The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-07-02

INTO this market appears to have fairly commenced In
addition to the several United States railway and loan
schemes already before the public, notice to-day
Issued from the office of the Commissioners of the Con-
sodated Debt Of New 0rieans that they DESTROYS
receiving proposals at New York for loan millions
Of dollars f400000 in 1000 bonds of ST. 900 each bear
Ing Elk per cent interest English readers ma7 perhaps
require reminding that it is only since February in the
present year that there has been any such Office for
The consolidated debit Of the city previous to that
period the three municipalities of New Orleans acted with
perfect independence Of each other each regulating the
Hsue Of its debt and meeting the accruing liabilities
- municipsties which Of course involved the conso
kdaton of the entire debt, formally brought to
No decision of the ballot and was rejected by the
citizens The authority under which the present loan Is
brought out act Of the Legislature of the State of
Lsusiana but intending subscribers will do well to look
narrowly to the nature the security offered the
money questions legislative and other bodies
81 the Southern and Western States of the Union have
occasionally exhibited singular disregard of the
sacred rights Of property and quarters
exists stpsng disposition amongst the taxpaynS commu
niy to cayil at the views of their representatives
cards their transactions Up to the present time
Me- debt Of the second municipality of the city of New
Orleans has amounted to S17o0 (f3i0ooO) in bonds
sS 81 GEO each interest which has been payable if de-
sixsd by the Messrs Barring The object of the present
appear to be the remodelng of the whole debt
~ the city and its consolidation upon new basis, rs it
II provided that the proceeds of the sale Of the said
bonds shall be Immediately applied to the payment of all
the matured obligations of the city OF New Orleans
and Of the late first second and third municipalities, and
q the city of Lafayette viz. bonds interest coupons
interest all coupons and debts overdue, notes.
ETY. treasurer Office It will be noticed that New
Orleans following the example of Pennsylvania in
raising new loan part Of which to provide for the
payment Of overdue interest the old debt As pro
Desas for loan for Pennsylvania being invited in
fhis market it may be well to draw attention to the
fsst that the State is also trying TO borrow $3.50 GOO more
in New York by Of issue of five per cent bonds
yeesmable in thirty This sum is stated to be
qured for the completion OF the North Branch Canal
and hence is Inferred that this loan is distinct from
that for five million dollars lately advertised the pro
eeeds Of which latter stated in the official notification
10 be applied TO the payment of the part due six
cent loans and to the cancement Of certificates OF defer
red interest and such Of the FIVE per cent bonds may
Do subject TO capcelmcnt by the State "
project tina. holds out much stronger temptation to
investors than any Of these American enterprises
IN market. The Madras Railway Company has just
been formed with u establish a line of railway
the Madras Presidency Half million sterling OF capital
proposed to be raised and the company have secured
ths important advantage Of guarantee of a cent
par annum the aforementioned amount, from the
East India Company.