New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-12-09
clly interested in the well-belng Of the

Ano whereas, o propOsit1on nas veSn uihue
70 me Finance Committee OF tn.s city oy
Mr.. Charles Monfose, of Paris, France, TO
negotiate q loan for four million dollar in
coin, at rate of interest not less than
six and six one hundredth per cent per an
mum, and net less than six ard q quarter
| per cent per annam (sinking fund iDcluded)
and for a term not exceeding fifty years.
And whereas, the said Finance Commit
tee, after having carefully examined the
proposition and devoted TO 1t such time, at
teDiion and scrutiny as its Importance de-
handed, have heartily and unhesitatpgly
approved of the scheme, as the most per
feet and the best adopted to relieve the city
from her present painful pecuniary dis
| tress.
And whereas, to perfect the loan thus
proposed TO be made to the city, 1t is ALSO
Iutely necessary that the city should furnish
the said Charles MOnrose with u full and
precise schedule of her assets and liabilities,
mortgageable real estate, revenues arising
from markets, wharves, taxes, licenses,
| ground rents, etc, upon which to predicate
the loan; therefore
| Be il resotued, That the city of New Or.
leans, through her legal representatives,
hereby names, conststutes and appoints the
said Charles Monrose, of Paris France, her
agent to effect loan Gas proposed by him
III his communication 10 the Finance Com
mittees) of four million dollars in gold for
1
| rate of interest not less than 6 6-lOO per an.
mum, and not more than 81 per cent per an
mum (sinking fund incuded); the said
! interest and proportionate reduction
of capital to be paid in coin, semi-an.
nually, to the agent, and at the place that
| the party making the loan may designate; 1t
| being understood that at the expiration of
i fifty years and upon the payment of the
last annuity, the city will be discharged
| from ali Indebtedness and relieved from all
the claus and conditions of the present
contract
Resolued further, That the Controller be,
| and he is hereby required to prepare and
furnish, without any delay, full and pre-
else schedule of all the assets aud liabilities
of the city of New Orleans, her mortgagea-
| Bile real estate and generally of all her rev.
enues, in order that the same be submitted
TO Mr.. Charles Monrose or his legal repre-
sentatives.
ResOlUed further, That a commission of
two and a half per cent, and no more, shall
be allowed to said Charles MonIose on the
amount of the loan, which he may effect;
this commission to be paid in coin; it being
well understood that in case OF his non-suc-
cess in effecting said loan, said Charles
Monrose shall in no Way be entitled to any
commission or COMPENSATION, nor shall the
CITY be burdeued with auy expenses other
than those included IN the two and a half
per cent of commission as above stated,
with the exception of the cost of cable dis
matches nostrl EXPENSES and fees of counsel
which will be boriie by the city,
Resolued further, That the Mayor of the
city of New Orleans be. and he is hereby
authorized to enier into material coutract
with Mr.. Charles Monrose, or his legal re.
preventative. to carry out more futIy and
particularly the contaminated loan: pro.
vided that when said loan is finally consum,
mated, the same shall be subject to the ap-
proyal or rejection of the Common Council
of the CITY of New Orleans.
Mr., Monrose, in his communication, ex.
prasses the opinion that the loan can he
effected through the credit foncier. system of
France.
The special committee appointed to in
vestigute the causes of the Overflow of the
rear Of the city, during the last eouinoctial
storm, reported that it was largely attrlbut-
able to the neglect of those intrusted with
the duty of keeping the leyees in repair. A
resolution for repairing the leytes aud
wharyes accordingly was adopted aud Sent
M for concurrepce,
An application for extension of one wears
time till 1870, of The privilege granted to
the New Orleans, Mobile and CHATTANOOGA
Railroad, was referred to special Joint
committee. ....-tr .--.s r.
The following important resolution was
offered by MIR. Montgomery:
WHEREAS The rejection by an al
most unanimous vote of the ordinance
passed by the Common CounciI, with view
TO the relief of the city from its financial
embarrassment together with the publicly
expressed belief of he citizens at large, that
the present Common Council is unable 10
cope with the many dllncu't questions
winch daily present themselves for solution,
are positive proofs OF the lack OF commence
on the part OF the people III this body Us
such. therefore
be II Tesotoed, mat the Board OF Assls-
tant Aldermen In body, believing 1t their I
duty to DOW TO the WIZ OF the people whom
they profess to represent, heEeoy tender to
the Mayor their reslgnations' TO take effect
as soon rs their successors snail nave oeen
elected"
some members favored tne resignation OF
such only as wished 10 resign zGt !. !
MIR. Pandely favored the resignation of
the Board IN body, and said their man'
hood required such course
The resolution produced applause IN the
loDoy.
After various m tlons and explanations
by members oil their feelings IN The matter, |
the resolution was adopted oy the Following |
vote:
. Yeas: Nessrs Rose, Walker, Pemberton,
montgomery, Grandpre, Fisher, Pandely-1' |
NAYS: Messrs; ReArny, Altkens, Camp