New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1852-08-09
OFFICIAL JOURNAL
| OF THE CONSOLIDATED CITY OF NEW ORLEANS.
MONDAY MORNING., AUGUST 9, 1852.
THE CITY BO.NDS.

situations against the Commissioners who were
in NewYork to negotiate the City Bonds, These
| insinuations against two gentlemen who desery.
eddy rank among the first Of our citizens, for in
telligence and purity Of character, ;,ere so nh.
surd, showing that the writer VAS entirely ;ono.
rant of the subject, Or was actuated by The
bnser motives that too often rankle in the hui
man bosom, as not 10 require any notice. bu
as ths Delts Of yesterday, in its leading article
mas virtually endorsed the declarations of i'll
correspondent, it is but justice to two gentlemen
VINO nave not as yet returned from q mission
which they have fulfilled so much the interes
OF the city, to say, that the insinuations of TIN
correspondent of the Delta are ut variance witt
the known character of those gentlemen, ant
entirely different from the accounts received
from other sources. 1t is absurd to suppose
that gentlemen, of the known intelligence O
Messrs. Converse and Place, would have uset
any such expressions as are imputed to them
The smallest amount of common sense would
forbid such an assumption, and the Deltas cor
respondent must have supposed this community
remarkably eredulous if it could believe those
gentlemen guilty Of such consummate folly e
That great and powerful efforts were made,
both here and abroad, to depreciate the value of
these Bonds is not to be questioned, whether it
was done for the purpose of throwing discredit
on the parties interested in the result of the me-
gotiation, or for the baser purposes of specula-
ton, is left for an intelligent, community to
determine. But isit known that bets were made
by prominent gentlemen, that the Bonds would
be negotiated at a rate considerably below par
that it was publicly proclaimed that there
was no hope for New Orleans whileit was under
the control Of the present party in power, and
the fact that New Orleans had not punctually
met Its engagements, was jeeringly pointed at
to show how absurd it was to suppose that for
eign capitalists would be induced to look favor
ably on these bonds. These remarks were
repeated at the street corners and found an echo
in Wall street. If the Delta will enquire, it
may, perhaps, find among it's friends some who
were most active in giving expression to such
sentiments -
Whether the Commissioners have accomplished
all that was possible, is matter of speculation
but that they exceeded public expectation is
fully illustrated by the rejoicing that pervaded
all classes through every part of the city, on
The day the sale Of the bonds was known. Then
there was but one general expression of joy and
qualification at the restoration of the credit of
the city When the Commissioners entered
upon the discharge Of their duties, the credit of
tile city was Frustrated and its obligations at
discount of from 10 to % per cent Now its
credit has a high and fixed value, both ut home
and abroad, and its obligations are punctually
paid. Such is the contrast, and it is for an in
'elligent community to determine whether it is
he result of accident or the legitimate fruits of
he energy and wisdom of the course pursued by
he Commissioners. ~ .t
1t would perhaps have been wiser and better
the Delta and its correspondent had been sat
SIZED with laudation of Mr.. Robb, withoutindul-
ing in insinuations againt two gentlemen whose
urity Of life, and whose intelligence, will not |
uiter in a comparison with Mr., Robb, or any /
me else. 1t might have been wiser to have sslet 1
y cones be by Cones and, since the satsfacto-
y result of this negotiation and the glorious l
'ote on the Rail-road tax have opened bright |
r day to NewOrleans, to have permitted all par
les to have united in endeavoring to work out
he great destiny of our city. Satisfied that the l
egotiation hes been the opening of q new era
Or the city, the Delta and its friends are the 1
asst who should have sought an enquiry into
Tho have been the most active and influential in
pposing the course of the Commissioners The
'elta cannot be ignorant that the Commission
rs were urged and advised to issue only $780,
w at time, and that sum on bonds having
OF more than ten years torun and bearing in l
crest at eight per cent per annum, and told L
and that by the employment of personal inau-
nce) 1T was thought such q series of bonds
ould be sold for par-and when the Commits
toner's replied that there was $s2 900 900 DINA.
ured debt, and that it would be suicidal to nav
UGH rate of interest or to borrow less than
you'd be sufficient to meet the wants of the CITY,
i, doubt was expressed if such an amount of
'onds on such terms could he negotiated at all.
IND previous to the negotiation it wasa common
harge made on the street corners, against the
commissioners, that they had disregarded this
dNce and We're pursuing that course pointed |
ut by their own judgment 1t may be that
here are individuals who possess omagic wanGs.
nat can bring golden thoughts to the brain of !
n Editor, but whatever of praise or censure at
lches to this negotiation belongs to the Com
issioners The whole and entire plan of nego-
alton was arranged and adjusted during the
bsence of Mr.. Robb, and that plan has been
rried out with fixed and steady purpose
ave the Commissioners, and few of their
lends, none INDUCED the hope, much less the
Spectation, that the bonds would reach Il par
ate--and some the Commissioners were called
for so confidently expressing the
elief that the bonds would bring par. This ex-
ectatlon of the Commissioners has been reali-
ed, and the fair name of one of them, at least,
attempted to be darkened, to minister to the
pleen or vanity Of others.
The Delta pours out its &c honest Iaso indie.
alton against what it calls Ground Robin y
id, and bases its insnuation against Mr.. Con.
srse, upon the fact that his partner in New
ork had some interest in this bid. We under.
and a '' Round Robin bid to be where several
irties unite to bid for specified amount at y |
ied price; and if so, cannot see why the Delta
bids such bid in so much indignation. But.
it so If Mr.. Converse is to be held to account
II the acts of his partner, then must Mr. Robb
held equally responsible for the acts of his
artner; and as the Delta seems to know 50
ell who were parties to the 60 Round Robin
i'd 1t cannot be ignorant that Mr. Hoge was
lso party toit 1t should have known that
II. nj. Morgan and W. A. Gasauet were also