The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-11-02
TAXATION PUBLIC DEBTS AND OOM-
-MERCIAL PROSPERITY. s,s
Editor New Orleans Bulletin:

Inc pIeSe0WuOu 10 the puD1C on tho eve
of the election, and the attempt to rush
an additional tax on the real estate of the city,
requires, under our present circumstances,
the mature consideration and vigilant watch
ing of every citizen who has anything left to
lose.
Our commercial community are now suffer-
ing, in common with the other portions Of the
United States, from the effects Of the late
panic and, in addition, the whole population
OF New Orleans are on the verge Of starvation,
bankruptcy and luin. caused remotely by the
loss OF property in slaves, but Immediately by
disagreement, resulting in bad laws and the
plumber Of our people by the contracting Of
been squandered in extravaganza and icen-
tiousness Of every kind, and the consequent
high taxation imposed on the remnants Of our
properties to pay the interest on these debts,
most OF them traudulently contracted.
This being our admitted condition, for the
relief OF our suffering people. we have two OPP
posite remedies proposed. We have on the
one hand numerous respectable and intelli-
gent body of citizens, publicly proclaiming
their convictions that We can only be saved
from utter ruin by the reputation of all pub
lie debt and the reduction of city taxes to one
third their present amount, and all State taxes
to one-fourth what they now are. On the other
hand we have an important commercial body
of citizens stating that they believe that pros
perity can only be restored to New Orleans by
the contracting of more debts and the i'm
posing of additional taxes on our people.
Whilst the proposal of these two opposite
remedies show the extent of the evils with
which we are afflicted, we do not think that
the adoption of either of them would bring
us Immediately back our lost trade and popu-
lation, or our by-gons agricultural prosperity.
1t is true that the adoption OF the first plan, ii
it were just, would be a sure remedy for al
excessive taxation, but when the people who
pay the taxes get possession Of the Legislature
they can regulate all matters connected with
taxation on principles Of justice to all parties.
We therefore propose in this communion
ton, to deal only with the second proposition.
During the last forty years and within our own
recollection, more than twenty projects
have been brought forward, principally in
times of great excitement, and when the
whole community were suffering from the
effects of a commercial revulsion or amidst
the delirium of expansion, to extort from the
property Of the city and State large contribu-
tons in the shape of bonds and taxes for the
making Of improvements, which it was al
legged by the public press, and by prominent
citizens, were absolutely necessary for to in
agricultural prosperity; not one which pro-
jects, except perhaps one, have ever been
completed, and none of them have been sue
cessful. Although millions upon millions Of
public money have been wasted upon them
there is scarcely anything left Of them but the
taxes We are called upon to pay, or be sold out
by the Sheriff.
From 1880 to 1910 the mania was for bank
charters which were to make all kinds of i'm
provements, in addition to the consolidated
association of the planters of Louisiana.
We had, in 1885, the Commercial and Citi-
zens' Banks chartered. The first was to in
crease the commerce and enhance the value OF
real estate in New Orleans, By diminishing the
risk of fires and thereby diminishing the pre-
miuns on assurances, and insuring the health
of the city for all time to come, by banishing
cholera and yellow fever from our midst. The
Citizens Bank was to increase the value OF our
real estate and our agricultural prosperity to
an unknown amount, and it was bound by its
charter to loan the property holders Of the
city three millions Of dollars, which we believe
it did, if We can judge by the number Of prop
critics we came across in the city going to rEin
and which, We are told, were mortgaged for
stock to the Citizens Bank.
From 1897 the mania was for railroads,
which eliminated in 1858, until revived in
1870 by that benefactor of Louisiana and his
race Governor Warmoth, for our special ben
eft and that of his associates.
But, not wishing to occupy too much ofyour
valuable space with our communication, we
will, if you insert this, continue the subject in
another. Very respectfully, your obt serv't,
p s.