New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-12-31

proposition made by the City Council on
Tuesday night for a fiscal agency. We are
indebted to John G. Gaines, Esq, Presi-
dent of the Citizens Bank, fOr.an outline
of the plan, accompanied by bill, with
the following note:
CITIZENS BANK OF LOUISIANA,
| New Orleans, December 80, 1868.
SIR-Herewith take the liberty of hand
| ing copy of the project of law for
redemption of city money, as presented to
the Council last evening, and also an exhi-
| bit of its practical operation.
Believing that its adoption will speedily
and completely restore the city;s credit, and
| knowing your earnest desire to see such
restoration of credit, l venture to ask your
advocacy of its passage by the Legislature,
| provided that, upon perusal, it shall meet
| your appreciation. sEF
Respectfully yours,
.... JOHN G. GAINES.
The project of law alluded to is a very
well drawn up bill of fifteen sections, which
will be proposed to the next session of the
Legislature. 1t provides for fiscal agency
to be established by contract en-
tered into by the Common Council with
the Citizens Bank, or some other bank
chartered by and under the laws of the
State.
The city is to issue 5000 bonds of $1,000
each, with coupons of interest at seven per
cent per annum, payable semi-annually.
The bonds to run for forty years. These
bonds are to be given for city notes, taken
by the city for its current receipts Of reve-
nue. at par, and the bonds are to be sold,
with due restrictions, for United States
currency. Both the city and Federal cur
rency received in this way are to be de-
posted daily with the fiscal agency; the
city money, with due tormalities and pre-
cautions, to be destroyed.
The Citizens Bank, and Mr.. Gaines its
President, enjoy fully the confidence of
this community. Any proposition coming
from them is entitled to respectful ex-
animation with prepossessions in its favor.
A bill of the sort ought unquestionably to
be passed; some of its provisions are
doubtless discussable; others, and probably
the most Of them, ought to become law IN
some form or another. We doubt whether
this bill, or any other, however, will restore
the city's credit under the present rotten
Q ty government. The disease is too deep. |
Burnt brandy, mercury and all the other
proverbial remedies won't save it. The |
horrible sore must be cauterized, or the |
OffpnSiva ne ~ ma nd 10.
can only be done by an act of the Legisla-
-ure removing the present city government,
Which, attaining power under a partisan
yarb, is now the horror and dread of its
own party, or at least of all its respectable
elements.
Nevertheless this does not alter the ne
'essity of some Of the provisions of the
iscal agency bill proposed becoming law.
Tho CITY mas ether to continue the recent
If city money for dues to the city, to re-
'udlate, or to give bonds, with interest
The people of New Orleans will never re-
'udiate their debts. The party that pro-
loses it will be damned. The holders of
lty money. no matter who they are, are
Untitled to their pay for the face of the
otes, with interest from the moment they
ease to become receivable for city reve-
ues, If not from the time they went out of
REGULATION. Any proposition short of this
as all the immoral features of reputation:
'r such partial propositions of repudia.
on are but disguised, and would assume
ne monstrous entire form, did not their
dvocates know full well that the sense OF
ride and character of our citizens would
,volt from such measure.
We will refer to this subject from time
time during the next session of the Leeis.
ture, and advocate such features of any !.
ansfor the relief Of the monetary troubles y
the city government proposed by worthy h
items like Mr. Gaines, as the public ne D
ssities may require and as good faith and a
e constitution may allow. f,