New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-03-07
THE CITY MONEY.


the public mind. The reason why II mas
been and still is deprecated is thing not
easily eomprehended. All circulating
notes are but promises to pay. Their value
depends wholly upon the confidence OF the
business community in the ability and VIII
lingness Of the promisers to meet their
obligations. In many respects these notes
are like commercial paper. Soloug as mer-
chants are supposed to be able to discharge
their liabilities, whether in factthey are SO or
not, their paper passes in the market freely
and without discount. Even though the
makers are solvent beyond all question, the
utterance of breath of suspicion may be
sufficient to bring them into disrepute In
commercial circles, and produce serious
embarrassment. Money changers are ever
on the alert to depreciate or appreciate tne
circulating medium as may best suoserVe
their interests; and so Jealous are people
on the money question that they often
thoughtlessly serve their purposes, when a
little reflection would save them from all
loss.
Like every species of currency, the city
money stands upon its own basis, and
should be valued solely upon the principle
first asserted, and that is, the ability and
willingness of the promiser to pay.
The total in circulation, in round numbers,
is about three and one-half millions. The
property of the city can not be less than
one hundred millions, and is undoubtedly
much larger This trifiing Indebtedness,
if it were to be paid at once by retiring
the notes, would produce very little en-
barrassment, for the notes and the taxes
fer which they were paid would mutually
extinguish each other.
New Orleans is to enter upon career
of great prosperity. So soon as recon
struction takes place, and the whole people
go to work as they ought, the business and
wealth of the city will SO rapidly increase
that the current expenses Of the municipal
government viii scarcely be felt. 1t Is
evident that the city notes should not be at
a discount in consequence Of any doubt
about the ability of the city to pay.
Is the city willing to discharge this OBJ
ligation2 No one talks reputation; no
one talks postpOnement of time of payment;
and the authorities receive the notes in dis
charge Of all liabilities to the city. 1t is
difficult, therefore, to see any COED reason
why depreciation should exist
1t has been often remarked that the
American people are fond of being hum
bugged. On no subject have they been so
much frightened and duped as upon the
money question. For political purposes
partisans and demagogues predict none
tary panics and financial distress, in order,
to control people through thsig foolish
fears. The coPperhead press Of this city
for months retailed stories of corruption
and extravagances on the part of the city
government, which could result only in
injury to the people whom they sought to
and control for political purposes.
The Confederate Democrats in their on
slaught upon the city government and city
money desired to influence those who might
be easily frightened against the congress
sional plan Of reconstruction, to obtain
longer period of uncertainty and insecurity
In which the enemies of the country might
concoct ether schemes to bring about their
domination in the city and state. And
when after the most vigorous and persist
emit efforts they had succeeded in depreeiat-
ing the small notes to the extent Of three
per cent, they then promised the people the
coming of Messiah in the fcrn of General
Hancock. M
The conquering hero came. Relief from
III political and financial distresses was
heralded as knocking at our doors. The
military pen was to be the panaoea, and the
civil law" the benign fundamentally Of
our regeneration. Before, however, the
wheels Of civil rule could smoothly run.
Sheridan's appointees must be displaced,
sot because Of political opinions, but be-
,ause Of corruption" Conicderates and
Democrats must have the offices, set be-
,ause Of any political procIivities, bus from
he fact that men Of these classes were
rsUer known to be dishonest. The kitchen
cabinet Of the commanding general be-
Ilsved that this course must be pursued for
the good Of the country that this would
appreciate the CITY money and relieve dis
iress." 1t was tried. For some unaccount-
lble reason the depreciation continued, and |
mall notes went down to i've per cent dis
count. Something more must be done.
The ged Of civil law had net been sum
GENTLY propitIaiod The cabinet decided |
hat the ciyio-milltary pen had not been |
used nippantly enough; civil ruio did not see |
Its way clear. The laws Of the state must
stand aside and The duties Of the state
s1acials must be regulated. The cabinet
If the general said, "Writs,y ana he /
,bsyed and wrote order 40. 40, rsuuirine |
axes to be paia only IN a sresnbaeIs,S |
md that salaries should Inst Be paid.
1ltg, siais, and naiional bank notes were al |
and SIT aside At oas dash Of the |
ieaceful quill.
Since tie arrival Of General Hancsek In |
his military district depreciation has I
IatglAlly and necessarily gone On antl |
be smaller city notes stand twenty Der !
Ient below par, and he large ones ara
g ous ea niehA sinea lhe grand ovation