The south-western. [volume] (Shreveport, La.) 1852-1870, 1868-09-02
Communicated i


Mr.. Editorials Journalist and recorder of political
and commercial events yeu are TO doubt acquainted
with the general financial depression in this country
during this year Banks have failed firms of old stand
ing have suspended payment or taken bankruptcy and
confidence in commerce disappeared. The papernony
and bonds issued by the State of Louisiana and city OF
New Orleans were sold at anominal price and became
trash in the market. During that time the city Of
shreveport became also under the weather with her
change notes and scrip, for debts contracted in former
years; the entire Indebtedness forty to fifty thousand
doiiaFs-a paltry sum for place of its SIZE, and the
second city Of Louisiana. The above entire indebted
ness IS held by its own citizens and taxpayers At
though this city currency has been cried down and re-
fused by great many, not account of its insecurity
or the great liability ofsthe city, it was owing to tns
ameness of the commerce and the scarcity OF money
matters still we have the consolation to know that this
currency rates. by far better than that Of the great
State OF Louisiana or the city of New Orleans learn
1t Is the object of the present Board to economlse ana
raise the city currency to par. How could ibe DONE
Money could not be borrowed except at rulnous inter-
est valuable city property would not be sod TO ialss
or double the present tax to meet the necessity Wou
act against the welfare of the city and the interests Of
its citizens. The income of this city for the next hree
or four years. deducting necessary expenses thererom
will be sufficient to pay off the entire indebtedness
Therefore, after due consultation with numerous ms
chants and experienced business men, plan Ts
adopted to fund. In accordance, set of resolutions
were introduced in the meeting of the Board OF lfu'
tees the 4th of August and after timely delDeraua
passed unanimously on the 9TH | consider the bonos
safe and good Investment for OVERWHELMINGLY oof
lars for every hundred, with coupons attached pay
BILE seIl-annually, and the bonds payable as per olu
Forthe faithful execution OF the contract ta
proceeds derived from the wharf are pledged ana WI.
be deposited in bank until said bonds are pala Lsa
per cent. interest should be sufficient in any honest
informed BY the sI Tna39s s sep
cancelled and Slammed received in exchangefor bonds
the meeting of the Board yesterday They viii aso
have another meeting during the month to burn aus
tiona notes and scrip received. | am also nlofnlsa
that after thirty days prescribed by said ordinance ~
more will be funded The city from time pas, ,s wv
present datehas paid its Indebtedness and must oe
sidered solvent. The State of Louisiana aud clN
New Orleans refused their currency Tor taxes
other dues and required United States currency Ins
fore, never of the opinion that parties snoaus
compelled to fund They may indirectly assist IN aa
ing the former par, because if the Board would Pes
the present Legislature for relief or stay law for lw
or ten years, itmght not be voted down if the 6ouo
BILE members do their duty aud their lnnasn s
Some Of them know the situation here But itthe PS
pie would bond the entire Indebtedness the oaaa
would be sold next spring for nearly par BY a ltant
the city should be encouraged not to pay exof@s''
prices for every thing needed at present. AsicFs