New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-01-05

| The rate Of taxation in the city Of New o.
/ leans in 1872. when the present State GOV
eminent came into Office. was
State. including schools lmili.:.. .2i@
| City lmillej.. 80
Total. ACKNOWLEDGEMENTS .5l
Tho fate Of taxation for the present yea
! as reduced by measures passed BY tn
last Legislature is.
State. including schoOts tm;ils!. ....... LAR
City Imillsl.. ......o..o........2s
Making a reduction OF taxation. city ant
State. effected undo. this administrations
twelve mills.
As the rate OF parish Taxation Is by f.s
limited to the rate of State taxation, ant
the rate of State taxation Is now limited b.
CO Institutional amendment 10 fourteen ani
half mills, including schools. it follows tina
in no parish of the State. outside Of the par
ish Of Orleans, can heayie: tax thar
twenty nine mills be levied ir any ono year
In previous years the State aud parish
taxes in come parishes OF .he Stale coached
as high as seventy mills
THE FUNDING BILL AND CONSTITUTIONAL
AMENDMENTS.
The act adopted by the last Legislature
prov;di ng for the funding Of the So: s.l.i
and the constitutional ama:imenss con
nected Herewith which have since been
ratified by the people, form most import.
ant fe ature in the mancia: history Ct the
St&te. When. the pressn: State govern
msnt came into Office, the pubic debt con.
traeted by previous Democratic and Re.
publican Legislatures waa confsssed;y out
Of all proportion 10 ,hs resources of the
State. snd the incoming administration had
to face shs alternative o; sepudiation, or
oompfomiss with the creditors o: the State.
Believing that the .ndiscrim;na:e :epudia-
tion of the obligations Of the State. whether
Justly or upjustly incurred. woai1 be dis.
honest to our creditors and eventually dis.
astrous to the State. we cough: FIRST TO test
through the courts tho validity OF such
bonds as we're popularity believed 70 have
been issued without adequate considera-
ton. and then to effect sue. a: adjustment
of the remaining valid bonds a. would be az
fair ~ possible to Gus creditors, and afford
that relief which .vas absolutely aeces.
ssfy to the taxpayers o: the State.
II will not be forgotten how carefully
each step which led to the passage of the
funding bill was considered: how the advice
of the Chamber Of Commerce an 4 leading
business men vas asked aai obtained; and.
finally. how the State. anxious 10 pay its
just creditors to the utmost !im:: OF ;.s ca.
pacity, fixed the rate Of funding 4. poin.
ten per cent higher than the ..n:is which
experienced dnanciers, WHO had examined
into our resources. deemed tho State able
to pay. In connection with the funding
bill, recommended to the Legislature the
adoption Of constitutional amendments
limiting the State debt to $500. 900; lin.
ting the rate of taxation for State purposes
to twelve and q half mills. exclusive of
schools; combining the revenues OF eac; year
to the expenses of that year. and prohibit.
ing the issue of treasury warrants IN excess
IF revenue. These amendments were
adopted by the Legislature. and were sub.
nitted to the people at tee seen: election.
It is source Of sincere qualification to
ne to know. that though IN The blind preiu.
lice OF partisan warfare. the scope and
purpose of these amendments were grossly
and strong Efforts were
made to defeat them. the people formally
pproved the financial policy o: my admin.
- -.
1ents submitted to :he:n. by vote
,uch larger than that cast 20: either |
f the party tickets placed in tae field. / be. |
eve the effect Of these amenIments on /
40 financial futura Of the Stat. can not be |
tberwise than most beneficial. The source |
ON which the greater part o. OF: burden
,me State debt has epr.ny. namely. the
sue Of warrants year by yea. IN excess Of
venue. is thereby forever cut oil: the debt
Id taxation are 30 limited anu defined that
hen peace is On6e more restored 20 US CAPT.
J can find investment. here without fear of
,pressive taxation; anu even OIL. creditors,
think, will eventually find =. the greater
curity of thei: new obligations. ..anti the
eater certainty Of the prompt payment o
cir interest-principal ami interest alike
icg secured under the Solemn guarantee
the constitution of the Stationary com.
nsations for the apparent: :oss on :is face
lue of their bonds.
The extent to which 1ie deb: OF the
ate, previous to the passass OF these
was aunsa.;y increased by |
8 excess Of warrants owe. receipts is
own by the following cific;ai Statement,
zen from tho books Of the State Auditor: ,