The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1875-08-22

would give elsewhere. But you cannot
get acy increase of rent. The only
thing, then, you can possibly do Ii to
girs less for property when yoa buy. Thus,
suppose you can get s25 a month Tor o
house which you propose to buy,-$3Oo
year; this will pay you IL per cent on m |
| investment of 8, 500. But, if you have to |
pay per cent more of taxes than you cal !
culated on, you must get an interest of 10
per cent instead of II per cent on the
money invested, not to lose anything OF
your rate of profit. Nov, how shall yon
get the Is per cent? By raising the rent
Blu, You cannot do it. Then you must give
less for the house. You must give such an
amount that Is per cent upon it will equal
the rent, viz $500, which you will receive
The amount that you will be limited TO,
therefore, will be 81, 900. Then, the price
of the house has fallen just $500, in order
TO permit money to make the profit it could
make else there and without which its
owner would not touch the investment.
Thus every increase of taxation, instead of
raising the ren:s, depreciates the property.
But, in our unfortunate community, the
increase of taxation is not the only iegisls-
tive element in the depreciation of property.
The difficulty put in the way Of collect
ing rents is another. The carpet bag law
is so Enthusiastically no doubt-that car
pet baggeTs and negroes need pay no rent.
The only visible property which they can
not we'll avoid having is expressly exempt
j ed by law from seizure. And not only is it
D exempted, but the most dire threats are
leveled against sheriff or constable who
e shall overlook that exemption. So it hap
pens that thousands of property holders,
4 particularly of tie smaller class, including
old ladies and minors, do not get on an
= average one fourth of their rents. BUT THE
TAXES MUST BE PAID. The property must
then be sold-at private sale, at auction,
anyway,-and who ia goingto buy itf per
J. cent. tax and no rent! The money man
n stands aghast, if you hint it to him. The
e property of which We spoke above as going
d down from % SEQ to %. 0Co, falls immedi-
= ately to 81 600, and then the anctioneer has
, to get it off on a novice.
l. And that is in all soberness the way IL
e which New Orleans property stands to-day
Property which goes begging at 81 ,oo'
l. would easily bring $4,000 if purchaser
lie were allowed to collect rents and if the!
le knew that an article of the Constitution
{ limited all kinds of taxation to ]! or evel
d per cent.
Id The result of that would be that the ia
ed at II per cent. would realize as much none
as it does now at 5 per cent. What a feaI
30 full policy, to keep taxes up and propert
49, down
nc But the evil of deprecated property
OF not felt by property owners only.
e. credit is based on real estate. With pro-
ne erty as it now is, no mortgages can
'th effected except on choice pieces and Fl
'ns very small amounts the banks do nothir
sia and their stscks depreciate I; the insuran
ng companies do, of course, OILY one third
IN their usual business on property worth on
us. one third as much as before, and their sto'
De- depreciates all kinds of stock deprecia
Ill with the stagnation of business, and mon'
III lies locked up in bank. Credit, then bell
'e dead, commerce stops, improvements 81
pend, manufactures cease, labor stan
tue idle, men find no employment and SUITE
'u'' ing pervades ali classes dependent on pc
I" eonal exertion for support.
on9 No! We cay with the Union let us u
is loose the fountain of prosperity from {
heA letters of taxation that choke its flow. L
'o'S us have Constitution that will limit tax
'e' ton, regulate assessments and prohit
State and municipal debt. Let US raj
what money We can by a reasonable Ia
let US out of that amount pay reasonat
and current expenses first, aud then if there
q OF anything left give it to such creditors
the may seem the most worthy.
its
WE