New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1853-06-10
Commuuioa tedl
New Orleans Draining COMPANY.

The NewOrleans Draining Company Is truly public
institution and not body of private Spectators incor
porated for profit Its stock amounted, originally to
s53OoO of which sa50oo0 held by the city $4,000 by
the State and only $4,000 by private subscribers divided
among forty stockholders No dividend has ever been re-
ceved by the stockholders According to the amended
charter Of 1850 the company authorized to drain the
rear the city by sections and from the pro-
prietors Of the drained land than the amount
tuay spent by It, (of which strict account has been
kept with interest
The Draining Company has lately filed in the Third
District Court tableau Of assessment to which opposi
lions have made and it is for the court to decide
whether the amount claimed has been actually expended
iudiciously employed and properly assessed.
The great benefit of which the operations of the com
pany have been to the public is well known Such, how
ever the sesacrifcing and public spirited character
Of its charter that the company get back the
entire principal of its capital still less any profit But
the recovery OF portion Of its capital, is now re-
sisted by Legitimate means
Messrs Il. IL Durell and P. c. Wright, the agents Of
the New Orleans Navigation Company, have bought
large extent of property in the drained district formerly
belonging to the heirs of Chaon and to Nine de Pom
talba They bought it with the express condition in
serted in the Of sale that they to pay to the
Draining Company the amount assessed their proper
ty, by competent Court They now wish to be relieved
of this condition For this purpose they have called pub
lie meetings hsrangued them raised subscriptions the
which will be received by them for professional
services be rendered to other property holders and at
last they have procured petition to be laid before the
Council praying for relief against the exaction of the
Draining Company.
II these meetings and petitions could influence or arrest
the decision the Court before which this matter is
pending procure the interference of the Council the
result would be
l Messrs purel and Wright would have SO much less
~. ul,n,r -.
amount to between $4,000 to 100000 besides which
they were to pay the Draining Company.
II the assessment in favor OF the Draining Company
could be RENTED it would more just that the orsi
and vendors of the property should have the
benefit than the purchasers who expressly bound them
selves to pay it.
As seven.ninths of the amount to be recovered by
the Draining Company will 60 to the city-whch is the
holder of ninths of the stookand will have to
in 1856 s35OOOO for its bonds issued in 1885 favor
ths Draining Company-the City Council might, perhaps
direct the Draining Company to abandon its claim upon
the property to the extent of seventhnnhs But then
the question would arise whether the citizens at large
should be made to pay for the improvement Of certain IN
ddual property Let be remembered that the proper
y holders in the drained district have only pay for tbs
first and the Draining Works to be kept up By
the city without any special tax upon the drained lands
4. If the attempts Of Messrs Durel and Wright ant
Of those who with them should prove successful
incorporated Company would undertake the draining o
theemainng swamps in the of the city without tn
loss of its capital and the act of the Legislature Of TIL
30th April last published to-day in the Courier
entitled An act to Incorporate the New Orleans
jefferson Draining Company - would be dead letter
| The Company never would so into operation
8 And the city might then be under the imperous ne
cessity of accepting proposals similar to those made
the Council by Messrs Durel and Wright. the LIST
last March by which these gentlemen offered to under
take the draining tract of land in the of the pres
ent drained district at certain price per square yard
etc, etc. and to keep mp the draining system durin
twentyy years for annual compensation Of $4,000
| je00 Pusuc GxrEREsT