New Orleans Republican., 1868-05-14

A0Opteu on iL5 nrsb reauing-futco sus- i
pended, and adopted on its several reading |
by unanimous vote.
The following communication was refer |
red to the Finance Committee:
New ORLEANS, May l, 1868.
To the Honorable the Board of Aldermen and Of
CIFSTIEHEgEIn VIEW ~ ~ t6e " denTeciation
to which our city currency is reduced, and
of the exertlons which have been made
through every appliable means to restored its
credit, the projectors of what is deemed to
be feasible aud conducive plan propose
to convert the deprecated paper of the city
of New Orleans into obligations of the
amount of $50 each, to be issued in accord
ance with practical principle which has
been sanctioned by experience. 1t is con-
templated iu tue scheme that these obliga-
tions, bearing an interest Of 7.30 per cent
per annum, shall be reimbursed within a
period of ten years and by drawings with
premiums attached.
Acalculation had originally been made on
the basis of SIS 100, 600 of the paper to be
retired from Circulation. That calculation,
however, has been submitted to natural
modification, since it now appears that the
currency does It exceed 10000 The
| latter being assumed as the amount of cir.
culatlon, we have accordingly altered our
calculations as well rs the drawings of the
obligations.
To sum up the question, the proposition
| is to effect conversion Of the city paper to
| the amount OF 81 600 900, in consideration
| of a sum total O, Sc, 6U0 900 for the payment
| of interest aud the complete quenohing of
| the capital in a period Of ten years and in
| monthly quotas, the payment of which to
be guaranteed Tor some fixed and determined
day, as the essence of the plan is involved
| in its certainty.
Shsuld the City Council accept his basis,
| tho nrpiartora an fhair xUin hind than.
| selves IN aguaIantee for the payment with
| like punctuaity of the premiums attaching
| to the obligations, and liable to be relm-
! burseant each OF the drawings.
That guarantee we propose to supply
| through Il bank deposit specially devoted to
that object
On this basis of 81, 600, 600 the projectors
calculate that the sum OF ST, 600 900 paid in
a period of ten years, at the rate say of
$50 600 per mouth, the projectors assuming
| the payment Ofthe premiums, will eXtinguish
the total debt and interest at Z 30 per annum.
| The city shall offer for pubic subscrp-
| tion 10000 obligations only, OF $50 each,
in order to cover the sum required tor the
! retirement of its notes. But besides these
/ it viii reserve $4,000, on which neither in
terest nor capital shall accrue, and the num-
bers of which only shall participate III the
| drawings and be the only ones sold for
chances in the projected premiums.
|
| force of our calculations will demOnstra.
| lively point out to the Council profits in
| which the city will be admitted to share,
| and which will, consequently, reduce in q
| sensible degree the amount which is neces-
sary as basis for the success of the 0per-
| alton.
Az it seems patent to US that the city of
New Orleans could not for the fist months
supply the monthly quotas OF S55 900 to
meet the terms of The conversion and of
the sinking OF its debt, we engage to pro.
cure them for it for a period Of three
months, namely, to supply it with the sum
| of one hundred and siXty-hve thousand dol
lars, which shall be reimbursed between the
third and fourth months of the operation.
| The two hundred thousand obligations Of
the issue shall not be delivered by the city
except as against the tender of its notes, in
proportion as from time to time said obliga-
| tions shall have been subscribed.
AS to the fifty thousand which will not
have been subscribed for and which will
exclusively be used for the drawings, they
will in like manner remain in the possession
and control Of the city.
The issue of the obligations and the draw
ing of the premiums will be under the
supervision of such authorities as the City
Council may designate jointly with the
delegates of the administration.
All of which is respectfully submitted to
the consideration of the Honorable Board
| of Aldermen and Assistant Aldermen of
the city of New Orleans. t0
BERNARD AYEGNO,
In behalf Of the Projectors.
petition of property holders on st. An.
drew street, praying for brick sidewalks,
was referred to the committee on Streets
and Landings.
OLA. J. McCulloeh, contractor for putting
up lamp posts, praying to be reimbursed
the ten per cent retained on his contract,
wasr efe-red to the Finance Committee.
of MIR. Murphy, praying for relief, to the
Finance Committee.
ORIGINAL RESOLUTIONS.
The following by MIR. Sullivan was
adopted:
WHEREAS, 1t is highly desirable for the
health, cleanliness, and convenience OF our
city that the supply of water should at the
earliest day possible be largely increased,
and that the pressing wants of the public
for greater quantity and more pure water
should be at once relieved, therefore be it
ReSolUed, That the Mayor be requested to
insist that the arbitrators chosen for that
purpose on behalf Of the city shall imme'
diately proceed to the duty assigned to them
in fixing the value of the wSterworks of
New Orleans.
By Mr.. Dunn:
ReSolued, That the Controller be and he
is hereby authorized, after ten days notice
in the official journal, to sell to the lowest
bidder the contract for burying the indi.
gent dead and conveying the INDECENT SICK
to hospital for one year.
Adopted on its several readings after sus
pension of the rules by unanimous vote.
By Mr.. Sullivan:
Resolued, That the Board OF Aldermen be
invited to meet this Board this evening in
Joint session to elect three Directors on the
part Of the city for the Great Northern and
Jackson Railroad Company.
Sent up to the Board Of Aldermen fol
concurrence.
FOR CONCURRENCE.
On motion of Mr.. Joubert the following
ordinance from the Board of Aldermen wa,
taken up and adopted under suspension 0,
the rules on its several readings by unani
! nous votes
Resolved, That from and after the passage
of this ordinance the City Treasurer be and
he is hereby prohibited from issuing ol
. paying out any more city notes Of any dc
nomination whatever.
SECTION g. That for the payment of the
: current expenses of the city until such time
as the Treasury is relieved from its present
embarrassment, the Controller be and he is
hereby authorized to issue hIs warrants
payable in certificates of Indebtedness
bearing eight per cent interest per anDum
I pavabie In United States currency to be re
2 deemed whenever the City Treasury hai
+ thirty thousand dollars; due notice Of whicl