New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-09-05

:
The bill recently passed by the Legisla-
ture, to authorize the city authorities to
borrow one million of dollars, will prove
most timely act of relief to thousands who
depend upon city credit for their daily
bread. 1t is not the time now to discuss
the origin of our financial difficulties, nor
to point out the parties most blameworthy
| for the excessive depreciation Of municipal
promises to pay. This will be in order for
consideration on the eve of political cam
paigu, when the people are about to choose
new officers. At present it is the duty Of
every citizen, whether old or new, rich or
poor, black or white, to do everything in his
power to relieve our city finances from
the present low condition into which they
have been plunged. To this end, the
Legislature has granted to the Common
Council the needful authority, al 4 we ave
sufficient confidence in the latter to believe
that they will use it with discretion.
1t Is admitted by all that the actual debt
of this city is comparatively light, and that
the people can and will pay it to the last
dollar. The present depression in com
mercial and financial affairs can not, in TIE
very nature of things, survive the present
dull season." Already the receipts of
cotton are more liberal than even the more
hopeful anticipated, while the crops of grain
potatoes, etc, are unprecedently large. One
season of average activity will put new
face on all our affairs. The merchant will
first feel the influence of returning profit,
and from him it will be communicated to
all classes. Real estate will appreciate in
value. Rents will in consequence advance,
and what is greatly to the purpose, be
promptly paid. The mechanic arts will
receive new life, confidence be restored,
and feeling of hope and cheerfulness sue
coed the anxieties of years.
The bonds OF the city of New Orleans,
at eight per cent interest, will afford means
for investment of the most desirable de
scription, and at that rate ought to sell for
some figure near par and at ten
per cent. the maximum allowed by the
bill, should readily sell at premium in
auy money market in the Union.
Already we note a decided improve
ment in city notes. Since the lowest point
was reached they have appreciated more
than ten per cent, and by the time the
bonds authorized by the law are placed on
the market, they will be nearer to par than
they have been for year. Taxpayers
will do well to secure enough even at
present rates to pay their dues, for the
time is at hand when they will no longer
be able to save thirty.ive or forty dollars
on a hundred by buying city money
The brokers will, of course, make a
rood profit on their ventures But they
Deserve some success. Without their aid
ity notes would have BEEN for the past
lalf year, so much waste paper And al
hough they have enjoyed the monopoly of
he business. and placed their own price
lpon municipal promises % pay, the rates
ave ruled SO satisfactorily to holders that
hey exchanged them for greenbacks With
he eagerness and alacrity Of men who
bought they were giving thing of no
alue for something substantial. The
rokers, then, have been apublic necessity,
nd even blessing to hundreds of city 7
mployes who had no means of obtaining !
loney for daily expenses, except through /
lem. A grateful community will not a
lerefore, complain when it is known that 7
icy are about to reap the benefits Of their
lterprise. >
And as all parties recognize the neces- e
ty for some means of relief to the treasury .
I'd no question of the authority for the a
an can be raised, we shall hope to hear =
at money can be raised on favorable n
rms. 1t is the first streak of dawn after
ng night, and we hail it with gladness. Il