The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-03-07

We wish to keep this subject before the
public with degree of persistence at TINS
time, justified by its importance, by the near
approach of the expiration Of the charter OF
the Commercial Bank. and the opportunity
which is now afforded by the city govern
ment to become the purchaser and owner OF
these important works. w
We are aware that there are clouds IN our
political horizon, which threaten stormy
day, and that the monetary affairs of the city
are not, at this!moment, in as favorable a con-
dition as our citizens could wish. But moth
ing is more changeable than the weather,
and rain, in this warm climate, is often neces-
saIy to lay the dust of shelled streets, and
thunder and lightning equally so to purify
the atmosphere, which is infected with all
sorts of complaints and mischieyous rumors
1t is objected to the purchase Of the Water
Works that the city is in debt, and cannot
afford to raise the money just now for so large
purchase. This objection might have weight
were it not that the charter of the Commercial
Bank expressly provides a mode of payment
that will not be at oil embarrassing to the
city. The price of the Water Works is to be
left to arbitrators, and "is payable in bonds
to the mayor, aldermen and inhabitants Of
New Orleans, bearing an interest of five per
centum per annum, interest payable thereon
semi-annually, and redeemable in not less than
ten, nor more than thirty years from the day
when the Water Works are delivered over:
BY the time the bonds fall due, and long ante
Nor to that period, the city government may
be expected to be able to meet all its obliga-
tions.
Indeed, the present alarm, arising from the
depreciation of the city currency, is nothing
but gust, which will soon blow over. 1t is
quite unnecessary for anybody to be disturbed
about the matter. The wealth of New Or
by any temporary arrangement in our affairs,
the causes of which are well understood, may
be remedied, and will be remedied with all pos
sible speed Theincome of the city for the year
1868 will exceed its expenditures by nearly
half million of dollars. This is matter not sug-
gested by fancy, nor dreamt of by hope, but
one which rests on figures. There is no oc-
casion for consternation-none for despair in
the prospect before us. The announcement
of simple fact like this, in a quiet way,
fact which cannot be contradicted, is enough
to silence the roar of all the trumpets that
can be sounded throughout the city, at every
street corner, by those who wish to injure the
credit of the city, and produce, if possible,
panic in our midst.
The Water Works have tool long been in the
hands of private corporation-a corporation
as well intentioned, probably, as any other,
but neither representing nor promoting, in
times past, the interests of great and grow
ing city like New Orleans, inrespect to a sup
ply of water. The people are the party to be
consulted in this matter. They do not wish
to be altogether behind the age in their public
works. They wish them to be under their
own control for their own benefit, and not in
the hands ola private company for the special
benefit of that company. The time has come
for change to be made in the ownership and
control of our Water Works, and we trust it
viii be consummated The city must become
their purchaser.