New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-10-19
THE LEGIsLATURE
TcoNr1NuEp FROM F1Rsr PAGE. /

/ mllllODS IMAM QIby LQOuSdQu IlGIe
should either be no security exacted at all,
and the whole matter intrusted to the honor
OF the officer, or bond should be exacted
sufficiently large to secure the city from loss.
Fifthly-The bill does not give immediate
relief. II will be, in my judgment, impossi-
BILE to sell at this time these bonds for eighty
cents on the dollar. The best securities of
the State, with only $4,000, 600 of debt and
$40 DOC, 900 OF taxable property, can not be
sold Tor sixty cents on the dollar. Such be-
| ing the case, Is it to be assumed that these
bonds, S., 000 600 in amount, can be sold at
eighty cents when the debt of the city
is over Sl4, 600 900, and the taxable property
| less by over 500, 600 900 than that OF the
State. What will be the consequence of
then? Either the Mayor and financial agent
will effect a loan and hypothecate the bonds
at the risk of the most ruinous sacrifice, or
the agent will be forced to exchange the
bonds at twenty per cent discount for city
money at par, which the holders have pur-
chased at from thirty to fifty per cent dis
count, which will whether sold for green
backs at eighty cents, or exchanged tor city
money. be giving five millions of gold in.
terest bearing bonds for four millions of
city money, besides loss of S25, 900, which
is to be paid the financial agent. The
provi ions of this bill are neither
demanded by necessity nor by any just
conviction o. duty to the holders of city
money.
A very little, if any, is in the hands of the
people; it is all held by spectators, who
have taken it at ruinous rates of discount,
and who were fully apprised of the doubt
| full legality of its issue. They knew that
| there was no authority in the charter of the
| city for it, and that it was only tolerated for
the reason that it gave the people curreE.
| cy when they had none, and supplied the
deficiencies Of the treasury arising from I'M
paid taxes. They knew that on the TWEEN.
tieth November, 1867, the then Mayor de-
| nounced 81. 1G4 $50 oft as having been issued
| by city officials clandestinely, fraudulent
! ly and without color of law or right" With
this evidence before them, the holders can.
| not complain at some delay of the city in
redeeming this money, which has cost the
taxpayers double its value already in the
increased prices fixed upon everything
| bought by, or labor done for the CITY.
| advocate the redemption of this money
and desire to be effected at an early day,
| but can not give my assent to bill which
| hXes upon the city over million more debt
| than is necessary and oblige l. to pay on
that debt $4,000 900 interest in gold,
or at the present rate of gold $3.50, coo in
currency and total sum of SIS, 2sO,O in
| twenty years.
In my judgment the remedy is simple and
within the control OF the Legislature.
First-The city should be authorized to
issue its bonds bearing not more than six per
cent interest in currency, payable in five or
ten years, at the option of the city, and ex,
changed at par for city money. A tax Of
onethlrd OF one per cent should
be collected to meet the interest and
supply fund to pay the principal
Second-Onesixth of the gross receipts
OF the city treasury should be set aside each
month and applied to the redemption of
the notes OF those Who prefer to wait than
to exchange for the bonds of the city as
above indicated.
Third-The Treasurer should be pro.
hibited from paying out any more of the
city notes, and those now in the treasury
should be, destroyed and any further issue
prohibited.
Fourth-The law should provide that
United States currency only should be re-
the city.
To the last proposition it may be said
that the city can not refuse to receive its
notes for debts due it, but that question in
wolves the legality OF the issue in the first
place, and the right of the State to inter.
Vene to protect its people from the abuses
of its creature, the corporation of the city
of New Orleans.
With great Difference for the opinion
of the gentlemen of the Legislature who
passed this bill | can not refrain from saving
that can hardly conceive the provisions of
bill on this subject, which could be more
Objectionable to the taxpayers of the city Of
New Orleans than the one before me- 1t
would be by far preferable to levy a 1irect
tax OF three per cent on the property of the
city and collect it at once than to enforce the
provisions of this bill
Respectfully,
(Signed) II. @, WARMOTH,
Governor of Louisiana.
The Speaker then put the question shall
the vote upon the passage of the bill be re,
considered in order to consider the veto
message.n
The vote being reconsidered, the veto
message was taken up for consideration,
Mr.. Pratt, of Claiborne, moved to post
pone further consideration until Wednesday
next.
M. Carr moved to lay the motion on the
table.
Carried. .-#a
Mr.. Pratt, of Claiborne, then moved to
postpone further consideration of said mes.
sage until Monday next,
Carried.
mn MESSAGE FROM THE SENATE
Inc Secretary ofthe Senate was announced |
asking concurrence in Senate bills Nos. 2s5,
1853, l79 and 279, and joint resolutions Nos.
% and 81.
Also, informing the House that the Senate
had concurred in House bills Nos. % and
1872. e
Also, in House bills Nos. 275 and 2sS with
Mr.. Gair, of East Feliciana, asked leave of
absense for the balance of the session.
Granted.
REPORTS OF STANDING COMMITTEES.
The Committee on Claims submitted the
following reoprt which was received and
accepted;
COMMITTEE Rooms, |
October 10, 1865 ! /
10 ne u ho % Speaker and Members of the
House OF Representatives:
GEsrLEMaN-Your Committee on Claims
beg leave to report favorably 70 paving the
claims OF Howard Millspaugh and Paul |
Devergis, each for the sum of thirteen
hundred and fifty dollars (Sl950l for their |
services as State Assessors from the first tlav I
January to the twentieth day Of MAY, 1865 |
IL appears that Paul Devergis was appoint /
Ed Assessor by Michael Hahn in February /
1865, and that Howard Milspaugh was ap. |
pointed by General G. f. Shepaey in Janu. I
airy, 1868, an d that said Assessors faithfully |
fulfilled their duties from the time of their |
NATL they were ousted by sue |
cessors elected under an act passed by the
Legislature OF 1866 and as the assessment
roll could not be fled at that. time, they /.
have received no compensation Tor their /
services. Your committee therefore recon-
their relief fs =
And also return House bill No. 272. an act
for the relief OF Frauk Huguet, apuropfiat.
Ing seven hundred and SEVENTY 1--we dollars
and nine cents to pay him for articles fur L