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

bonds for 34 years jS. .,.s... .Sl5. 32O.Uu
Four per cent interest on 100000
Balance or interest saved to
State by reiunhinR ..-....t.$ %
Add principal saved Az above. .... 100000
Total saved TO the Htete by re-
Reminding saves Tia state the splendid sut
of four millions or dollars. Three mills wi
Induce this rtiunulDH, because that rate VII
be sufficient beyond doubt, while lowe
rate will not be sufficient.
On page 400 III the Auditors Report for 1877
the assessment rolls show gross Valuation
of $3.50 O000 90
rroas '.,S...'',,.....' 477.0o
Deduefing 2b Der rsnt for expenses
ana delay,sl COLLECTIONS .,. 1926
Leaves net taxes collected In
1880 ....4.....,.......... 957,75'
OntniOns differ as to whath.r the ASSESS
ment To be made this year under the pending
act will ha more or less than the assessinen
made Ia 1879 Bu e0ncading that 1t Will bt
greater. and That possibly few thohaanc
dollars surplus taxes may be collected, thes,
Mres arc not lost. They will remain In the
treasury either ~ pay future interest. or. ~
present act,
TO BuY UP THE BONDS
from the lowest bidders.
It has been argued against this plan that
bonds drawing a very low rate OF interest
ought not to be retired by n sinking fund
This IL not true, unless the bonds are at or
near par. With Louisiana bonds selling al
fifty cents on the dollar In the open market
BECAUSE the interest Ia low, the State can save
fifty cents on the dollar of the principal by
buying up the bonds before their maturity. IL
the bonde drew 10 per cent Interest, they
would be above par, and 1t would be bad imam
Ulerfng to buy them up before maturity. 1t
is the very small interest allowed on Louisi-
ana bonds which prevents their being worth
more than fifty cents ON the dollar; and 1t is
the very fact they are selling at such a low
market price, which would enable the State to
SAVE $500 OH every $1,000 bond purchased by the
Treasurer But this need not be considered
very seriously, because It is very improbable
that there will ever be any surplus Of the in
tereet taxes to buy up the bonds. The clause
ID intented to provide for only remote con-
tingenoy, and thus utilize any balance OF in
terest taxes which might be unpro-
duotive In the treasury by purchasing at
q heavy discount bonds drawing interest.
TAKES TO RE PAID ONLY In CASH.
The financial accounts OF the State must be
kept by the Auditor and Treasurer. A State
or municipal government administers its
finances for the support q Its officers ,, and =
pays all In full. Ii ineolvept 1t pays pro
rata. or should do 80. IT there will be money
enough In the treasury TO pay all claimants
there ia no necessity for making any warrant
receivable for taxes. Il there Will not be
enough II would be- inequitable to permit a
yigilant warrant holder to receive payment
Iii full from 10 xpayera, who would Iii turn be
paid the warrant by the tax collector; Or,
what III the same, be credited with II on their
taxes. Such . system deranHes the whole
.Asssrx x,f En4. Hnns
that, ny now managed, the brokers buy up
tho warrants At heavy discount and
afterwards collect them IN full,
II equally good against the plan
Ut receiving warrants for taxes, because then
they would buy them and make their profits
BY using them Ii that way. Individuals should
pay their debts In full, and cannot refuse to
accept those debts In compensation or what
ID due themselves. But State government,
with limited taxing powers, can collect only
the extent OF its collections. The only proper
officer to make such settlements is the State
Treasurer, who would be responsible on his
bond should he ever make any partial or un
fair settlement. The plan OF receiving war;
rants for taxes is based upon the theory that
The State IL and will continue to be insolvent,
but your committee think the taxes collected
under this act, and under the license law yet
10 be adopted will pay everybody In full
without delay or discount as soon as 1t gets
Mlriy into operation.
THE TAX COLLECTOR OR SHERIFF LISTS ALL
PROPERTY.
A speedy assessment is required, particu,
lArly In $780, Three months would be re-
uuired to assess the larger parishes, II done
BY an assessor, but the sheriff can place ten
deputies 10 the field for one mouth for the
one year. He has already several deputies,
who can combine taking the lists with their
other duties. The sheriff collects the taxes
and receives percentage on his collections,
and 10 therefore Interested In seeing that all
property is listed. He ought not to be al
lowed to fix q final valuation on the property,
md he is only required to attix his valuation
~ guide for the police jurors, In the same
way ~ the owner OF the property fixes his
valuation. The sheriff and his deputies are
with the people and their prop
srty. An assessor must be paid for assess
ng. Under this act the sheriff and tax col
ector are required to DO all the assessing and
Ill the collecting for the constitutional per-
,entaRe OF 5 per cent on actual collections.
This Is objected to "a excessive. Ii the
property 10 the city Of New Orleans is as
seesed III 1880 ut 800 600 0O0 mills thereon
will be $540. 600 per cent on which Is sal, 600
twenty seven thousand dollars to do all the
taxes in the city OF New Orleans Il not exces-
live. Under the present law, adopted by the
Nichols government. there are two tax col
ectors and five assessors; the latter receive
BIZ. 500 for assessing alone. This act dts
penses with the five assessors and requires
he two tax collectors to do all the work for
not more than $27, 900. to be divided between
hem. tn order to avoid all fear Or these OH
.ers receiving enormous salaries, they are re-
luirod To pay "a the State all their net profits
excess Or $4,000 per annum. Their COM
Missions for collections 81 licenses are not
provided for In this act, but the license act
an allow them ne email q percentage as the
General Assembly considers sufficient.
,wENTY-FTvE GENTS FOR NOTICES TO DEL1N-
QuENTS
) provided for In the aforesaid tax law now In |
orce; 1t Is little enough. The sheriff is al
owed no mileage for serving them. III he
nails the notice the postage and registered |
etter fee amount to thirteen cents. The cost |
i these notices are to be paid, not by the State
nut by delinquent taxpayers, who can avoid |
hem by not becoming delinquent. Tax col
ectnrs have always said that the fee for
living notice (which, under the present law is
equired to be given to all taxpayers, whether
delinquent or nat.l does not more than pay