New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1852-03-22
For the Crescent.
Let the Truth be SpokeuI

II charged with being Spectator. am told that
my motives selfish but gentlemen tell you that am
city. [Applause The only interest have is this In
1S45 loaned $4,000 to the Second Municipality to be
paid in 1886 per cent interest 1t not paid
in 1876 Now in 1852 not cent of either principal
interest has been paid 1t with regret feel compelled
say this much but say with truth that this is the
any gentleman in this house have those bonds at
five per cent discount Deafening cheers for several
secondsl" [Mr. Robb's speech-,fde True Delta.
The 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 simple statement Of facts, Gas a
history of the &c bonds referred toy which we
propose now to submit to candid public In
1916, 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 a
bonus Of either one and one-half or two per
cent. In 1916, democratic administration,
singularly disastrous in its character, as our
citizens will long Ito their cost remember, held
sway among us. 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
Municipalty-Mr Robbs bonds went to protest
Mr.. Robb, finding that he could not collect his
money, brought suit for the amount and inter-
est, Tin the Fifth District Court of NewOrleans,)
say for $162,29S 81, and judgement was rem
dered for this amount on the Sd day of Noyem-
Der, 1916, At Mr.. ADMINISTRATION, execution
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- 1nasse
from the Council in 1S47 Notes of James H.
Caldwell, to the amount of $4,000 or SOS, 900
sold for $4,000, and notes of other citizens-aW
secured by bond and mortgage upon paluable
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 1847, a unanimous wing Council
succeeded the democrats On the 18th January,
1S47, (in order to relieve the Municipality of
further sacrifice of its property,) saml j.
Peters, a member of the Council, and of the
Finance Committee, through his influence, nego-
tiated a transfer of the balance of Mr. Robb's
judgement to the City Bank, as collateral secur-
ity, upon which Mr.. Robb received loan of
$4,000. Matters remained in this position 1--WE
believe) until October or November of 1S49
| when Mr.. Robb paid the City Bank the loan,
relieved his judgement, and demanded payment
thereof from the Second Municipality Soon
after, settlement was effected by the payment
of over one-half of the amount, together with
all the interest (and that at an advanced rate
and Mr.. Robb received for the balance forty
| bonds of $1,000 each, bearing date Feb. /,
1850, and having three years to run, with per
cent. interest, payable semi annually. The in
terest has all been settled, and the bonds fall
due Feb. l, 1858,
Comment is unnecessary. FIGURES.