New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-05-31

MUAlAA AAN \ AAAAAHAA ~ A4AN -
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Cry FIEANcEs.-Employes and Off
The city, as well as contractors and
With whom the city has current
Y ysl transactions, are compelled to sub
heavy discount on their claims in
10 realize without ruinous delay.
Gre several reasons for this, among
1 hese
] The city charter limits the indebt-
i Il Of the city to twelve millions of dol
: aough by some unexplained process
/ been increased by preceding admins
4 DDS to more than fourteen millions.
1nd. Legislative acts prohibit the
\ r issue Of bonds or obligations by the
Otherwise Eve millions Of dollars might
1 srowed at a moderate rate of interest,
: rooeeds of which loan would extin.
the floating liabilities in the shape of
currency, and leave margin with
I 70 pay a portion at least of the cur
/ Indebtedness.
fd The outstanding city notes are IN
rssely amply sufficient to supply the
Of those who require funds for pay.
into the city treasury Of taxes, licenses,
dues, or other revenues, and so long
city currency can be bought at dis.
not dollar Of legal tender currency
] bepaid into the treasury.
1rth. The taxes for the years 1861,
1888, 1884, and 1855, suspended by
\ lsiye enactment until 1870, can not be
sied except by authority of the Com
fling General, though a committee was
inted in accordance with resolution
duced by Alderman Dunn, another
nittee in accordance with resolution
duced by Alderman Joubert, and a
in accordance with a resolution in
heed by Alderman Sullivan to wait
the Commanding General and request
70 order the collection of these taxes,
D committees have thus far failed to
Hs any good result.
y city is prohibited. from borrowing
b BY the sale of bonds or other obi
shs It can not collect the suspended
Brokers have deprecated the city
t5 to such an extent that it is no longer
bent, none Of the city revenues are paid
Tsenbacks or legal tender currency, and
y d nothing to do but to await favor
seton from the State Legislature
reyer it may assemble, authorizing the
Of interest-bearing obligations, or the
pbstion Of loan sufficient in amount
g the current city expenditures in ma
iG curreney.
he process Of reducing the floating in
edness of the city by an excess of re
Nc over expenditures is too slow to be
aable to the present city employees, off
sud contractors. And since everybody
W in paying nothing but city money
he treasury, there can be no improve
tin the finances until the prohibition
ast q loan Is removed.
Ae certificates of indebtedness, BEARING
Y per cent interest, to pay current ex
atures Of the city, win be ready for issu'
us the fifteenth of June. 1t remains t.
dsiermined whether these certificate
sell at par or at sdepreciatiOn quit
y 10 the depreciation on city money
PRESENT city administration is powerles
iHg attempt which it has made or ma,
" y improve the city finances, for tn
'lns we have enumerated. The bulk o
~ money is in the hands of broker
eculators, nom whom taxpayers an
purchase Il at 3 discount that enable
% get a reduction of thirty or fort
sent on their payments into the cit.
ny, the receipts into which now ay
s6out ten Thousand dollars day
revenues were to be paid in lega
currency AZ par instead of city none.
discount the city finances would sool
Y right, to the perfect satisfac ton {
,smen, school teachers, laborers in tn
Isycr's, Street Commissioners, and othe
lfiments, and to the city officers, all {
an lose mi ratio corresponding to th
Of those who pay the revenues Of u
ilaad Of uniting in the crusade Again.
riy authorities because they do nc
oge the city finances when they CO
bit. the reputation and credit Of Il
Vould be greatly improved II these crS
and their friends would pay into u
rsasuEy the same kind Of money the
NJ n their ordinary business transai
ne mefchantor dealer takes nothin
zsehbaeks. YET when he pays b
ne be buys city money at discouE
ysa sboutforty per cent, which som
TIE street railroad comR
lscllne 70 take city money, yet The
4 to make their monthly paYmen
he tressutJ. The Landlord demant
mt in gresnbaeks, yet be buys eli
NY 70 pay his taxes with. n
ls Of ihs markets refuse eli
yet they buy e to pay their inata
N lor TIE payment Of market reveau
~ city. oWnsrs and agents Of Etea
~, Steamship, ana ealing vessels iaaI
paying levoe ana wharfage dues ID q
aay, though their freight and passage