New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1852-01-12
Condition Of New Orleans.

1
consideration of the questions connected Win
our city reforms.
In nv previous communications have en-
deavored to present correct information 10 your
readers so that they themselves should Judge II
the deducts which should draw were warranted
by the data before them. My sole and only OBJ
iect being to contribute my mite, small as 1t
might be, towards pertecting such system OF
government as would promote the prosperity
and happiness of the city. am not so vain as
to suppose that any plan which might suggest,
would possess superior advantages over all
others: but it may be that in the facts which |
present and the deductions which l draw. there
may be found some idea worthy Of incorpora-
ton in our system of reformation.
The preceding articles will have shown that
there is no portion of our indebtedness on which
so much discredit rests as the old city debt. As
this debt is an obligation of the whole city, it
may seem strange to casual observer that
such is the case; but an examination OF the
manner in which provision is made for its pay
ment, will show that this want of punctuality
springs, not from inability on the part of the
city to meet its engagements, but from defect
'ehA>.
making proper application of them.
In the division of the city it was provided that
each Municipality should contribute, upon the re-
QUESTION of the General Council, its quota to-
ward the payment of the interest and the iqui-
dation of the old corporation debt, From
want of punctuality on the part of the Munich
palities in responding to this requisition, a sys-
TEN soon grew up of giving twelve months drafts
on the respectves Municipalities for the accrued
interest The practical result of such system
was to force the bond-holder, when his interest
| became due, to receive in lieu of the cash to
which he was entitled in law and equity,
| twelve month draft; which draft was paid or
not, as circumstances would dictate 1t was in
vain that the injustice and hardship of such a
system were pointed out--no practical remedy
| could be found, And why was it so? Not be-
| cause the means of remedying it were not at
| tainable--not because the city was insolvent.
| No but because there was no authority that
could be held responsible to public opinion for
this neglect to meet the just obligations of the
city The Mayor, in drawing his warrant on
the several municipalities, had done all that
was required at his hands--he had no farther
authority over the matter AS this was not a
debt contracted by the present Municipal
Councils, and as its adjustment had to pass
through the Mayors hands, they protested
| to know but little about it, and thus in
the divided responsibility between the Mayor
and the Councils, the just obligations of the
city were dsregarded and the bond-holdel
was compelled to accept of almost any terms
Ebo+, tar,1nrn1 him IT is n he m
dered that under such a system the fair name
Of the city should be lost, and its credit pros
trated. To insure punctuality and promptness
i'll any of the relations Of life it is absolutely
necessary that there should be perfect respon-
sblity. Establish this, and let men know that
the fruits of their acts will be as apparent as
the sunshine of Heaven, and you secure efficiency
and promptness; let responsibility be divided
between corporations or individuals, and neglect
of duty and inetfciency is the consequence. Ii
these are truths, apply them to our present po-
siton, and they teach US to consolidate the re-
sponsibility-to establish system of govern
ment in which those having in charge the ricl
| level the credit of the city, can be held ac
countable to the public for any neglect in pro
perly guarding this treasure. Presenting tina
the experience of the past, and the observation
of the day, have shown the necessity Of th
change, it becomes question Of much interes
to inquire upon what basis this debt can b.
placed, so as to do justice to all parties.
Having in view this general principle Of equ
ty, that those who have spent the money an(
, been the recipients of its benefits, should b.
held accountable for its return, have i'll a pre-
olo +I,a Il oh
the several Municipalities, so that the true in
debtedness of each Municipality could be ascer
tanned IT, then, in the new order of things
these principles be applied to this Indebtedness
! the following plan of adjustment, from its equ
ty and simplicity, would seem to commend itself
l Consolidate the whole debt, so that there shall
be but one species of obligations, and that to b
represented by the bonds of the city of NewOr
] leans The holder of such an obligation, bein
aware that the resources of a large commercis
city are his security, will feel confidence in tn
solvency of his claim, and having the intcgrt
of a whole people directly pledged, he will nc
$ fear its punctuality. A debt thus consolidate
will present all the guarantees that the city an
: people can give Of its solvency and its punctr
t atty. Let then, in the new Charter that sha
be formed, authority be given to issue the bono
of the city at from 30 to 80 years, for the pun
pose of taking up the present Indebtedness, an
c let such regulations be of enacted for providin
for the payment of the interest and the ultima
: redemption of these bonds as will remove a
Q doubt us to promptness and solyency. Over
If funded debt there must not rest doubt ms
st the prompt payment of the interest The cap
talst wants not his principal; he only wan
y the earnings of that principal if in this he
y disappointed, common prudence demands TIL
!" he should change his investment The most al
N pie provision should therefore be incorporate
in the Charter to secure this end. Should t
several characters of the present debt be TIL
~ consolidated, the next inquiry is, what are Il
y isourccs from which the means to meet this de
VS. should be properly drawn
in Real estate, from the permanency of its CHI
W racter, must necessarily be much the larg
70 recipient of any advantages that flow from e
or pendtures, and should therefore, in justice be
nd the burthen of these expenditures. From t
real estate of each Municipality, there shou
HE he drawn the means of meeting the obligatio
ct of that Municipality. This is in accordan
L ~ II : ~