The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-10-27

he paid when bonds are sold and city money
purchased. JSO. b. HOWARD.
Mr.. Brauehn-Mr. Nader stated that . Mr.. How.
ard handed him this paper. We then, sir, after
some search found Mr.. Howard in the governor
parlor. The paper was shown to Mr.. Howard,
and he said that 1t was neither bis writing nor his
signature. To the question by the committee
whether he had handed this paper to Mr.. Nader,
| (Mr. Nader being presently Mr.. Howard replied
| that he would necessarily have to enter into some
explanation that he was largely interested In the
| city money, etc. but the committee declined to
| hear any explanation. and not being definitely
| answered whether he had handed the paper to
| Mr.. Nader the committee retired. The other
paper, which hold in my hand, was handed me
NEW ORLEANS. Oct Is, 1868.
| /. John Newman, OF New Orleans, louisiana
hereby agree with John B. Howard. attorney at
Law of said city. to pay to the order of said How
ard one interest in the profits to be derived from
the negotiation of s. ,000, 900 city bonds to be is
sued by the city OF New Orleans under authority
of the General Assembly, and for the redemption
Of city Indebtedness said interest not TO be less
than 1850, 000) fifty thousand dollars. to be paid
out Of the profits of House bill No. l54, as soon
said profits are realized. This In consideration of
legal services rendered In the preparation and
and negotiation by (said Newman) me as financial
JOHN NEWMAN.
This is Endorsed by John B. Howard. and be.
ucSt Tue cOmullttee agree tndt the signature AZ
tsched TO the first document and the Endorsement
on the order or bill of exchange are the same.
Mr.. Lynch-Mr. President, / wish in brief to
notice the argument of the senator from 0uschits
in allusion to some remarks made. He patheti.
caly appeals to us to look around and see the
condition Of school teachers, etc. That was fig.
urative, but / involuntarily looked around the
Senate chamber when he made the remark, and
saw, sir, q very different class of men The next
point he makes is that the message of the gov.
ernor counsels reputation. do not so under.
stand it. IL is well known, sir, that these notes
we're issued for currency, to be payable on de-
mand, it is true, but did any one expect, when
these notes were issued that they would be paid
on demand? Were they not issued because there
was nothing in the shape of money to be paid
out? No one receiving this money expected it to
be paid Immediately. And now. when this
money has a very doubtful legal basis at be- is
IT repudlation to take 1t up dollar for dollar and
pay those who hold it in six per cent. interest
bearing bonds! | do not understand that to be
reputation.
Sir, no man will make greater sacrifices than |
will do rather than have the State dishonored by
reputation. will cheerfuy pay taxes if neces-
sary On my own property to the utmost limit,
rather than see the state of which am citizen
repudiate dollar Of its honest dues.
Mr.. Rsy-What would you consider these six
per cent bonds worth
Mr.. Lynch answer by another question
What did the holders of city money pay for it,
The senator coolly remarks with frankness
and a matter ofcourse air truly refreshing, that
it is customary to influence legislative bodies with
br bes and considerations OF pecuniary profit
that II is done In Congress and elsewhere.
Me- Ray-I said such things have occurred.
Mr.. Lynch-Yes, such things have occurred. the
senator says, with an air which fairly justfes the
implication that there would be nothing very base
or very dishonorabls If they should occur again.
Mr.. President, the simple statement of such code
Of morals carries with Ii its own comment, and
will not trouble the Senate by making any. He
next asks why are the streets dirty, the school
teachers and police unpaid and then intimates
that the passage of this bill is all that is needed to
remedy all these ills. repeat the question with re!
newed emphasis: Why are your streets dirty, Your
street lamps burning dimly? Your sewers un.
cleansedg Your CT drainage so constructed as TO
be mere cesspoois and convenient receptacles for
all manner of filth, breeding PEST entail vapors
wlfch bring disease and death with slow, lingering
torture? Why are your teachers unpaid and de.
irsuded out of large portion of the
pittanse allowed them by the co l.psed
condition Of your city currency? Why are your
city Iolice-those men who not only through the
Gay, but during the weary watches of the night,
place their lives between you and harm, while
you sleep comfortably in your bed-why are they
defrauded of their wages, without bread to
eat and their children without clothes to cover
them and crying from hunger? Why are all these
evils allowed to exist? They exist because of the
NAL administration of the city government. They
exist because schemes Of plsnder and fraud and
profgacy, like the monstrosity now before US,
have been permitted to consume the substance of
the municipality Let honesty and capacity rule
the city and all these ills will soon disappear.
Finally, we are told by the senator that these
brides SO freely offered accomplished nothing
Then why all this ado about them! This is true
as far as the executive department Of the govern
ment is concerned; but the vote we are about to
take will test its truth as far as it applies to
trust in God sir that all our votes will be cast so
as to rebuke these Infamous proceedings, and
thus each Of us preserve his honor, his integrity
and his self respect.
Mr. Racon-Mr presidant Ibava mn word to
say in reply to the remarks of my colleague from
the First District. l did not make any charge
sgaiIs ct either Republican or Democratic senators
as having acted dishonesty, for know no facts
which proved that to be the case. What did
say was this that if hereafter the charge of dis.
honesty was brought against the General Assem-.
bly, OF 1865, for one would not insist that it was
Republican dishonestysslone.
MIR. Ogden-What do you mean by that!
Mr. Bacon-I mean that do not say positively |
there is dishonesty because have not the facts |
TO prove it. If knew facts which could pro- |
duce to prove 1t upon either Republicans or Dem. |
ocrats, would do so. But say that if hereafter
others bring the charge of dishonesty against this
General Assembly, /, for one, will not insist that |
il is Republican dishonesty exclusively. Not |
knowing any facts to prove it, cannot, of course,
assert IT positively Of any one member.
Now, Mr.. President, will say this in regard |
to this matter: That the bonds which were /
authorized to be issued to the extent Of one mil |
lion are now worth seventy-fve cents on the dol
iai, anu eagerly SOUGHT lOr-Hnlcn answers tue /
assertion Of Senator Ray that such bonds would |
not be worth more than sixty cents.
Mr.. Ray-At what rate of interest,
Mr.. Bscon-Ten per cent. in currency. Those /
authorized by this bill bear six per cent interest
in gold. A gentleman, who is large holder of /
city notes. told me he was willing and anxious to
take the bonds of the city bearing eight per cent.
interest, in currency, at par for his city notes.
desire, moreover, to say that what the sena.
ter speaks of reputation, the giving of the city
bonds for its matured debt and for its currency
precisely what was done by the city in creating
what is now known as the consolidated loan. The
various municipalities of the city were owing the
holders OF their scrip or money for the same and
this was at varying rate of discount. one part of
it, that 10 the Third Municipality, being nearly
worthless, and the municipalities and the city as
a whole were owing the debts, and these were all
consolidated bonds, which we are now annually
were given for Them This was not held
to be reputation but payment, and was regarded
as both honest and just. And this propose that
we do now, making provision for the punctual
payment Of interest when interest is not now al.
lowed and for the final payment of the debt in full
Mr.. Wilccx-Mr. President, l desire to say a
word before the vote is taken upon this question.
Senators well know that have supported this bill
from the time that it was first introduced, beliey.
70 onI IL /