New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1852-03-20
For the Crescent.
Let the Truth be Spoken!

my motives are selfish but gentlemen tell you that am
in shape concerned i'll the bonds of this
city TAppausel Tho only interest have is this In
1915 loaned $4,000 to the Second Municipality be
paid in 1916 at seven per cent interest 1t not paid
in 1876 Now in 1852 cent of either principal
interest has been paid 1t is with regret feel compelled
to say this much but say with truth that this is the
only interest have in the finances of NewOreans and
any gentleman in this house have those bonds at
five per cent discount Deafenng cheers for several
secondsl" [Mr, Robbs speech-siae True Delta.
| The above extract, from Mr. Robb's speech,
| (as 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, (as
history of the :" bonds referred toy which we
propose now to submit to u candid public. In
| 1915, Mr.. James Robb loaned the Second NUM-
cipality SS150,000, for which he received the
notes of the Municipality at twelve months,
bearing seven per cent. interest, and also
b0nus Of either one and one-half or two per
cent. In 1916. o 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
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 Court of NewOrleans,)
say for isl62,29S 81, and judgement was rem
dered for this amount on the Sd day of Novem-
Der, 1876 At Mr.. Robb instgation, 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- masse
from the Council in 1S47 Notes of James H.
Caldwell, to the amount of $24, 900 or $2S, 200
sold for $4,000, and notes of other citizens-aH
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 1871, a unanimous whig Council
succeeded the democrats. On the 18th January,
1S47, lin order to relieve the Municipality of
further sacrifice of its property,) saml. ].
Peters, 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 q loan of
$685. 900. 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, a settlement was effected by the payment
of over one-half Of the amount, together with
all the interest (and that at an advanced rate, J
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.