New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-05-17

Peters, Clay, and Customhoust ST. 5"ss, beg
leave to report favorsbly, aLl ltec the
necessary resolution.
JOHN Z. sTERR
Chairman:
EDMOND FLOOD,
ARIsTIDE MARY.
Rescued, That permission be aud il is
hereby granted to Joseph A. Brown to erect
portable steam engine on his premises in
square bounded by Bienville Peters, Clay,
aud Customhouse streets, the same to be
erected according to city laws and or
dinances, and to Iemaindurilg the pleasure
OF the Common Council
COMMUNICATIONS AND PETITIONS.
A petition by C. t. Howard, stating that
the Assistant City Attorney is iustituting
proceedings against him for the payment of
a license on each one Of his branch ticket
offices. that he is already heavily taxed by
tie State, that this tax goes to the support
of the Charity Hospital and that the tax
levied on him in this instance is ouCrous
and oppressive, and will inevitably compel
him to close his business, and praying for
relieS, was read.
Whereupon Mr.. Sullivan stated that this
matter lad already been brought before the
Finance Committee, who had examined into
the matter and who considered the COM
plant lust one, and had reported the fol.
lowing resolution, which he obtained a sus.
pension of the rules tolntroduce.
Hesolued, That the last portion Of the
thirty-Lhird section of the ordnance to es.
tablish Uniform tate Of taxes a4d licenses,
etc. No. SlS,Rnew series which reads /:
Every person vine ther individually or as
a member OF firm trsnsaCtiuC business for
any lottery, two thousand dollars be
amended as follows Every person hold.
ing q license from the State Of Louisiana to
sell lottery tickets, two thousand five humid
red dollars, the SAME to cover the ten
ten places of business allowed By the State
license" This resolution to take effect from
the first January, 1865 provided that all
costs of court incurred in suits already in
stituted by the city torecover lottery licen-
sas be paid By the defendants therein.
Adopted on its first reading rules sus-
pended, and adopted On its several reading
by o unanimous vote.
The following communication was refer.
red to the Finance Committee,
New ORLEANS. NAV l. IsSS.
To the Honorable the BoEd of Aldermen and of
Assistant Aldermen of the CITY of New Orleans:
GENTLEMEN-1n view Of the depreciation
to which our city currency is reduced, and
of the eXertions which have been made
through every appliabe means to restore its
credit, the projectors pf what is deemed to
be feasible and conducive plan propose
to convert the depreohted paper OF the city
OF New Orleans into obligations of the
amount of $50 each, tebe issued in accord
anCe with practical principle which has
been sanctioned by emerienCe. 1t is con-
templated in the scheme that these obliga-
tons, bearing an interest of 100 per cent
per annum, shall be rgmbursed within q
period of ten years and by drawings with
premiums attached.
a calculation had originally been made on
the basis of $4,000, 000Iof the paper to be
retired from circulation That calculation,
however, has been submitted to natural
modification, since it now appears that the
currency does not exceed 81 O00.O The
latter being assumed as the amount Of cir
culatior, we have acehdingly altered our
calculations as well as PIC drawings Of the
obligations.
To sum up the questln, tile proposition
is to effect q conversionkf the CITY paper to
the amount of S4,0O0BG in consideration
OF a sum total of Sc, GOOg00 for the payment
of interest and the co1nDiete auunching of
the capital il period b ten wears and in
monthly quotas, the Pigment Of which to
pc guaranteed Tor some Ned and determined
day, as the essence Of te plan is involved
in Its certainty.
Should the City CoulE accent this basis.
the projectors on their trt will bind them
serves IN guarantee tol the payment with q
IKE punctuauty OF the remiums attaching
to the obligations, and liable to be REIN.
bUrsed at each of the dhwiUgs.
That, guarantee we propose to supply
through bank depositpecial.y devoted to
that object.
On this basis of Si0ooOo the projectors
calculate tlat the sum 9 Sc 6600lO paid IN
period of ten years. al the rate saw of
SIS, 600 per month, the PROTECTORS assuming
the payment ofthe prentiinis will eytinguis6
th s,, total aeot ana inter at 80 per annum.
Inc Guy sna!I onef or public subsCrip-
tlon 2O0,OsO obligations only, of $40 each
in order to cover the SIN reouired tor the
retirement of its notes But besides these
it will reserve so, 900, d which neither in.
terest nor capital shall eerue and the mum.
bers of which only shal participate in the
drawings and De the pnly ones sold for
chances in the projecta premiums.
This oelng establish@ and accepted, the !
force of our calculate s will denonstra. |
lively point out to IN Council profits in |
which the city will r admitted to share,
and winch Will, CONSISTENTLY, reduce in a |
sensible degree the anfznt which is neces. |
sary as basis tor the eoess Of the 0per-
alton.
:, As it seems patent I'd Is that the city of
New Orleans could novor the first months |
supply. the monthly QUOTAS of S55,000 to |
meet the terms OF the Conversion and of |
the sinking OF its deN We engage TO pro.
cure them Tor II Il period Of three |
months, namely, to sqply it with the sum
OF one hundred and lYYhve thousand dol. |
lars, winch shalI be re- fbnrsed between the |
thlrd ana fourth mont Of the operation.
=, fhe two hundred III Ssand obligations of |
the issue shall not be qlivered by the city |
except as against the Vnder of its notes, in /
proportion as from TIM to time said obliga- |
lions shalI have been s'Dscribed.
AS to the fifty thoust which will not
aaye eeen subscribed r and which will
s1 ss; DC used ia the drawings, they
w Y IKE manner rem in tie possession
The issue Of the obli ttions and the draw.
pg OF me premiums will be under the
Inperylsion OF such au horities as the City
{ounell may aesigna Jointly with the
le!egates q tne ADMIN tration,
All OF Whlen Is resp4 tully submitted to
ne consideration OF II Honorable Board |
= Aloef9en ana ASSISTANT Aldermen Of
BERNARD AvEGNO,
In beh4f of the Projectors.
A petition of prepert1 holders on st. An
rev street, praying or brick sidewalks,
vas referred to the committee on Streets
nd Landings.