The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1850-06-06
NEW ORLEANS, THURSDAY MORNING. JUNE 6, 1850
following Statement of the Liabilities of the Mu-
q Bonded Debt, per statement s1ss. $50 90

following Statement of the Liabilities of the Mu-
nicipality;
Amount q Bonded Debt, per statement siss $50 90
=, Amount Of Notes due in
55sfs' 5SiS,' ::: SiSsS ssis 4
ssn,enaRi, AsGgusti '..'''''.'..''..'' g.5l y
oSSfb@oef' oetobeT' :. ........'..'.'.. X.SS If5Ss
nnosemHoef' - ..'.'..-.......... Md8 q
Amount Of Notes due IN - i''a' w 0'''ai
January, ls5l l..................$ 1885 50
ss.soIqarys ..'-...-..-,--.... 45.S5 q
April, :. .................. i2.0s6 s.
MAY. NAY. .................. s.s2j .3J e e
sSsPtshmber. SaP'nhal ................ $.Ss5 i3
nno.eIhDef'r - ''-'-..'.'--...-... 344 -
Amount Of Notes due in A'szl Il S8''0'6
2Eappnary, io0z ................. 2.333
zeDf1ary' ....-..-.......... LOSS 81
April, " ............ ...........' i.52s s1ss
Ss N9Is' judgements lS91 past due: i 4
Amount Of Cash Warrants. estinia
Amount Of Interest past due ssd- 5aa4O
s2i645. .6l2 n
the above, the amouht in the two Sinking
| In L mon Bank - set $40 ~
In Bank Of Louisiana 16.575 Os- 7s.12l 40
s3.567.5I7 81
Municipality proper, 10 date, 10 which
We must add her proportion Of the old City
DeDt lWJ923 w
Making aggregate eof.............. of S3.577. AZ 81
BY the above statement it will be seen that we
have at this time cash liabilities and for which we
may be called upon at any moment as follows:
Note Sotes aHd apd jndesgcnt. j. Mag past f5s s
Cash warrants estimated 10000 O0$2 97S IS
Obligations maturing this year r.......... 80 3gl 95
| Amount of work now undsr contract and 10 be
paid for this year. estimated from the best in
formation in the power of your committee, in
the absence OF the Surveyor, at,,....... 5000 90
$567, $40 81
| ba l..I-E r.
| mlttee has been informed by the Treasurer, that
| arrangements had been made by which large por-
ton of the debt past due, we'll as large amount
| OF that which will mature during the present year.
would have been thrown over to the next year. but
for the intervention of the law of March, 1850 and
| should the said law be declared unconstitutional
that at least 100000 of the debt of this year can
be postponed until the next year.
Such Is the condition of the finances of this Mu-
| nicpality found by the law of March, 1850 ap-
pointing Liquidators to take charge of its liabilities,
| and the Finance Committee convinced of the bene-
fetal results that would necessarily follow from the
workings of said law ielt extremely anxious to come
| under its provisions. The Treasurer of the NUM-
| clpalty Immediately upon the Liquidators taking
office, felt himself prescribed from the further pay
| ment OF the notes of the Municipality, the law o
| March, 1850, having taken that power out of his
and placed 1t in the hands of the Liquidators and
since that date the Municipality has been under
| protest. The communication from the Treasurer
| to the Council, and referred to the Finance Com.
mittee, relative to the delivery of the Sinking
Funds of the Municipality to the Board of Liqui
| dators, together with the many conflicting clause.
in said law, induced your Committee to propounC
several questions relative thereto for the considera
ton of the Attorney of the Municipality, and wer
answered with the very able opinion marked B.
1t will therefore be seen that the Attorney of tn,
Municipality takes very decided ground agains
the constitutonality of the law of 1850, and as
| DrOepeduUs have been taken AGAINST MunipIOa ty
No. One by the Board of Liquidators, to test the
| question, your committee would recommend nc
further action in regard to the Sinking Funds held
by this Municipality, until decision in the above
| case be given.
Your Committee, therefore, in this report, have
| considered the finances of the Municipality sup
| posing the opinion of your Attorney to be sus.
tanned by our courts and the law of 1850 declared
| unconstitutional for should the contrary be the
case, and we allowed to come legally under its pro
visions, it must be evident to the Council that the
Municipality, instead of having pressing debt t,
provide for, would be relieved from the create
portion, and soon be in command of sufficen
means to enable us to carry out all the importan
public Improvements which the interests Of tn
| Municipality might require.
The current expenditures of the Municpalit,
from May l, to January l, 1851, are estimated as
Per statement C. 2I3 u
And lIe receipts for the same PERIOD as
per statement ID, 1896 900 o.
| Should therefore, the Liquidating law of March
1850, be found to be consistent with the Consttu
| ton, the Municipality will have sufficiency fol
| her ordinary expenditures. But on the contrary
| should said law be pronounced unconstitutional
| then by throwing to next year some $500 0OC
of the floating debt the Municipality would have
time to realize her ample meet all Just de-
| mands. As TO her ability to meet all engagements
| your Committee presume there is not question
| With her batture, soon to be made available
| and assessment roll of at least $40 000 0OO no
| tba nc
ample guarantees to its creditors for the payment Of
its debts. Under the beneficial results of the law
passed by our last Legislature, relative to the bat
ture, our Municipality will be able in very short
time to liquidate, upon just terms, all her oblga-
! tions past due, and as fast as they may mature
| and your Committee see no objection to fund such
liabilities may be offered under the law of lS47,
and which, by its stringent provisions, secures to
the bondholder the of the Municipality for
the creation of Sinking Fund sufficient to redeem
said bonds at notwithstanding it unlawful for the
Council to proceed to any business until such d 70.
vision be made. The law previously referred to-
approprating one-third of the net proceeds of the
sale of batture to the liquidation of that amount o
old city debt, and the balance to be divided be.
tween the Second Municipality and the parties tc
the original compact of 1920, as NAV be mutually
agreed upon, we hope, and have every reason to
believe, will soon be made available, and the large
increase of taxable property thus added to our as
sessment roll, together with S03O,000, the est
mated amount of the Municipaitys proportion o.
SALE will not only release the treasury of the
Municipality from Its present embarrassments, bu
will place sufficiency in its Golfers to meet many
necessary and pressing Improvements now called
for by the increasing commerce of the Municipal
ity. In the meantime your Committee would re
spectfully recommend to the Council the strictes
economy in its appropriations, and thus show tn
world determination to place the Municpalit,
upon basis worthy of an upright and honest com
munity.
Your Committee hope and believe that the sal
of batture alone referred to, will enable the Mum
pality to liqudate by the close of the year all he
obligations now due, and which may become du
during the year, but should any cause prevent
result so much to be desired, they have only to ad
that they will deem it their duty at a proper time
to recommend to your honorable body such actio
as your Committee may deem indispensable to pro
tect the good faith of the Municipality.
Alo which is respectfully submitted,
GEORGE -. LAwRAsON,
Henry RENsHAw,
| G. ID. YANCEY.
| CAD -
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