The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-02-17

aimed at by this blll ls. TO provide revenue
for the State of Louisiana" The various SEQ
tions In 1t are only the incidentas Of that pur-
pose, only the machinery to accomplish that
object; any other construction would neCes.
sarlly limit each bill to one section, aud that
very short, and would consume all the time
OF the General Assembly In calling the yeas
and nays ON the tinal passage Of the very nu-
merous bills required to make each section
separate law.
Section requires the taxation OF all prop
erty, not exempted from taxation by the COM
| stitutton. Aud 80 does the constitution itself,
which reads In article 2o3: "All property
shall be taxed In proportion to It's value" etc.
| Ii section used this language and no other.
1t would DO as full and rs Imperative as II now
ls. II any other property were exempted,
| or II the section Omitted any unexempted
property from taxation. the whole act would
| bs Unconstitutional, because the constitution
says: "Artiele 207. The following property
shall be exempt from taxation aud no other"
It has beeu held, however, that the failure OF
the tax assessor Il, lst articles OF trlhing
quantity or insguiuc .nt value does not REM
der the law unconstitutional or prevent its
enforcement for the taxes otherwise legally
assessed. "De minipis non cWraf le.c', covers
such incOnsiderabe omissions Uf taxable prop
erty. The good house. wives Of Louisiana
need not fear that the tax collector will tax
any OF those little domestic possessions which
are essential to comfort, but useless for reve-
nue.
Section divides the six mills taxation as
| follows One-ha mill for the "levee fund.-
/ Oue Huu ouH-4tu6St mus lot buo puuhlV
education fund. - one aud one.quarter m lis
| for the general fund.-" and three 3) mills
for the ''lntsrest fund" The original
bill allowed one mill, but the committee re-
| duced this allowance to oneshalf mill fOr
levees, because that rate WAS considered sufn-
cient to maintain a levee system In the state
and to maintain and repair levees under
article 2l3 Of the constitution, which, it was
Of new levees by the State. but only the
maintenance aud repairs OF those. levees
already built, or hereafter erected otherwise
than BY general taxation. The erection Of
levees seemed to the committee to be- pro-
vided for by article 2l4, which authorizes the
creation OF levee districts and authorizes the
levy Of special tax Of five mills "on tha
J taxable property situated within the alluviad
portions Of said districts subject to overflow,
for "the erection. repair and maintenance OK
the evees In said district"
This committee ls ready to give due. and
friendly consideration to any proper bill on
that subject which may be referred to lt. Inc
. committee agreed to divide the halt mill, thus
taken from the ''levee fund" equally between
the general fund" and the "pnblic education
fund" One and one. quartz, mills public edst-
| cation tar was considered SUFFICIENT with the
addition Of all tho poll taxes, rs provided by az,
, ticle 227 of the eonnttutiOn and Of the school
funds, under clauses to 5 OF article 229, ana
OF the parish taxes under the last CLAUSE
OF said article which permits each parish 70
, levy a school tax which shall not exceed the
State tax.
|
tax" was considered sufficient, with the addl-
tlon Of "al the licenses to the general fund 70
accomplish oil the purposes for Whlch bnd
general fund tax" is required.
. rhree mills Interest tax is recommended Dy
: the Governor, tn hls first message, and your
committee considered the reasons given by
him In support OF tn " recon ~ endatlon w
bc conclusive. Il the commlttee had diileled
from the Governor, his Observation-Disclosures
would probably have prevailed, because tne
Q opinion Of tho chief magistrate of the State y
. entitled to great weight, and any revenue
= bill must receive bis approval to become q
: Governors views. The ordinance relative 70
2 the State debt" was adopted by the Constitu-
q tionni Convention after prOtracted ana ex.
! haustive discussion, 40 the last and hnd
9 settlement OF the bonded debt Of the state
Q and was ratified by more than majority Of
: !, ali the people. 1t s part OF the constitu-
: tion, and is no longer open Tor dlscusslon:: y:
!. 1t provides that each holder Of q consolidated
J, bond shall have the option, either. to receive
. the face OK his bond when due In the year
J, 1914, with interest from January !, 1880, at
q Q per cent per annum for the first five years.
y 8 per cent for the next fifteen years, and
= per cent thereafter, or to exchange his bona
y y for a new bond at seventy five cents On the
y dollar, on which amount he snail receives
!. per cent per annum interest until paid.
u All the bondholders may demand the new
:, bonds. The consolidated bonds amount TO
70 about s12OoO,oO0. II refunded. the new bonds
g win amount to about $4,000 600; I -Four oor per
J. $36O,O0n interest can lawfully be demanded
e from the State, one half on the first OF July,
- = 1890. and the other half on the first OF jan
= uary. 1881, that much Interest tax must ~
!, collected In the year 1880 to provide Tor ltS
" full payment. Article l OF the debt orol-
a. nance says that sthere shall be levied an
4. annual tax sufficient for the full pay
l, three three mills" It is plain that the convention
Va VI considered that three mills were required.
10 upon the basis OF assessments provided ior
9, in the constitution, and that 1t contemplate0
ts the levyiug OF that rate for years to come,
9, until the Increase In assessment might jus
,e ttfy o reduction. The smficiency OF taxes 70
lS pay the interest was not doubtful SUM-
W cheney, but was an absolute sutictency, which
Oh could not fail to fully pay he outside limit o.
~ interest as allowed by the debt ordinance.
n, N The bonds held by the parties who have in
al stituted the numerous suits against the Statt
n. amount to less than one million dollars, 9
Il, Il, declared In the various bills and petitions
na The holders OF the remaining Sll ,OOO, ,0UO are
nt quescent. 1t is believed, IN the best IN
an formed monetary circles, that nearly all the
ba bondholders will accept the new bonds, u
be- cents per dollar and per cent interest, pro p
ed interest will be promptly paid: A Rreal
n. calamity would beIall the State IL the interes
90 provided for in the debt ordinance should D
i i defaulted All the bondhoIders would thef
he resort to the Federal courts, and the sym
t,v hv pathy OF the financial world and the suppor
III OF universal public opinion outside OF thl
ha State would be so strong In their favor tina
ao the courts would go to the full extent OF thei
mt constitutional powers to grant them relief
in Such powerful and hostile litigation mignl
st possibly result In the State having ultimately
.aS TO pay the whole 7 per cent interest on I'M
ha face OF the bonds, which would force the pay
nt nt ment OF the five and one-half mills tax 9
mt nereIoiole oo.eoo1u. I aotiua Yriends ~ III
ase he State Sta y by the payment Of the highes
7oe rate OF interest which they. are en
No. titled to demand. The remaining dia
us us ont anv considerable influence or publ
on sympathy, and, In the end, would assent t
~ ~ the debt settlement made by the State. The,
% e can afford to accept that settlement, alwaye
~ ~ provided that the interest be fully andpunt
~ ~ tually paid. II thus paid, confidence Will b
- soon rest ored, and there is no reason why