Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-04-23
pended in publlc buildings the sum Of

| pended In publir buildings the sum OF
tsS5, Ss2.
To do this however. she has had to
| issue new bonds to tho amount or $seso'-
0eo. and has increased the bonded dept py
Sl.342,5l5.
She has likewise In this period expended
In discount and interest SIS. f3S, the penalty
Of having floating debt.
The assets acquired In public buildings
which partially represent the increase In
the public debt. are not assets. like gas
and water-works. which may sustain
themselves, but create a charge upon our
annual income to carry, and deplete US
to that extent Of funds to meet the more
immediate and pressing needs OF the city
In our ambition to be In the front rank
Of progress, we have overhastily acquired
properties which tax our income to sus-
tain, which are incommensurate with our
taxable values. as compared with other
cities OF a like population, and impose a
burden for a series of years. which In
creased values through healthful develop
ment may alone relieve.
We are close to the charter limit OF Is
per cent. upon the assessed values of our
real estate. II account be taken OF our
present floating debt, we shall reach this
limit by the issue of about 10000 more
bonds. II this be done. we shall have no
thing but current income to look to.
Prudence, therefore, suggests that we
should hold this margin for actual and
pressing need
The question OF relief must assume one
of three phases-ralse the charter limit.
raise assessments, or raise the rate Of
taxation.
To all Of these phases the Democratic
League for Good Government says No!
Eve can live within our income, for the
present, and in doing so. shall entail
less damage TO our future interests"
The charter limit cannot be raised,
save by act OF the Legislature two years
hence. 1t is already three. four, and
even five times higher than the limit Inn
posed In other cities. The attempt to do
so has always been attended with so
much mischief. that O. State law in many
OF the States fixes the limit at 2 to 8
per cent.
To raise the charter limit under these
circumstances would give no relief TO the
| situation. 1t could but discredit the bond
issues outstanding, and 1t would not
| stimulate sale Of further issues. except
| at rates OF discount so sharp as to show
the attempt to be highly injudicious.
Increased assessment or increased tax
rate are convertible terms-a tax-rate OF
{ per cent. upon 25 per cent Of the true
value of property Is the same as l per
cent upon Its full value.
We get no light upon the subject, nor
a just view OF the burden OF taxation.
simply by getting the rate. II we are
| to profit by our studies. assessments must
be reduced TO the same basis to make any
\ just comparison.
The census of the United States Of 1890
| (second volume), published the latter part
| % 1926. furnishes us with data upon this
subject. which may be accepted as more
/ accurate and more unprejudiced than
that to be secured from any other source.
| We submit, Therefore, a table compiled
| from its figures, in which tax-rate, per
| cent. Of true value taxed. per capita,
debt, and expenses are set forth as to the
| following cities In the country: