New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-03-08

Withdrawn their confidence in cur treas
ury issues, and thus precipitated the whole
volumn upon the people of this city. At
first the discount was small, the value being
upheld by the hope that some means would
be devised fer speedy redemption of the
outstanding debt. AS time progressed,
however, and the people saw nothing was
dene, their faith became shaken, and the
discount increased. When General Han
cock assumed command the discount was
2@21 per cent. But it gradually increased
from day to day, and week to week, with
occasional fluctuations, until yesterday the
nominal price was Is to II. The evil
and the remedy have been repeatedly
pointed cut. An excess of currency has
been issued, predicated upon the unpaid
taxes. The legislature of 1861 suspend
ed the payment of these taxes until 1870,
and failed to repeal an old law prohibiting
the city from issuing bonds. Hence the
notes could neither be called in for taxes
nor funded by selling bonds. The city
treasury thus became bankrupt before the
eyes Of the commanding general, who
stands in the relation of trustee for the
corporation. The debtor has assets
amounting to more than one hundred
millions Of dollars, and yet out of
these abundant resources security for
one-twentieth the amount has not been pro-
vided. The dilatOry proceedings have dis
heartened the people, who have borne The
burdens with commendable fertitude, until
they saw a procession of lremen, with all
the trappings Of holiday parade excepting
the United States flags, of which there were
but six in the whole cavalcade, rending the
air with shouts for Jefferson Davis, ard then
calling upon the commanding general, who
RECALLED them with an approving speech,
when confidence finally ceased.
The finance committee yesterday deter
mined to stop further issues Of city notes
for any purpose. If this wise step is fol-
lowed up by General Hancock with ap-
propriste action, marked Improvement
will follow at once. We hope he will be
able to spare little time from his excur-
sions and daily consultations with rebels to
devote to the public interests.
The number Of applicants fer relief
under the bankrupt act increases rom
week to week. Already the list,
which is large, embraces names
of men who have heretofore stood high-in
fact, some Of our Oldest and most respect
able citizens, to use thresdbare phrase of
no meaning The marshal, and his clerks
and deputies, the clerks of the district
court, and the registers are crowded with
this kind Of business. Insolvency is popu-
lar at last. and The proudest are glad to
avail themselves Of the generous provisions
Of the bankrupt law. Let them extricate
themselves from their present difficulties,
and endea7or to begin life anew; for
many Of them are gentlemen Of ire
proachable character, good bust
ness men and excellent citizens, who have
been cast in the insolvent court through no
fault Of their own. The community can
not afford to spare their counsel, nor the
rising generation their example.
The principal business for which the con-
vention was called together has been COM
pleted. The constitution, after q careful
revision, was signed yesterday, aad several
ordinances necessary for the business incl
dent to closing the session have been passed.
There will be another session on Monday,
when it is believed all the incidental bust
ness will be finished, and an adjournment
sine die carried. The members are
nearly all anxious to get home,
seine to look after their personal interests,
and others to enter upon the political work
that will soon devolve upon every earnest,
intelligent Republican in the state, prepar-
ing the people fer the coming election.
One Of the notable events Of the week
was the meeting of the Democratic state
convention. This body mas in session
three days, but accomplished nothing ex-
cept the election of delegates to the nation
al convention. From this it would appear
that the Louisiana Democracy expect to
participate in the next presidential cleo
ton.