St. Landry clarion. (Opelousas, La.) 1890-1921, 1891-10-17
sREVENUEAMEND-
MENT."

The following is the full text of the
speech delivered by Hon. Edgar H. Farrar
at the anti-lottery mass meeting in the
eighth and ninth wards of New Orleans, on
Tuesday evening Oct. g.:
Mr.. Chairman, Ladies and Gentlemen,
Fellow-Citi Of the Eighth and Ninth
Wards-I do not thinksthat 1 need any in
PRODUCTION to the people of the ninth ward
Many years Of my boyhood were passed
here among y6d seven years of my mar
ried life were spent here; four of my chill
dren were born here, and think that I
have a right to speak to you as friend and
neighbor.
do not belong to the Sunday school
class Of politicians. i do not oppose the
lottery upon sentimental grounds-that is,
treating as sentimental ground the ques-
ton of personal morality involved in lot
terry dealing. / base my opposition to the
lottery upon entirely. different considera-
tons, which eonsiderations 1 shall detail
to you in few minutes.
I have no time f6night to discuss the
question of the wealth or poverty of the
State nor to discuss the statistics as to
levees and public schools, but, before /
pass to the main branch of my subject, I
do want to drive nail in the coffin of one
lottery lie that has been paraded in the
papers of this city for some time past l
want to demonstrate from the record that
by the time the lottery money will become
due the people of the city of New Orleans,
without any increase in taxes, and out of
their own pockets and with their own
honest dollars, will be able to educate
their children and to drain their city; and
l propose to show where the money will
come from.
The very same Legislature, gentlemen,
which adopted this lottery proposition, al
so.adopted what is known as the city debt
funding bill, and youpeople and the peo-
pie of this State will be called upon to vote
at the next election in this State, alongside
of the Morris constitutional amendment,
for this city debt funding bill.
Now let me tell yon what that is. The
time is coming when the city will have the
right to
except the premium bonds; that is, to call
in bonds bearing some per cent some 6
per cent and some 5 per cent interest If
the city can reduce the interest on her
public debt to 4 per cent, do you know how
much money she will save? She will save
s171 900 year. Now the city of New Or
leans is in such financial position that
she can float her per cent bonds. All the
financiers will tell you that the 4 per cent
fifty year bond of the city of New Orleans
will go like hot cakes, and will even be
sold at a premium. Now, my friends, this
funding bill not only provides for the fund.-
ing of $1o0oo,OOO Of city debt into per
cent bond, but it goes further. It leyies a
| per cent tax--same tax that is now levied
-on the property 81 this city to pay the
interest upon those bonds and to carry the
premium bond plan. That per cent tax
will produce a surplus which is estimated
BY the most conservative member of the
Board of Liquidation at minimum of
$500 year, without any Increase in the
future over present taxable values, and
hat funding bill provides that the surplus
every year shall not be taken, as it has been /
or the last ten years, to pay the principal
If the debt-that the people who live in
New Orleans now shall not bear the bur-
len of this debt which has been accumu- |
ating for twenty or thirty years-but that
t shall be distributed over two more gem
,rations. We have paid our share of ii,
Ind that none of this money shall be APP
,lied to anything but interest, except,
enough to carry the premium bond plan
md the whole surplus shall go one-half
TO PUBLIC SCHOOLS
md the other half to permanent public inn
'rovements. There is where you are going
o get the money my friends. (Applause.)
have the honor to be the author of that
cheme, which was adopted by the Board
# Liquidation, adopted by the Legislature,
md am confident will be adopted by the
'eople.
The increase in the taxable values of this
ity has been SO great in the last ten years
something like s3s,ooo,OoO) that a per
ent tax, which was barely sufficient to pay
he interest upon the public debt, has,
within the lastfour or five years, created
n enormous surplus. That surplus has
een spent by the Board of Liquidation in
aging the principal of the public debt
ror instance, in the last four years, since
December, 1887, the Board of Liquidation
as, paid $703,000 of per cent bonds out of
he surplus fund, and not only have they
aid that $703.000, but hold in my hand
he printed report of the affairs of that
oard up to the 30th of June just passed,
nd on the 30th of June they had surplus
4 their possession, with the tax of 1891, on
Z partially collected, of S4S5, 900. In other ,
'ords they had in their possession money {
nough to pay the July interest without I
ollecting the tax of 1891. And that is not !
II. There is unpaid taxes of h
A MILLION AND HALF DOLLARS,
hich belong to that fund, at least $780,
70 is collectible So that you see that by
leans of this per cent tax, per cent to
lpport your government and per cent \
IF debt purposes, you are going to have an
normous surplus which will be double
ny amount of money which the people of .
lie city of New Orleans ever expect to get y
om the lottery. (Applause.) s
This surplus will come year by year after {
lly l, 1892, as the city progresses with her q
ebt funding, which will be entirely COM t
leted by Jan. I, 1895, and this large sur t
|us will accrue even if the city in all the q
,tl1re never increases her ia yahle valnes r
le dollar above the present assessment. d
If, in the next ten years, the city grows 7
taxable wealth as fast as she has grown