The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-03-17
WHAT CAN BE DONE WITH THE
OITY'S DEBT?

~ the State and portion of her floating del
N as it is given in the usual debt statemen
t. For the last six months Of 1874, however
n there were appropriations made for the pay
to ment Of the salaries of Administrators an
. their employees, for work and supplies, etc.
J. amounting to about one-half the total year,
l. expenses OF the city as appropriated BY til
II budget Of 1874. The officers, clerks, laborers
4 mechanics etc, We're last paid over tn
) Treasurer's counter for the month Of Nav
If 1915. and this payment was not made unit
i late il January Of this year, Or seven month,
after tic appropriations were made.
: More than half the current city expenses
r for 1871 remain unpaid. amounting to nearly
f a million Of dollars. The claims for services,
t etc. have been adjusted By ordinan ,es Of ap-
preparation, which vii. be paid in the order
) Of their dates and numbers. Many of these
claims have been sold and transferred by the
original creditors, and many others will prob
ably be absorbed in the payment Of the taxes
Of 1873. and preceding years. They const-
tuto part Of the tlolting debt of the city, and
swell the aggregate OF indebtedness to more
than twenty-three and hall millions.
1t must al-o be remembered that New Or
leans is assessed for more than half and nearer
iive-eighths Of the aggregate taxable property
Of the State, and therefore pays more than half
the expense of the State government, and an
equal proportion of the annual interest on the
STATE debt. If that debt is twenty-six mil
lions tho citys part Of i is from thirteen to
fifteen millions SO that she bears in both
forms an aggregate debt Of thirty seven mil
| lions of dollars and pays interest on thirty
four millions. in addition to double set of
license taxes, city and State, amounting to
nearly nine hundred thousand dollars.
All this must be raised in city whose tax
able property, though assessed at amounts
hundred and thirty millions, is not actually |
worth three-fourths OF that amount, the |
whole, rated at present market value, not
being worth more than sixty millions. Can
that property pay the interest on the vast
double debt, besides the expenses of a citys
government and five eighths OF the expenses of
an extravagant State government? We have
seen that the city is three months in arrears
in the payment Of interest on three fourths or
more of her own debt; what is to come
from this increasing delinquency: this contin-
ually decreasing ability to pay taxes; this I'M
ceasing decline in real estate: this dismal
falling off in legitimate business?
The question is q serious one and we put it
with full sense Of its sad meaning Can New
Orleans pay the double debt that is on the
books against her !? Can sixty or seventy, or
even eighty millions of dollars worth Of
property pay the interest on thirty-se zen mil
ions Of debt? The question is one that
'omes home to bondholders as we'll as to the y
holders Of property. The bonds are largely Il
owned by those who bought them at prices .
angling from thirty to seventy cents per dol a
ar. The properly that pays the interest on It
hese bonds is owned mostly Ly those who y
ave for 1t twice or three times its present I
'alue u
The bonds have earned regular and full D
nteres. until the 1st Of December, 1871. The al
cases, has been Idle, and has earned
othing, while the most Of the balance has ~
armed less than interest on It's cost. Are
hose who are forced to pay taxes to be the -;
My sufferers? Shall those who receive
lcse taxes, in the form OF interest on bonds =
ought at spectators prices, suffer nothing
.--u--
New BOOKS. We have received from r. G.
vrich, bookseller and stationer, 13O Canal &c
rect, the following new publications: +" Mo NJ
lily of Prohibatory Liquor Law, by w. B. X
eeaen; and O. How to Write Clearly
Rules and Exercises on English Compost
N, by Rev. Edwin A. Abbott, NJ. A. Rob
IS Bros, Boston. 1.-The Fair Puritan, by
enry William Herbert, J. B. Lppincott & Is
J., Philadelphia. The Wild North Land" pc
". F. Butler, Porter & Coates Philadel- ne
ia. "Gentianela, by Mrs. Randolph, and : !
haste as Ice, Pure as Snow, by Mrs. NJ. C.
,spafd, doth books belonging to the Inter
donal Series, Porter x Coates, Pniladei- :.
ia; and The Spectre Lover by Mrs
uthworth, T. b. Peterson 4 Bros. Phila-
iphia -
QuI V1vE All We who hearken to the
spers of hope attend There is much to I
ute glorious anticipations in the announce 10
mt that on Saturday next, the Goth instant, on
grand single number drawing of the ~:
uisiana State Lottery will take place in the nan
ms of the company corner Union and ST. IN,
aries streets. In this drawing there are
y 10000 numbers and the capital prize is ~.
1000. Tickets are only SO each and one :,
them may win man rich. The doors will >,
open at a quarter to II o'clock and the :.
bic are invited to attend the drawing. -
ch is always exceedingly interesting.
'Ho SHALL Pc SENATOR: And now It is 5ea
that if Kellogg calls an extra session,
if the Lesislatnre Graciou.ly mannfac. Nov