The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-08
THE DEBT.

To the Editor OF the Democrat:
The two quotations Immediately following
are exceedingly instructive. They teach us
how indissolubly are associated the best in
terests OF the workingmen of our country
with the best interests the low taxation-of
real property, and beg to invite special at
tention to this fact.
| find, therefore, first, that "Rpbert L. Pot
ter, OF the Chicago Inter ocean, In paper
read recently before the Social Science Asso-
ciation In Boston, shows that the debt OF 1870
cities in the United States was s22t, ,312, ,O09 In
1866, and $644, ,376, ,GG3 in 1876. This shows
total increase OF the debt IN ten years Of up
wards OF 1920, 600, ,000 and an annual Increase
OF $40, 100000 Taking these figures as the
basis OF his calculation, he considers 1t not an
exaggerated statement 10 say that the cities
OF the United States have to-day debt OF
81 900, 100000, half the sum OF the national
debt. and an annual expenditure OF $220,000,-
900. within $40, 200, 90 OF the national expenses
The liabilities are increasing at the rate OF
$50, 900 annually, involving an additional
charge Of s3,OOO,OOO upon the taxpayers. AL
lowing for the great shrlnkage In values and
the continued depression in business, he finds
that the property Of taxpayers has already
and as this debt has increased ut the rate Of
$42, ,O00,0 900 yearly, the mortgages will con-
tinue to increase at the rate Of per cent an
nually, and In another decade will amount to
25 per cent Of the assessed valuation OF the
property"
And secondly, in connection with working
mems wages, that ''the average daily wages
earned by 2,042 900 workingmen, as shown by
the last census of one hundred cities OF
America, was only ninety-seven cents, and
| but an average of t80 days employment per
| year. BY this 1t will be seen that S175 Is the
yearly income of the average worker Of Ameri-
CO. Some of these men make more than ninety
seven cents per day; others, Of course, make
less Scarcely fifty cents per day during
the year round, when we consider that only o
little more than half the year furnishes ern-
| ployment"
| We thus discover that property and the
workingmens wages are depressed by the
same common enemy high taxation. Prop
erty can be given away, but it can scarcely be
said to be sold for the prices 1t now COM
mands and so with labor Of every descrip-
ton, because 1t is everywhere begging In
vain for employment-it cannot command
work at any price in too many Instances. and
this condition OF affairs is plainly on the in-
| crease.
In conclusion. let me place just here the
bondholder's view Of the general situation.
Let us examine his interest, and IN doing SO
will suffer him to speak for himself. Follow
ing Is the copy OF circular letter which was
addressed to the national banks OF our Union
not long since. 1t Is an extraordinary docu-
ment give it in its entirety:
| Dear b1r-It is advisable to do all In your
power to sustain such daily and prominent
| weekly newspapers, especially the agricul-
| tural and religious press, as will oppose the
Issuing OF greenbaCk paper money. and that
| you will also withhold patronage or favOrS
| from all applicants who are not willing to-
| oppose the greenback or government issue OF
| paper money Let the government issue the
coin and the banks issue the paper money OF
| the country, for thus can we the better pro-
tect each other. So long as the greenbaek
men are satisfied with the interconvertible.
bonds no harm can come to our interests.
but to repeal the law creating national banks,
or to restore to circulation the issue Of paper
money, will be to provide the people with
money from other than our own supply
ing, and will, therefore, seriously affect your
individual profits as banker and lender
Be sure to see your member OF Congress at
once and engage him to support our inter-
ests that we may control legislation. We can
uepenu upon everything bhcHpb tBHRTeSS IDf
this administration, and II we are vigilaDt we
can control the next one.
Write il you have any suggestion to make,
or anything Of importance to communicate,
to
fSigned) JAS. BUELL., Secretary,
No. 247 Broadway, Room 4.
Now, 1t is to be hoped that the same COM
mand has not gone forth in our city: "Be
sureyou see yoeer' members ''0f' = Uard; "at
once and engage him TO support oar interests
that zoe may contr0p the constitutional eonrtya~
ton. Eternal vigilance Is the price OF lib
erty," we are told. Depend upon 1t that the
, most unfiagging vigilance will be necessary on
our part to secure the right kind Of city rep
resentatlon for the coming constitutional ton-
, vention- delegates, | mean, who Will rehecs
the wishes and the will Of the great mass o.
our fellow-citizens, and that Of a fayOred ieW
to the great detriment Of every other inter-
est. .,..,
Beware Of those who talk Reputation Win
one breath and recommend bondhoiders as
their choice for delegates to this great con-
vention Of the people.
Such men can only promise the people that
protection which the wolf gives TO the iannD--
; sc0yerinQ and devouring It,.
Very respectfully,
G. Fl. TEBAULT, VI. ID.