New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-03-15


the act of 1858 session Acts, p. 5S), which
prescribes penalty and fine against clerks
and other officers of courts in which taxes
are sued for charging more than the rate
declared in the sixth section of the same act.
The twelfth section of the same act of the
legislature also repeats q" all laws or parts
of ldlcs conflicting with these presents"
Yours respectfully,
City Attorney.
REPORTS OF 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 city cur
rency":
New Orleans known as the lefty 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 it
RESOLVED, /. That the city of New Orleans
shall issue three millions of dollars (3,e00,
00O) of bonds payable in twenty COY years
in gold, to bear interest at the rate of six (6)
per cent per annum, payable semi-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, five
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
NAV deposit with the City Treasurer within
thirty days after the passage of this act,
such sums as they may desire SO to eX-
change, and the City Treasurer shall give
his receipt therefor, agreeing therein TO
furnish depositor with bonds therefor so
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 it shall be 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 bonds
shall be sold for a less price than ninety
cents on the dollar.
8. The interest upon said bonds shall be
paid out of any moneys in the city treas
| ury which may be unapprOpriated, and
secondly by the yearly assessment OF
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.
4. Said bonds shall be paid as follows:
There shall be set apart and kept invested
| fund which shall be called "a fund for the
payment of the city bonds of 1865" which
| fund shall be raised as follows: First, All
moneys remaining in the city treasury AT
the end of each fiscal year not hereinbefore
| or otherwise appropriated are hereby set
apart for this fund. Secondly, All moneys
| which NAV arise from the sales Of city prop
| erty are also appropriated to TINS tund'
Thirdly, After the lapse Of i've (5) years
/ there shall be levied and collected upon the
property, incomes, PROFESSIONS ano ca f .lg
| in said city by law taxable the sum OF Two
hundred thousand dollars (S20c, 0OQ( each
| and every wear until said fund shall, with
the prospective interest upon the same, be
sufficient to pay all of said bonds at their
maturity; provided, however, that 1t shall
be lawful for the city OF New Or-
leans to raise the said annual sum
Of two hundred thousand dollars
Y (S200, O0O) in any ether way than that here
| inbefore provided; and provided, also, that
the city may, with the two hundred thou
sand dollars (S200,00Ol annually TO De
raised, and such other sums as may from
time to time constitute the said fund, with
draw and paw any portion of said bonds;
but only after proper public advertisement,
ard the bonds OF those holders only who
| shall offer to receive payment on the lowest
terms.
< The said notes or currency shall, as
soon as they shall be paid and come into
the possession of the city, be destroyed by
burning In the presence OF the Mayor, treas
urer, Controller, and Ohairmen OF t9e I Oo ION
mittees OF FINANCE ana sttee'S amt re-
n 1%' ~ the Poards Of Aldermen and Assistant
Aldermen, specifying the amount destroyed,
the denomination and number OF the notes
anu All of the mates from which the said
notes H or currency have been printed shall
be destroyed in the presence of the oflceII
named N ths preCeSing 81 ss4 Az same in the
same , manner as provided in the case O.
currency.
Pending the consideration of which, Mr.
sauvinet offered the following also as sub
stitute, which on being put to the vote wai
lost:
WHEREAS, The city currency is at thu
present moment suffering without any JUS
OF g1oa IessGn ver TeG layve amonnt Of taxe
due the oity can not be collected, owing to al
act Of the late legisissInTpe, .a &c Ass,ston,
.i hesOsoT Il cnn;nnction with the Board O
Aldermen appoint two members of eacl
Board, whose duty it shall be TO call on I'M
major general commanding, and ask MIN Z
issue an order for the collection of the sale
bach faves as the hest means to eXtricatl
the city from its present financial embar
rassment.
Tho raas ond navs wore called IN the or
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dinanoe offered as q suossl1ase Dy @I; f., sun IN