the different purpose
and destination Of the various funds to
multiply treasuriea
The defalcation in the Metropolitan
Treasury is On example of the error of SO
doing. 1 am satisfied that the Police
Treasury, and the fourteen ward school
treasures should be done away with. and
that all their business should be perform
ed by the City Treasury which is under
proper guards and securities in the bonds
'quired; and in the fiscal agency reg
'lations which have been carefully pro-
'ided by the experience of the past, and
re necessary as check and preventive
gainst sqrnandering and embezzlement
FINANCES OF THE STATE.
1 transmit to you the annual reports
the Auditor and Treasurer. You will
herein find complete statement Of the
nancial condition of the State. Iaunok
70 seriously urge your careful considen-
ON OF the matters discussed and tho in
rmation furnished by these officers.
Our State is not well of, but it is far
ON being bankrupt. We are burdened
lth heavy debt, but we have immense
sources Our recuperative powers arc
'rhaps greater than those Of any other
ction Of the country; but small frac-
m Of oar rich products-sugar. nee
d cotton-is used in homo consump-
N. The saving-the wealth Of the
will. wonderful rapiditv
'erefore, am hopeful for the future
d look forward to a day, not far distant
en our finances shall have attained a
'st rosperous condition.
several wise financial measures wero
'pted by the last Legislature, and have
lduced to more healthy condition Of
treasury. Prominent among these I
ard the requisite provision for funding
floating debt Of the State. These
asures, and others, win enable the
to to very soon assume cash-paying
is
earnestly recommend you to exercise
d economy in making appropriations
must be borne in mind that TIE co>-
atioa now limits the debt of the State
twenty-five millions. Our present bond
'ndeosness must now preclude us