New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-03-13
REPORTS or STANDING COMMITTEES.

The report of the Finance Committee.
and accompanying resolutions, were then
taken up.
After discussion, Mr.. Sullivan offered the
following substitute;
An ordinance to provide for the retiring
and payment of the obligations of the city
Of New Orleans, known as the lefty cur
WaEREAs, The obligations of the city of
New Orleans known as the "city notes or
currency have been issued under the pres
sure of the late national troubles, and now
that the necessity for their further issue no
longer exists, it is expedient to retire such
currency and to make secure provision for
its payment; therefore, be 1t
RESOLVED, /. That the city of New Orleans
shall issue three millions of dollars (3,eOO,'
OOO) of bonds payable in twenty (20) years
in gold, to bear interest at the rate OF six l6)
per cent per annum, payable scmi-annually,
also in gold. Said bonds shall be issued by
the MAYOR and shall be cOuntersigned by
| the Treasurer and Controller; shall be Of
| the denomination of one thousand, hve
hundred, and one hundred dollars, and
shall be made payable in New York and
| New Orleans.
2. That said bonds shall be used in ex-
change for said city notes or currency at
par, and all persons desiring SO to exchange
| may deposit with the City Treasurer within
thirty days after the passage Of this act,
such sums as they may desire 50 to ex.
change, and the City Treasurer shall give
| his receipt therefor, agreeing therein to
| furnish depositor with bonds therefor SO
l soon as the same shall be issued. And in
/ the event that all of said bonds shall not be
| taken at the expiration of said thirty days,
| then it shall be lawful, and 1t shall De the
| duty Of the Finance Committee to dispose
| of the remaining portion of said bonds and
| with the proceeds thereof take up the
/ balance of said city notes or currency;
/ Provided, however, that none OF said ponds
shall be sold for less price than ninety
cents on the dollar.
paid out of any moneys in the city treas,
ury which may be unappropriated, and
secondly by the yearly assessment OF q
special tax upon all the property OF the city,
real and personal, and upon all incomes,
professions, and callings which are by law
| subject to taxation.
There shall be set apart and kept invested
fund which shall be called "A fund for the
pavment of the city bonds of 1861 which
fund shall be raised as follows: First, All
MONEYS remaining in the city treasury at
the end of each fiscal year not nerelhDelore e
or otherwise appropriated are hereby SET
apart for this fund. Secondly, All moneys
which may arise from the sales OF city prop
| erty are also appropriated TO thls Iuno'
Thirdly, After the lapse OF hye (5) years
there shall be levied and collected upon the
property, incomes, professions anu casilitn lg
in said city by law taxable the sum OF TWO
hundred thousand dollars (S20O OO0l each
and every year until said fund shall, with
the prospective interest upon the same, De
sufficient to pay all of said bonds at theiI
maturity; provided, however, that II snail
be lawful for the city, OF New Vt
! leans to raise the said annual sun
Of two hundred thousand dollar'
$500, OOO) in any other way than that here
: inhefore provided; and provided, also, tina
! the city may, with the two hundred thou
) sand dollars (S20O,O00l annually to d.
I raised, and such other sums as may Ho4tl
time to time constitute the said fund. with
draw and pay any portion Of said bonds
but only after proper public advertisement
l ard the bonds OF those holders only Wh
shall offer to receive payment on the loves
! terms. ~
! 5. The said notes or currency shall, a
! soon as they shall be paid and come INT
I the possession of the city, be destroyed b
! burning in the presence Of the Mayor, Treai
t urer Controller, and Chairmen OF the Con
9 mittees of Finance and Streets and Land
q ings, who shall make written monthly re
, port,to the Boards Of. Aldermen and Asslstal
!, Aldermen, specifying the amount destroyed
7 the denominatioa and number Of the noteI
y and the date Of their issue.
e 6, All of the plates from which the sal
d notes or currency have been printed sha
t be destroyed in the presence OF the ofncel
I named In the preceding section, VINO sna
: certify the destruction Of the same IN u
= same manner as provided in the case
: currency.
Pending the consideration of which, M
4 sauvinet offered the following also as a SUI
8 stitute, which on being put to the vote WI
8 lost: ......
WHERRAs, The city currency is at II
present moment suffering without any Ju
Z or good reason heavy discount; and
i. Whereas, A very large amount OF tax
q due the city can not be collected, owing 70 8
y act of the late legislature,
= Resolued That the Board of Assistal
:. Aldermen in conjunction with the Board
= Aldermen appoint two members OF eaG
. Board, whose duty It shall pc 70 eau on y
= major general commanding, and ask him
!. issue an order for the collection of the sa
y back taxes as the best means to extrica
y the city from its present financial emo'
v rassment.
4 The yeas and nays were called on the q
dinance offered as substitute by Mr.. Sui
e. van, which was put to the vote with the ft
e lowing result:
4. Yeas; Messrs. Perkins, Davies, Flood, al
Of Sullivan-4.
n Nays: Meszrs. Hepp, sterry, sampso
Mary, Thezan, Dunn, Straight, sauvin'
ca and Joubert-Lost.
ne The previous question was then Gale
q and the following report Of the Finan
y Committee and resolutions accompany
q. them taken up. The report was receive
9, and the resolutions adopted on their sever
readings, after suspension Of the rules,
II ~. 81