The herald., 1893-08-20

oil this CITY have nearly VII, ,Uuu,UVu ue-
posits, a large part OF which 10 earning
interest, but they have plenty OF com
to loan to further the business interests
OF the community when once the magic
''confidoncs" returns.
NATIONAL BANK CURRENCY
The proposition to allow the national
banks to issue currency up to the par
value OF the United STATES bonds de-
posted with the government has been
indorsed in high quarters, with the pro-
vieo that the privilege ehould be tenn
porarv one, lasting say for 12 months.
It's adoption would result in placing not
only the expedited $40. 600, 900 extra cur
rency in circulation, but would induce
many national banks to Issue currency
who have never thus far thought it
worth while to do 30.
COMMERCIAL FAILURES.
Mr.. w. I. Pridham, the manager OF
Dun's mercantile agency, states that
there have been no commercial failures
OF any Importance in Southern Califor-
mia during the excitement, and none
that can be traced as due to any general
depression.
hhhL hoIAIE 1hhNbf EhSs
The transfers for the week have been
light, as predicted. The principal sales
have been 120x37O with good improve
ments, southwest corner Pearl street and
Bellevue place, to l.. @. Creede for
$32, 1900, and 60x165, northwest corner
Third and Olive, with two-Btory house
to f. A. Miller for $4,000.
Some dealers reportA that they have
lost sales lately through owners raising
prices as soon as they saw buyer was
in earnest.
THE CITY TAX LEVY.
The city assessment roll foots up
$47, 7,2l1, ,173 and the tax levy will be
$1.20. II ought not to exceed that
amount.
HOW EXPENSES ARE MULTIPLIED.
One Of the first questions always
asked by an intelligent newcomer who
may be desirous of buying real estate is
as to the rate Of local taxation. 1t is
impossible to candidly answer this
query and those that are sure to follow,
put by a shrewd investor, without re-
vealing the fact that Los Angeles has
hCculccoty CAPcn5iNc oybtcu VI HuulCi-
pal and county government, the main
fault OF which is the duplication OF
Offices that ought to be consolidated.
This is not new complaint, but it may
be we'll for the taxpayers who contribute
the large sums stated below to ponder
the subject with a view to taking def
mite action when the proper time ar
rivee, at the next meeting of the legisla-
ks~ Thara 80, Al. J.
the taxpayers should support two gov
erning boards, two treasurers, two as
SCISSORS, two tax collectors, two auditors,
two clerks, two attorneys, two civil en-
gineers, all at high salaries and every
man with his array OF deputies.
The city assessor makes a careful val
uation of property, even to the extent
of finding that which the owner is not
always willing to enumerate. This
work is carefully and solemnly done all
over again by the county assessor in
another building. Each officer draws
and earns large salary. each has his
array OF maps, reference books, blanks,
ETC., and, during the busy time, each
has small army of deputies. The tax
payer has to watch each Office, perhaps
to go before two boards OF equalization,
anu W 10 Ou bu0 hi6Ib bldb LIS dHEobd-
ment is not only duly returned but cor
rectly entered on the two sets of books.
And at tax-paying time, he can divide
ments, making altogether four, visits in
the year to the collectors' offices. A
large part Of this trouble and annoy
ance, and a considerable portion of the
expense might easily be spared by re-
- of hn ok
ployed by the Taxpayers to do the work
Of assessing, levying and collecting the
taxes. This is not scheme of small
economies, but, properly handled, would
result in cutting down public expenses
very materially.
Look at these figures. The county tax
collector in the seven months ending
3lst July last received from all sources.
1878, ,55l.25, OF which $3.50, 1912 was for
taxes on real and personal propertyr
The city tax collector in the same period
of time received $3.50 226.82, of which
$96,99l was for licenses and $l42, ,535. .82
for property taxes. Thus q grand total
of $612,778.O7 has been contributed in
seven months to the city and county
treasures to be lawfully expended in
salaries, "current expenses" and the va
Iluun puUllC ucoo tOI WulCu Lh46H are
levied and paid. These expenditures
will be touched upon at later date.
DELINQUENT SALES.
1t is significant fact. in view of the
stringency Of the times, that the delin-
quent sales lately held have been go
small. The amount of taxes sold by the
county tax collector was only $14,600,
while the total sold by the city tax col
lector was the unprecedentedly small
sum of $3988.04.
TAX PENALTIES.
The Times states editorially that the
half yearly collection of taxes is not very
popular, and that the supervisors sscom.
plain" that it entails large amount of
extra work. The fact is that no less
q sum than $6947 has been received al
ready this year by the county tax COL
lector as penalties upon overdue pay
ments of taxes. This would indicate
that q large body Of taxpayers were glad
to take the benefit Of every extension of
time allowed by law. A system of
monthly payments would be a great
boon. 1t would have to be arranged on
q simple plan, very different, of course,
to the cumbersome aud unwieldy sys-
tenn OF half yearly payments now used.
1t should also include rebate on every
payment made in advance of time, as
we'll as penalties for delinquencies.
POINTER ON CONTRACTS.