The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1849-03-30
Fiuaneisring,

finaneisring.
1t Is only In these latter days that the art OF nafi.
ciering has attained its just developement. The
ancients were comparatively unskilled in the divine
science. and have left on record few instances of
their expertness in arithmetic. The Tyrians and
Phnnicians, and after them the Carthagenians
pretended, it is rue to some skill in the transcen-
dentalism of trade; but how rude and uniformed
do their efforts appear, when we compare them
with the ingenious devices and inventions of the
present time. For example, compare the purchase
of Carthage by Dido with the funding system pro-
posed by the Chairman of the Finance Committee
of the Second Municipality. We mean no offence
to the honorable Chairman by comparing him with
the Tyrian Queen; we would not depreciate his
inanciering capacity by likenng it to any womans,
no matter how distinguished she might be. But, In
order to Judge of the spirit of the two ages let us
look at the two financial operations-the Cartha-
penian. which dates some one thousand years be-
fore Christ, and the Oreanian, which reveals itself
in the year of our Lord, one thousand eight hum
bred and forty-nne.
Dido wanted to buy ground enough to build
city on and she made a bargain to pay certain
sum for as much land as could be covered by a
bulls hide. Now, the cunning wench had pecu-
liar way of interpreting contracts; and she con-
tended that covered meant enclosed. She cut
the bulls hide into strings, and inanciered the
simple Africans out of large tract, sufficient for
magnificent city, This was the first example of
the Punic " faith, SO much talked of by the Ro-
mans; and this Punic faith meant no more than
pretending to be mans friend, when you wanted
to chisel him out of cash. Whether or not modern
nanciers have this sort of faith it is useless TO say
to the inhabitants of the Second Municipality.
But how inartifcial appears the Didonian specula-
ation, when we compare it with the fine and thor
oughly digested scheme of eighteen hundred and
forty-nine 1t is but as the shapeless marble to
the finished statue a hideous Indian idol to the
Medicean Venus. Dido, to be sure, got the better
of the Africans, and thus reached the ultimate
end of all nancering; she, however, could not keep
them Ignorant for any length of time, of the trick
she had played upon them. The funding scheme
will not remove the bandage for years. Under its
benign influences we are to 60 on for years and
years increasing our debt, yet never feeling our
pockets any the lighter in fact we are to get rich
by going in debt. We know this is favorite maxim
with large class of fnanciers; but never has the
doctrine been ably and clearly exposed as in the
recent report of the Finance Committee. The
port is gem, masterpiece Of financial art. No
one can read it and not be struck with its extreme
perspicuty, and witha its great comprehensivensss.
The details are as perfect the general principles
are sublime and transcendental. You cannot help
perceiving that the debts of the Municipality would
in little time pay themselves. Unlike other debts,
they possess selfremoving power. We know most
debts grow time natures and strengthens them.
But who so dull as to think that this is the nature
of Municipality debt!
We forget, however, to show the similarity be-
tween the Didonian operation and the Municipality
scheme. Dido wanted to deceive the Africans it is
true but then she intended to build great city on
the land she purchased, and who can doubt that
this was sufficient recompense to the simple
natives! In their hands the ground was useless
the Tyrians could cover it with warehouses and
palaces. Was it not better for the Tyrians to have
the land than for the Africans to keep it! The
Finance Committee of the Second Municipality
say that they intend to make magnificent improve
ments. Simple citizens are incapable of doing such
things. Parks and palaces and pavements shall,
in the regions of the swamp, be as plenty as black
berries. The desert shall bloom and blossom the
rose. A perfect paradise shall be created where
now the streets are filled with noisome vapors and
fetid cutters. We and not you have built up the
Second Municipality" say the Finance Committee
to their constituents. Is not little deception JUS
tfable for attaining ends so desirable Shall we
be purianical as to have scruples of conscience
about making exact statements when such objects
are TO be comprised 90 Pshaw! the Finance Com
mitee are not such fools to stick at trifes when
great things are to be done. The end justiies
the means.