, 1876-05-28

of taxes for 1875 and PRIOR years, lnere are
several millions of dollars of taxes to be paid
between now and Sept. l. By that same date
there will be over two millions OF dollars Of
certificates mature. They can only be paid
out of the taxes There is IN average of two
months interest to accrue on oil these certif-
icates, or sum equal to nearly $50,000. If
these certificates were made receivable, at
their matured value, for taxes, there would
be the inducement of nearly 1000 to pay
the taxes now. Each taxpayer would have
the inducement of two months interest on
his taxes, and the sooner he paid his taxes
the longer time would he draw interest.
The taxes on real-estate are inescapable.
They. follow the land as perpetual lien. To
accept this scrip in payment Of the tax " i'll
create market for it for that purpose, and
the collection Of the tax and the redemption
Of the scrip will both be accomplished
There is no necessity for dollar Of these
back taxes passing into the City Treasury in
the form Of cash while any of these certiti-
eates are outstanding. Hpaidin cash, it can
only lawfully he used to take up the certif-
Gates, So, therefore, the collection of the
tax in the form of the certificates is the
simple and the natural way Of adjusting the
balances between the city and its creditors.
When two men hold each others paper, and
each have no othe: means of payment, is
thers any process SO reasonable and SO
equitable as for them to exchange the evil
denoes of their respective liabilities and ex-
tingnish both ? The fact that the city has
largo sum due to it in excess Of what it owes
renders it feasible for the city to offer to take
its own paper at itH ultimate value in present
payment.
With reference to the revenue needed for
the current year, there is but one source,
and that is to borrow the money in anticipG-
ton of the collection of taxes. This, it is
conceded, is lawful and perfectly proper.
Now, the value Of these certificates may be
considerably enhanced, and permanent de-
mand created for them, BY making them
l. Payable out of the taxes of 1876 collected
prior to April, 1877, and out of the saxes col
lecttd prio, to Aug. l, 1877. The personal
taxes of 1876 are payable aud col
lectable after Jan. l, 1877, and the taxes
on real prop arty, while due at the same time,
cannot be enforced until July afterwards.
=. BY making these certificates bear interest
until April and until August, 1877, and re-
ceiv .ble at their value, including interest un-
til laturity, at any time in payment of any
city taxes for 1876. The city could issue this
pap II now. To taxpayers it would have an
ext nordinary value. The man who on June
1, s7C, would take certificate for 81, 900,
rect iyable on or before April l, 1877, in
pay ment of taxes, would have on the 1st of
Jan uary, 1877, the means Of paying $ ,o5s.34,
ant the man who had like certificate paya-
Bile in August. 1877, could pay Herewith ut
an ; time after January next S1,0s1.67 Of city
tn tes. If these certificates were issued in
su MS ranging from $50 to $1,000 each, they
# oujd find ready market from taxpayers.
Y ihil bearing but Z per cent as an invest
4 1eni;, they would be worth for purposes of
nyi, lg taxes nearly IL per cent, because they
,voul dbe available for that purpose after jan
uary: and it would be to the interest Of the
tax-p aver to pay his taxes as soon as they fell
due In this way all the city certificates, being
ut large premium for paying taxes, would
annt lally find their way back into the City
Tres sury, be redeemed, and paid as, in con-
tenn plation of law, they only can be paid.
L: the Common Council at its meeting to
mo row night will consider that all this in
del ,tedness is the result of the non-couection
Of taxes that if the taxes were paid the
" ao1e debt could be discharged, and then
O fer to the delinquent taxpayer to receive
These certificates 1o1o at the value they will
have at maturity, there will be such an in
ducement as will create demand for the
certificates for that purpose. A like offer
vita respect to the certificates for 1876
would enable the city to obtain all the money
nee eded for current purposes, and lead to the
coll 1ection OF next years taxes without any
da1,v