New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-05-10

EXPENDITURES,
| Payrolls. .....-- 81, 72S, 900 90
Interest on cou-
Pons. go. 5l7,ll9 50
Add to this for
sundry floating
debts not incu.
ded on payrolls
or interest, say 3G9, 900 OO-S2,644, ll9 so
And we have a surplus Of ST, $40. $50 80
for the year 1868, the revenues being col
lected. To this add two hundred thousand
dollars worth of city property, which may
if necessary be thrown into market.
city so circumstanced need not despair,
Khere is light ahead. There is succor
though in the distance. II is the present
pressure upon us which is &c intolerable
and to meet it and ward it off we must adopt
measures that may involve some temporary
sacrlhces, but, am sure no loss of honor.
AS means of obtaining legal currency
to meet the interest on the coupons for the
present year, ! will state for your infor-
nation that the commissioners OF the con.
soltdated debt are authorized to issue about
500, 900 worth of bonds to take the place OF
like amount redeemed by the military an
thorities, for which city notes Consolidated
issue) were given in exchange. The pro-
ceeds OF the sale of these bonds can be used
for the payment Of the interest coupons of
the consolidated and railroad debt, and an
equal amounts of city currency paid
INTO the Fiscal Agent and destroyed. The
effect of this will be to relieve the city from
the large sacrifice it would otherwise be
compelled to make in order to procure green
backs by the sale of city moDeyp
1t Will remain for you to devise some plan
for retiring the present outstanding city
currency. Three plans have been suggested:
F1rst-The funding system by the sale of
ponds having ten or twenty years to run,
and bearing Z $40 or per cent interest
Second-The sale of the markets for q pc
Rod of ten years. Third-The credit
Foncler system SO popular in France and
other European countries.
The objection to the first plan is that the
Council has no authority to issue bonds
At the same time gentlemen of high legal
attachments contend that you are author
lied to do so on the ground that this is not
Increasing the debt, ut'only changing its
form.
To the second plan it is objected that
placing such large contract in the hands
OF one man or company ofmen win create
monopoly detrimental to the best interest
of the city, and also that the sacrifice will
be too great. The third plan is open TO two
objections; first, the large amount of inter
est that is drawn from the taxpayers before
the debt is eXtinguished; and, second, that
it is catering to the desire which all men
have to indulge in hazard with the hope of
gain. Be this as it may, have no doubt
gentlemen, that, should you adopt either
plan, it will succeed. The difficulty is, not
that the city is insolvent, but rather that the
four millions of currency outstanding is
constantly bearing upon the treasury, so
that not one dollar OF legal money is paid in
for taxes, and consequently we have no
money to pay the current expenses of the
government. Hence the great desideratum
o. i
outstanding currency. This accomplished,
the difficulty is over. am not welded to
any plan, and will cheerfully cooperate
with you in carrying out any measure you
deem best, But, by all means, let some
prompt and decisive action be taken to
meet the emergency.
Allow me, gentlemen of the Council, to
invite your attention to a new feature in
the character of this ancient and time
honored city which is a subject of COugratu-
laton, and which proves that notwithstand-
ing the mischiefs that have followed in the
train of war, we have availed ourselves of
the opportunities we possessed to introduce
one of the greatest municipal improvements
which has distinguished the present in.
yentive and enlightened age. | allude to
our system of city railroads, which con-
tribute so much to the comfort, convenience.
and health of our citizens. The present
administration is not entitled to the honor
Of inaugurating this Improvement which
dates back to the first year of the war; but
it has watched over, promoted, and extend
ed it to different parts of the city as indi-
Viduals or companies were prepared to enter
into contracts with it.
When we contrast the advantages in loco
motion of the car over the old numbering
omnibus, we can not fail to notice the great
superiority in cheapness of transportation
and the saving of time of the former over
the latter. What convenience it is to our
large suburban population who resort to the
environs of the city for the purpose Of pro
curing cheap rents, but who are compelled
to transact their daily business in the heart
of the city. Not only convenience but
health is promoted by this kind of locomo-
ton, atfording as it does a pleasant mode of
recreation after a day spent in toilsome
labor. The most striking advantage, how
ever, resulting from its introduction into this
metropolis is the largely increased value
which it has given to real estate in the su-
burbs. When we consider that there are
now seventy miles OF railroad completed
and in operation we may make our own cal
culations (and the result can not fail to be
gratifying in the highest degree) as to the
solid wealth which this improvement has
added to the city since it was introduced
among us.
These roads are skillful piece of net
work already traversing the city in every
direction, and have been so we'll arranged
by their projectors that the convenience of
every section of the city, and their prospect
i've extension into certain quarters of it,
have been duly consulted and considered.
When these modes of intercOmmuEication
ceased to be regarded merely desirable, and
had become, as was believed, an indispensa-
BILE necessity to a city of the population,
extent, trade, and multiform interests of
New Orleans, we were influenced by the
same considerations as those which con-
trolled our predecessors in the city govern
ment many years ago, when they organized
their school system, and as they were
resolved then to introduce into the Crescent
City, the best plan of education known to TIL
civilized world, for the benefit of the rising
generation, so in like manner we determined
TO introduce here as perfect a system of city
railroads as existed anywhere on the Ameri.
can continent. That of Philadelphia, ac-
cordingly, was originally adopted as our
model. The lines of the tracks were laid in
the centre of the streets, and within the
lines were paved with round stones, except
where square stone pavements existed
or might thereafter be made, in which
case the latter were to be used, and the
rails employed were to be of the same pat
tern, and the cars of the same description as
those in the city of Philadelphia Though
different patterns have since been adopted
and the contractors were required to keep
the paved and unpaved streets through
which the tracks should pass in good order
during twenty years, the period they were
entitled, under their contract with the city,
to enjoy the right of way. The speed Of
said cars was not to exceed six miles an
hour. All cars running on said railroads,
between sunset and daybreak, were to be
provided with good head and rear light,
placed in conspicuous position outside the
cars. These provisions have been for the