The south-western. [volume] (Shreveport, La.) 1852-1870, 1867-10-23
The Shreveport Currency Question.

The Shreveport Currency Question.
To the Editor Of the South-Western:
Sri must beg again the indulgence Of your col
umns to reply the several articles Of the last Gazette
on the subject of the city currency promise that
shall not be betrayed into newspaper controversy,
and that this shall be my last communication the
subject.
The editor Of the Gazette seems to be totally ignor-
ant of the position maintained in my former article.
In his long leader devoted the subject he has not
limited at tile real issue. attacked the position
of those who claimed that city notes ought to De
repudiated, because the Board of Trustees were
irresponsible and their acts invalid in law" The ia
zette in former issue attached due Importance to
that position and remarked further that our merchants
could not be blamed for refusing the money when the
CITY reckless in extravaganza as to nave ten
policemen instead Of three. Ny former article shows
that the present Board is not responsible for the money
in circulation, and that people will refuse to take
any aec issue then the only assigned for their
action BY the merchants who prepared the first card
falls to the ground, and the results apprehended by
" Merchant" in his article, cannot occur.
The editor of the Gazette has not attempted to sup
port the urged by the repudiating merchants
for their action but lie has attacked my statement of
the resources of the cty-a statement that was only
incident to my argument He says: there are many
garing msstatements and udicrous inaccuracies, only
few of which will correct" He then proceeds to
point out the only mistake made, and that was in the
eStnlate OF Indebtedness, WHICH appears W Soo,
227 So instead of S35 900, stated by me upon the
information of the former Controller Now this dis
crepancy is immateria, and does not at all diminish
the force of my POSITION and though the Doctor has
made himself the champion Of the attack on our cltys
credit and has attempted, by bold show Of figures,
to prove city bankrupt will show that his own
figures most unfortunate for him. and Tor all who
attack either our money or our credit.
He makes the total receipts for the present year
SCI, 361 II, while the entire Indebtedness, including
circulation certificates and bonds due in five and ten
years, amounts to only s58,227 IS.
Make this statement to any capitalist in the world
or to any acquainted with finance, that our an
nua income exceeds by 10000 our entire indebted
ness including every nature of obligation, and he will
unhestatlnglY tell you that such corporation is as
solvent as the Bank Of England. New York, New
Orleans Memphis could pay their debt in twenty
years. and yet, by the Doctors figures, we can COM
mand ours in one. The city of Memphis, long before
she had acquired the commercial importance that we
now enjoy had debt of over 100000; but she was
not cursed with such contracted views as prevail here
and in consequence she now ranks proudly among the
first of the cities of America. Her merchants bought
her bonds developed her resources and her newspa-
pers sustained her credit and she has rcaped the gold
fruits which enterprise to-day holds up to Us, if we
do duty
Let us, above all things, sustain the credit of our
city, 1t were far better for to suffer the rule OF
those who are forced upon u.s. to have them squan
DER our money ny " lo5e tue Citult
which may be worth millions to US. When ma
tional affairs shall have acquired some stability, when
capital shall have become less tmid, and when we
shall have walked up from our present ethargy, rail-
roads will be started to the west and to the east to
bring to the trade which rival cities counting.
Then must be able to put our bonds on the market
and realise hundreds of thousands Of dollars must
have credit to draw the boarded gold from the pru
dent banker and the accumulated gains of the wealthy
capitalist; but this never do while our leading
Journals write articles headed " our bankrupt city"
while our prominent merchants refuse to receive
rencv put in circulation for city improvements in the
place of selling bonds to foreign capitalists at uinous
discount :,
One word more in regard to the money, which
Merchant" in his article, calls worthless trash. The
real estate yet due the city for 1866 and 1857
amounts according to the Gazettes figures, to s32,
9lS SO. The total amount of change notes in circu
lation to 1872 747 So. There is then enough of this
tax to take up all of the circulation. Again, the IL
censes which will be due in January amount to over
S16 OOO making the income for the city for the next
four months, from two sources only, far more than
sufficient to consume all of the city money. Other
sources of revenue will considerably augment the
above sums, and the wharf is being built by parties
who owe the city. " Merchant" will ere long, be
seeking this worhless trash" to pay his taxes and his
licenses and the editor of the Gazette will cease
to complain OF sustaining loss by taking this money
from parties who in arrears to the office" Il
would like to know how much of it he has ever sold
at discount)
My articles have been written with view to sustain
the credit Of our city, and to protect the many poor
and laboring people among whom the city money has
been mainly distributed; for the Inconvenience suf-
fered by those rich merchants in consequence of this
money is as nothing compared to the distress that
would ensuc the poor from its destruction. Those
prominent merchants who have pledged their faith to
repudate this currency and the editor Of the Gazette
who is counting their influence will soon appreciate
The injury they have done to the community and to
themselves by their mistaken policy, and other cities
will laugh at attempt at self destruction.
PERMANENT CITIZEN