New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-03-10
THE nITY ouRRENcY.

On the twenty-fOurth Of February ultimo
the city money brokers held meeting and
adopted the following resolution:
RESOLVED, That 10 view Of the late order
Of General Hancock, enforcing the pay
ment of state taxes in greenbacks, we, the
brokers of New Orleans, in order to in
grease our capital, do hereby depreciate
city notes from three to ten per cent dis
count
The action of General Hancock in refer
ence to state money was eagerly seized
upon by the brokers, who very coolly re-
solved to "depreciate city notes from three
to ten per cent discount With them to
resolve was but to execute. The motives
of the commanding general in the order
referred to we do not propose to eriticise
now. Who were his advisers in the matter
we have no means of4lnowing. But Gen
eral Hancock had the means of knowing
that the rebel legislature enacted law sus-
pending the collection of four years uncol-
leeted taxes until 1870. The present city
council sent delegation to him, if we are
correctly informed, requesting him to sus-
pend that enactment, and allow these taxes
to be collected at once.
No order directing that suspension has
been promulgated by the commanding
general, nor has he set aside an act of the
same legislature prohibiting the issue of
city bonds to absorb at least portion of
the city currency. These two things he
might have done, and the city council
would thus have been provided with the
means Of Withdrawing considerable por.
ton Of the currency from circulation.
Its present depreciation is owing in
great measure to the INSCRIPTIONS misrep-
RESERVATIONS of bold, defiant, reckless poll
tieians, who have endeavored through the
instrumentality of five of the daily papers
in this city to impair confidence in the city
administration, and to create the impression
that the reinstatement by order of General
Grant of officers displaced by General
Hancock directly affects the value of the
city currency And this, too, with the full
knowledge that the currency is being grad
ually Withdrawn from circulation; that
measures are in progress for converting at
least million and half dollars into eight
per cent interest bearing obligations and
with the semi-official assurance that in ad-
ditiOn to that already destroyed and now
in the treasury to be destroyed without
reissue, amounting to seven hundred thou
sand dollars, the city treasurer expects to
destroy a million dollars more without
reissue by the middle of April.
1t is a matter of serious regret that the
people of this city, the laborers and con-
sumers, whose earnings are the result of
severe toll, should be compelled to submit
to depreciation of the general currency.
If they will be misled by the selfish politi-
cal Misrepresentation of press hostile to
their best interests if General Hancock
will do nothing to aid a loyal city govern
ment in perfecting measures to withdraw
this currency from circulation if the
brokers can at their will depreeiate the
city currency from three to ten per cent,
or from thirteen to thirty per cent, there is
no remedy but to await the action of the |
present city government which is auxiously
devising means to withdraw that currency |
from circulation and hasten the time when
all the expenses of the city government
will be paid in a national currency.