New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-12-30
BERT AND TAX REFORM,

when they do agree upon the stage, y
said Sheridan, ''the unanimity is remark
able" The same agreeable harmony is
now perceptible among the political press
of New Orleans. It is upon the PROPOSE
ton, first enounced by the REPUBLICAN,
]. That the State debt should be scaled
down to its market value. 2. That fur
Their limitation Of the power to impose
debt upon the State should be embodied
in the constitution.
We have adverted to the indiscriminate
rascality of the politicians and public off,
GERS of New York and Philadelphia, as an
evidence that Louisiana has but suffered
from the contagion of an epidemic com
mon to the whole country. In like man
ner we shall cite the remedial measures
| adopted elsewhere to guard against
further abuse of the legislative power In
increasing the public debt or wasting the
| public treasure. It is true, that in the
case which we are about to cite there is
no disability to meet existing obligations.
The public debt of Pennsylvania has been
| incurred for the construction of public
works, and these have been cheaply pur-
chased by the State subscription. The case
| of Louisiana is different. Her original
State debt was based upon the credit
| of an element of taxation which has
been swept away by the events of
war. That which might have been esti-
mated at more than three hundred and
seventy-fve million dollars taxable values
has been resolved into population OF three
hundred and seventy-five thousand free
men, only liable to be taxed per capita
and not ad valorem. See the difference
in this basis as presented by single case.
An able man slave, worth fifteen hundred
dollars would at total assumed tax Of
four per cent pay seventy-fve dollars. A
free and equal American citizen may pay
an equal and uniform poll or head tax of
one dollar and a half. This change in taxa
BILE values has taken the State debt in
great part from what the State creditors
of 1860 trusted as property, and transfer
red the whole Of that liability upon real
and personal property. Such is the po-
litico-economical view Of emancipation as
applied to taxation and public finance.
1t is thus that while the right Of taxation
remains in the Legislature the subjects
of taxation have shrunk more than
fifty per cent in value. Yet legis-
lators have gone on making bonds and
creditors have continued to purchase
them-we mean, OF course, the bonds
not the legislators. Hence the COM
plants of real estate owners at excessive
and almost exclusive taxation. From this
cause the remonstrance of skilled in dustry
that license tax is exacted for the priv
ilege of labor!
The spirit and sentiment Of the age
the great obligation to execute the doctrine
that call men are born equal" has ami
hilated a large taxable valne and elevated
it into humanity. The world can not
complain that those who have yielded so
large tribute to this demand of civiliza-
ton should expect to be relieved from
bearing the consequences exclusively.
Such has been the condition and such the
reasoning of the Southern States. Vir-
ginia has not increased her public debt
since the war. She was dismembered,
with loss of half her territory and a third
of her population. Her loss of tax
able values by the conversion Of
slaves into freemen might perhaps be
placed at more than three hundred mill
ions of dollars. With this reduction Of |
assets she was left subject to an interest |
bearing debt of some forty millions of dol |
lars, incurred upon a former basis Of |
credit, and payable out of resources not |
probably one-fourth their former amount. |
Virginia then reduced the taxation neces-
sary to meet the interest on this debt to
three per cent. This was practically seal
ing bond bearing six per cent to half its
face obligation. An equivalent reduction |
has been made in some other Southern |
States. Thus showing that an immense
loss has fallen upon the present generation,
which must be discounted by their public
creditors, as was done to so large an extent
after the war by the present creditors Of
the Southern people. It is thus that,
practically, all portions Of the Union may
participate in bearing o share of the great
though compulsory donation to the cause
Of human freedom exacted of the South.
Every foreign holder, therefore, will, We do
not doubt be proud this to take his part
in the great work of universal emancipa-
ion. Those measures recommended by
he REPUBLICAN for adjusting the burdens
IF Louisiana to her ability to bear do not
apply to other States, but that those States
suffer from political abuses attributed
solely to Louisiana will appear from the
.igid restrictions upon public obligations
in the new constitution Of Penn
;ylvania: .g. /
1. The Legislature is not allowed to
exempt corporate or individual property
,thar 4bo,, that hold for nrbIio or riors |