New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-06-25


are known and made the sub eet Of applause
or reproaoh in foreign as well as domestic
localities l
War and pestilence have been melancholy.
retarders of the growth and prosperity OF
our city. But not alone to these evils
can be ascribed the present stagnation in
business and consequent lack OF progression.
Peculation, partisan legislation, and all the
ills that follow want of confidence in the
fidelity Of an administration, have had
blighting influence upon our credit at
home and abroad. Prominent, in fact
the most prominent evil which
atfilcts our CITY, is the deplorable condition
of our finances. A single year has suhiced
to bring about such depreciation of city
notes as was never contemplated BY our
citizens. These notes, once received As
readily as national currency by every one
engaged in trade, are now at such dis
count as to require wise and vigorous
action on the part of the new city govern
ment in order to retrieve our credit. De-
cried at first by an executive officer, rising
and falling in value according to the
caprice, interest, and design of spectators,
pubic confidence in city money was and Is
yet so impaired as to render it almost value
less for purposes of traffic. Unfortunately,
these fluctuations aud this destruction OF
confidence in the legal validity of the
issue affected the poor of the city,
and reduc4 d thousands to absolute want.
While the spectators were realizing large
gains from the work of enemies of city
currency, the poor who received it for labor
or service of any kind as the prevailing
local circulating medium were unable to
purchase the ordinary articles OF food with
out suffering such loss as brought starvation
toitheir heartstones.
Among the measures suggested for retir.
ing city notes is lottery scheme, with
which You are already familiar. However
well syrh q gchpDp might work in EurODA
it would, in my judgment, prove wholly
impracticable here. Thoughtful people re.
gard lotteries of every description as a
refined species of public gambling;
and this projected lottery instead
of Inspiring confidence would be
looked upon as discreditable to the city, in
effective in its results, and plan TO fill the
Golfers of tewmoneyed spectators. We are
| not in such inextricable difficulty as to fly
| to such extremes for relief. The good faith
of the city is pledged for the redemption of
every dollar Of its currency, and with its
| public property, its rentals, and tax re-
| sources, there can be no doubt that this
legal and moral responsibility will be fully
met at no distant day. This patent fact has
been overlooked by all save the shrewd,
whose interest it is to create panics, and
profit by them, no matter what amount of
suffering may result.
/ have faith in the speedy restoration of
public confidence. l believe that remedies
can be adopted which will reach and eff
| fectually cure our present financial disorder.
| And in this connection / respectfully sug.
| gest that financial commission, composed
of twelve of our best citizens and ablest
| financiers be appointed to consult with
your honorable body and the members of
the Board of Aldermen, with power to call
for books and papers, that means may be
| devised to extricate us from our present
| financial endorsements without delay. A
commission so created would feel a weight
of responsibility commensurate with the
expectations and necessities of the public,
and hence work with that vigor and single.
ness of purpose that would bring out
all the wisdom which long experience in the
financial world has taught them.
Every one familiar with the history of
Sir Robert Peel's administration knows
what the opinions and labOrs of single
astute fnancier can do for the public good
Samuel Jones Lloyd, the great London
banker, was on many occasions consulted
by the government in relation to the fnan-
cial embarrassments which threatened seri.
Gus consequences to the gigantic trade of
Great Britain. The Premier was indebted
to Mr. Loyd's sagaeity and experience for
the most important portions of the bank
charter act. For such eminent public serv.
ices he was created baron over Stone and
Fotheringay in the peerage of England. 1t
would be strange, indeed, if in our midst
some mind could not be found of sufficient
capacity and experience to suggest remedy
for our limited financial evils.
Other measures of importance might be
alluded to, but, in my judgment, the state
of our finances is the paramount and all
absorbing consideration at this time, and |,
therefore, bring the matter before you at
the first meeting of your honorable Board.
In conclusion, gentlemen, permit me to
congratulate you on assembling together at
this iuncture; and be assured it will afford
me unfeigned pleasure to cooperate with
you in all measures calculated to promote
the public good.
Very respectfully. -.-.
Mayor.
Mr.. Breen offered the following resolu
tlon, which was adopted:
Resolved, That the Board of Aldermen be
and they are hereby invited to meet the
Board of Assistant Aldermen in joint session
on Tuesday next, thirtieth instant, for the
purpose of electing Directors Of the Public
Schools.
Mr.. Goldthwaite announced the following
members as composing the Finance Com
mittee: Messrs, Kearny, Wynne, and Breen,
Mr.. Gerald Farrell announced Messrs.
Walker, sturcken, and Pandelly as members
| OF the Nommlttee On Strects anu 4aholhBS
The chairmen Of the other standing com
mittees asked further time to complete their
committees.
Granted.
On motion of Mr.. Sturcken a leave Of
absence Of four weeks was granted him.
On motion the Board adjourned until
Tuesday next at O'Clock P. NJ.
ALFRED BOURGES,
Secretary.