New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1852-03-19
Fer the Crescent,
Let the Truth be Spoken!

81 am charged with being speculator am told that
ny motives selfish but. gentlemen tell you that am
no manner shape concerned in the bonds of this
,ity. Applause The only interest have is this In
ls45 loaned $4,000 to the Second uniclpahty TO o.
paid 1916 at seven per cent interest 1t not paid
n 1916 Now in 1852 not cent OF either principal OF
interest has been paid 1t is with regret feel compelled
only interest have in the finances of NewOrleans and
any gentleman in this house have those bonds at
five per cent discount Deafening cheers 1or several
aThe above extract, from Mr.. Robb's speech,
Gas reported by the True Delta,) delivered in
the American Theatre on Tuesday evening, we
place at the head of this article, in order that
public attention may be directed to it, in con-
nection with a simple statement of facts, Gas
history of the &c bonds" referred toy which we
propose now to submit to candid public. In
1S45, Mr.. James Robb loaned the Second Num-
cipality $4,000, for which he received the
notes of the Municipality at twelve months,
bearing seven per cent. interest, and also
bonus of either one and one-haf or two per
cent In 1916. a democratic administration,
singularly disastrous in its character, as our
citizens will long Ito their cost remember, held
SWAY among u.s. Our credit was completely
crippled and paralyzed-all confidence was de-
stroyed, and our Municipal affairs never after
wards fully righted themselves. During this
disastrous period-with other obligations Of the
Municipality-Mr Robb's bonds went to protest.
Mr.. Robb, finding that he could not collect his
money, brought suit for the amount and inter
est, lin the Fifth District Courtof NewOrleans,)
say for $162,29S 81, and judgement was rem
dered for this amount on the Sd day of Novem-
l No., DnlLs e,p ufin ltiry,
was issued against the property and assets,
Sinking Fund, etc, of the Municipality, and
that terrible sacrifice Of property was made
the effect of which drove the democrats en- masse
from the Council in lS47 Notes of James H.
Caldwell, to the amount of S24 600 or SIS, 900
sold for S5000 and notes Of other citizens-aW
secured By bond and mortgage upon paluadie
property-were equally sacrificed. Who made
the purchases-who enriched themselves by this
shameful sacrifice, the writer does not know. In
this manner Mr. Robb satisfied about one-half OF
his debt In 1S47, a unanimous whig Council
succeeded the democrats. On the 18th January
1S47, lin order to relieve the Municipality of a
further sacrifice Of its property) Saml j
:. Peters, a member of the Council, and Of the
iiAS iiSeo-
f tiated transfer of the balance of Mr.. Robb's
judgement to the City Bank, as collateral secur.
ity, upon which Mr. Robb received loan o
1896 600 Matters remained in this position 1--WE
, belieye) until October or November of lS49
t when MIR Robb paid the City Bank the loan
relieved his judgement, and demanded paymen
thereof from the Second Municipality. Soo1
| after, settlement was effected by the paymen
e of over one-half of the amount, together will
r all the interest (and that at an advanced rate,
and Mr.. Robb received for the balance fort,
bonds of $1,000 each, bearing date Feb l
1850, and having three years to run, with pc
p cent interest, payable semi annually. The in
y terest has oil been settled and the bonds fal
y due Feb, l, 1858.
Comment is unnecessary. FIGURES.