New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-02-22

"hich are TO be exchanged for all bonds
at par, except those drawing less interest
than seven per cent
This section will be nullity, for no per-
son can be compelled to surrender any
evidence Of debt against the city in ex-
change for any other, nor are they likely to,
unless it can be shown to be to their In
terest to do so.
Section seven provides that these bonds
may be sold for cash at ninety cents on the
dollar, provided that all other bonds OF the
city are worth less than ninety cents on
the dollar Could anything be more
ridiculous than to expect that any one will
give ninety cents for one form of indebted
ness, when others, drawing larger in
terest can be bought at seventy to
seventy-fve cents?
Which would be the greenest-the man
who would give ninety cents for an article
when he could get one just as good for
seventy-five cents, or the Committee Of
Fifty-one to expect it?
Section eight limits the rate of taxation
to two per cent. Section nine authorizes
the Council to levy an exceptional tax OF
one-quarter per cent on all assessable
property of the city Of New Orleans for
this year only. Sections two and three
provide that no debt shall be contracted
by the city unless there is provision for
he payment of the same at the time it is
contracted; and that no warrant be drawn
on the city treasury except there be money
in the treasury topay the same. Section
four requires the Council to provide for
the paymen. Of the interest by assessing
special tax each December, and also sum
equal to one hftieth of the whole debt of
the city, Section ten exempts these new
consolidated bonds from any and all taxa
ton.
These provisions read well enough.
There is nothing new in them. The same
provisions are to be found in the city char
ter of 1856. Experience has shown that
practically they amount to nothing. The
courts have time and again ordered the
payment of money, when there was no
appropriation for the same, OF money in
the treasury to pay the same.
Section thirteen provides that the new
''bonds to be issued under this act shall be
exempted from any and all taxation
Now, let us see in what way the financial
troubles of the city are to be alleviated
and the city credit re-established.
The total taxable property of the city is
about 1913, 0o0,0 600. The bonds to be IS
sued under this bill, being exempt from
taxation, it is safe to say that one-half of
the debt-say $4,000, O00-vill be held
by banks and capitalists in this city: this
would reduce the taxable property to
the city, other than taxation, average
81, 300 900, while the expenses Of the city
government for the last four years have
averaged over 81 100000 per AMMAN.
From these data we find the following re-
suits:
Two per cent on 1913 ono coo. .......... 500 goo
Licenses, etc....'.... 100000
Probable revenue... eco
EXPENDITURES.
Stlotn per cent twenty million bonds : 400 900
Two per cent per annum Of the total
dent. ..--............ 100000
Expenses Of city government ............. 230009o
Total. tlU0 GEO
This is the very best showing that can
possibly be made while it is doubtful if
the expenditures can be reduced to the
sum of $4,000, 900. These figures show a
deficit Of s2i0, 600 per annum. From this
it can be seen that these financial wi5eacres
have not found the real remedy for the
financial troubles Of the city.
How could it be expected that any relief
could come from the hands of men who
propose to limit the revenues in two Girec-
tons at the same time, and yet make no
proposition to limit the expenses? They
limit the taxation at two per cent, and at
the same time exempt twenty millions
from taxation
mark to make; that is on the subject of
taxation. For some time past regular
hullabaloo has been kept up about the ex-
cessiYe taxation by this committee, which
has assumed to be the public and pretends
to speak for the public, while many of
them are not taxpayers, and many have
not paid their taxes Oh say these politi-
cal doctors, taxation never was so high |
before. Let them go back to 1852 or 1854, |
and they will find they don't know what
they are talking about In 1852, the |
taxes in the city of New Orleans were
50 6S per hundred. In 1854 they were
81 49, per hundred dollars But it is |
IF no consequence. The men who |
5rowl about heavy taxes are not
he men who pay the taxes
hey merely grumble SO as to make be-
ieve they are hurt, and in the end they
lon't pay. It is just such GROWERS who |
I'VE the city the five million Of taxes which
IRE now in arrears. Such men are not the |
persons to take counsel from, and every
business man who does pay his taxes
znows that these men grambIe from one
# two motives-either to evade the pay
nent of their taxes, or else they are as
,irants for office-they are the outs and
want to get in. That's what's the mat
er"
''INDISCREET ASSAULTS"