The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1851-01-06
The Suit against the Municipality.


From the declarations with which the Delta
opened it's leader of yesterday. we were led to
pect that whatever might be the errors Of its rea
soning, and however false might be its conclusions,
that at least there would be expressions or ar
gumenfs used which would be calculated to mis-
lead the public as to the facts; we had read
but small portion of the article before this impress
sion was destroyed. In reference to the suit re-
Gently instituted by the State Bank of Louisiana
Us. the Municipality, the Delta says, we shall
not stop to inquire whether the particular oblga-
tons sued on, formed portion of those transferred
from the City Bank, and which were purchased by
the latter institution at eighty cents on the dollar"
Aud aftes this remark it goes to argue that for
various reasons, the Attorney of the Municipality
should contest the claim. 1t can scarcely be sup
posed that the Delta was ignorant Of the subject
on which it was writing, as not to know that it
was impossible for suit to be instituted on the bonds
sold to the City Bank at eighty cents on the dollar
for as yet these bonds not due and, of course
the Municipality is not in default.
If its zeal to lay correct information before he
public had not been SO great, it was easy for the
Delta 10 have ascertained The exact character of
the obligations on which this suit is brought. Had
this been done it would have found that this suit
is brought upon notes maturing at different and
short intervals. And upon farther inquiry, it
would have ascertained that these notes had been
given for interest paid in New York, by the City
Bank and for cash advances made to the Treas
uTy. This information was as accessible to the
Delta as to us, and we leave it to them 10 reconcile
their declarations with their neglect TO obtain it.
The known intelligence of the editors of the Delta
forbds the snpposition that they did not know this
suit was not founded upon the obligations sold to
the City Bank at so cents on the dollar. The whole
tenor Of their article is to make false issue, and
thus lead their readers to an incorrect conclusion
Much of the Delta's article is taken up with re-
marks on the sale of the bonds of the Municipality
to the City Bank at so cents on the dollar, and it
says that the Municipality has been "diddled' out
of large amount through the contracts which
Mr.. Peters, Municipal Financer made with Mr.
Peters, Bank President" Now it would be pre-
Stunning too much on the ignorance Of the Delta to
suppose it was not acquainted with the facts con-
nected with the sale Of the bonds to the City Bank
at so cents on the dollar. Does not the Delta know
that James H. Caldwell, Esq, was chairman Of the
committee that made the sale of these bonds If
the facts connected with the sale of these bonds are
not fresh in the memory of the Delta, we advise it
to consult the records Of the Council for otherwise
it might fall upon its friends instead of the devoted
head Of Mr.. Peters.
The Delta is equally unfortunate in its reference
to the sale of the Municipal assets in 1S47. This
is the first instance we have seen, in which any
blame has been laid to Mr. Peters for the disastrous
transactions of that year. Has the Delta forgotten
that large majority of the Council was opposed to
Mr.. Peters, and does not the Delta recoect tina.
Mr.. M. M. Reynolds was during that year chair
man Of the Finance Committee. The political
friends of the Delta will not thank it for this refer
ence to the transactions of that memorable year.
In its article, the memory of the Delta seems singu-
larry at fault; and when it intends again to be very
cautious in its statements we advise it to refresh
its memory by reference to the record. 1t is very
dangerous to write about statutes or statistics,
without having the documents at hand.