The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-09

nues on the present assessed value l4177 900 0O0)
OF the State:
Licenses. ................ 400 600
Poll tax. 100,OU0
Total. aI.................... ii $50 500
the average amount that has been collected an.
nnal!y for 1877 and 1878. The 0ynyen. ion should
provide In the constitution ior sys.em q Of grad
ture to do SO. the license TO be propnrtiontd in
some sort to the gross business Gone BY the
party. OF e9urse such Il g system, i could only aD-
ton o b. With svss the same license a for @ bsi
nass ot II aIount ~ fgr ane # 5000
amount Of capital. which viii Otherwise escape
tax, saga } and pay nothing to the sup
Our voting population in 1876 exceeded 17s,.
goo. the payment OF Q poll tax. OF say q, be
y Re o sey n
a regards re present assessed value of
ss ! 4 9ny n I gssg yva 4 AZ hsrs =
sed at all; which, when brought npon the rolls.
wll mere than o e. any REDUCTION Ter exeess
state. Besides, there i 8 large amount d
capital pit In this State which is not now assessed
I Ieonelude. therefore. that any fair valuation
We have, then, a. total expenditure Of say
excess OF revenue s75o.ooo. Putting the bonded
d. BIT 1T $12 600 600, ths interest OF per cent s
$3.50 900. leaving s,,l surplus Of $4,000 fnr OK
bonds are not que for nsarly forty years to come.
aud for the present, during, the continuancs Oh
these Depressed times, no sinking fund need be
that without increasing The rate Of taxation the
result esq r erso sS Will q bcS Hoyae
these eonsiderstions show tha, with . tax Of Of six
Total State tax The State can carry her debt se
o.,t oppression % her people end without i1cur-
ring Tie odium which will inevitably attach 70
viii viI1ingly submit to d reduction Of interest
think the .aoatlne debt can and should be
esivab1e for all delinquent tares except the de-
eyss tfss od whef bsongs to TIE Leyss
lief TO the State by bringing into the astive
pas ins notbine Il would induce the rsdsmp. ans
Besides, II would retire every dollar Of floating
debt OF the state, which u not one-ffth Of the
amount due for delinquent taxes.
the debt cannot fail to be disastrous to the BEST
interests OF the State Considered simply In the
light OF political economy It will cost the people
Of the State enter largely into the financial and
commercial operations Of the city. and on them
our business men have predieated large credit
Aside from the dtsaste OF q sudden destruc-
tfnn of 80 much value. 90 much capital there
will be eneendered throughout the business
which will speedily be- felt In the way Of with
drawals Of deposits from th- banks perhaps
regular Is psnie. forcing them 70 spension, and
eial business Of this great city which. be It re-.
all the takss Of
state.her planters. her laborers and her peo-
plei This, Of course. In its turn deprectates
fng yaass q properly aad puts p end to al
roads to q. xas and the reconstruction VI our
lsvees. i is useless for US TO shut our eyes to
W aer @ Ta9 Rsops a fs boW e 1faRded de
OF money coming here for investment. Instead
of coming 1t will be carried away. and the State
will not recover from the disaster for scores OF
It may be, and perhaps is. true that there are
considerable amounts OF fraudulent debts in
Guided In the present bonded debt OF the State.
But appreh hend the amount Is far less than Is
The bonded and floating debt when the Radi-
calls came into power exceeded 30. .oo0, 900 This
was Of onr own making. and is esclusive ofihe
Citizens Bank bonds. 50 that $4,000 Of the
present bonds (being 50 per cent Of the nine
IuIttIUuo1 ARP Cl5hTly CuAEk6dUI6 UO Ub. = u0
present administrator. through the Funding
Board. composed Of our most honored citizens
lsueh as +. T.. Nichols, l.. A.. Wiltz, Speaker
Bush, Auditor Jumel and .othersl have Issued
perhaps two or more millions OF the existing
bonds-that too, with the express authority
and nction Of the Legislature Of 1877.
now justify ourselves In the eyes OF mankind s "A
Ii We repudiate any Of these .debts2 Will We
not drag To the dust the good name ana fair
name OF people2
1t is great error TO suppose that these bonds
are owned by the Carondelet street Drokers, II
may be safely affirmed that they do now own
e5eo.Goo OF them. After our oson people In 1877
izuised public confidence In the-e bonds. by res
oluffon Of Its LEGISLATURE. after our oon oBtceys
have iasned large amounts Of them uneer the
broad seal of the State; after m- q on the ia1 a
OF on, osrn acts have acquired large amounts o.
them III 1877 at as much as nfnety-three. cents
on the dollar, we can never excuse Or JustlfY
our act II we reDudtate;
am sure the members OF the Convention
will not willingly plunge our. people and State
into q vortex ST ruin when this matter fs un-
derstood and appreciated by them. have no
Interest In the matter save that OF citizen. 8
nronerIv holder and a lover of my native State.
Thaf fi1a Weldon of the Convention may be
ear1al 10 the great expectations of the people
and the great needs Of the situation fs the sin
cere wish OF NATIVE.
FAMILY JARS.