New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-10-23
THE IlEGIsLATURE
[OONrsuHD FROM FIRST rAen.1

works, and insert by the parishes in which
the levees are built"
Mr.. Lynch: move that the Senate con.
chr in the amendment.
Adopted.
The following communication was read:
HOUSE, OF REPRESENTATIVES,. }
State of Louisiana, Office Chief Clerk
New Or cans, Monday. October 10, 1853 }
To the President snd Members OF the Senate:
GKNTLEMRE-I am directed by the Speaker
TO state that House bill No. 154, an act to
authorize and require the Mayor and Com
mon Council of the city of New Orleans to
issue bonds for the redemption of the city
notes and for the liquidation Of other in
debtedness, vetoed by the Governor, was
called up and reconsidered.
The Speaker put the question: viii the
House agree upon reconsideration to pass
the billg A,lb-r.
Yeas and nays ordered, resulting as fol-
lows: Yeas so, nays ~.
There not being twO.thirds of the men,
beers voting in the affirmative, the veto was
sustained. IL .
M. Pierce moved to reconsider the vote
The Speaker decided that vote upon the
passage of veto bill could not be recon
sidered. according to Barclays Manua
kpage 1917 .......
Appeals from the decision of the Chail
were taken and Withdrawn, and the motion
TO reconsider was withdrawn.
TUESDAY, October 20, 1868.
Mr.. Pierce, of Livingston, moved to re-
consider the vote whereby the Governors
veto was sustained, and called the previous
question.
Main question ordered.
Mr.. d. H. Reese in the chair.
Tue Speaker pro tempore decided the
question in order.
Mr.. Kent raised the following point of
rider:
That Speaker pro tempore could not re-
verse prior decision made by the speaker
of the House on the same question.
The Speaker having resumed the chair,
decided that the point of order of Mr.. Kent,
of ST. Helena, was well taken.
Mr.. Pierce and Mr.. Devices appealed from
the decision of the Chair.
Yeas and nays called, resulting as fol-
ows:
Yeas "a; nays 40.
The decision of the Chair was not sus
Then the vote to reconsider was put, re.
shifting as follows:
Yeas as; nays rs.
The motion to reconsider prevailed.
The Speaker then stated that by order of
the House he would again put the question
to the House: Will the House, upon consid-
Grafton, agree to pass the bill?
Yeas and nays were called, resulting as
follows:
Yeas SO; nays 10.
There being a twothirds vote cast, the
veto was not sustained, and the bill passed,
and notice was ordered to be sent to the
Senate.
VIM. VIGERS,
Chief Clerk House of Representatives.
The Senate went into executive session.
The executive session being raised;
Mr.. Wittgenstein: ask for suspension
of the rules to take up the veto of the Gov
ernor on House bill No. 154, an act to au.
thorize and require the Mayor and Common
Council of the city of New Orleans to issue
bonds for the redemption of city notes and
for the liquidation of other Indebtedness.
Rules suspended and THE following mes.
EXECUTIVE DEPARTMENT.
State Of Louisiana,
New Orleans, October IL, 1863. }
To the Honorable Speaker and Members of the
House OF Representatives.
Ireturn to the House ofRepresentatives an
act entitled IAN act to authorize and require
the Mayor and Common Council of the city
of New Orleans to issue bonds for the re.
demption of city notes, and for the liquida.
ton of other Indebtedness" withoutsomy
signature, for the following reasons:
My first objection to the bill is that the
city may be forced to sacrifice one million
dollars in six per cent gold interest bearing
bonds, in order to redeem the city money,
which is not now in circulation, but held by
SPECTATORS. There is no reason why these
bonds should be disposed of at less than
par thus saving the city one million
dollars, which added to the half of one
per cent given tc the financial agent for his
services, would be total saving to the city
of one million twenty-five thousand dollars.
Secondly-The city of New Orleans can
not afford to pay interest In gold. This bill
provides for the payment Of three hundred
thousand dollars in gold annually. The
city has no gold revenue and must rely
upon purchase for the gold IL obtains to
meet the interest on these bonds. Gold is
selling ct a lower rate to-day than it has for
months past and it may be twenty per cent
higher two months hence. There Is no GER
1ainty as to price of coin, so that the
city may be able to buy at 1888 to-day and thus
pay four hundred and fourteen thousand
dollars for interest in currency, the present
equivalent of three hundred Thousand dol
lars Ia gold but next year specie may be
twenty per cent higher and the city COM
PEELED to exhaust the six hundred thousand
dollars Of taxes in order to meet the an
nual interest, leaving no fund with
which to redeem the bonds twenty years
hence. The bonds should bear interest In
the currency of the country, then the prop
erty Of the city would not be subjected to
such enormous taxation, and the city gov
eminent would always know the amount to
set aside with which to meet the interest on
the bonds. 4ssA
Thirdly-The second section of the bill
authorizes the Mayor and the financial
agent In the event the bonds can not be sold
at par, to negotiate loan. 1t is objection
able for the reason that 1t does not limit the
loan in amount. and does not indicate the
eecurity to be given by the city nor the length
OF time for which the loan may be effected.
1T the financial agent fails to sell the bonds
at not less than eighty cents on the dollar,
what is there in this bill to prevent him
from borrowing two or three millions OF
money and pledgtng the whole issue of
bonds as collateral to be paid in ninety or
one hundred and twenty days. This might
be, in the present Strengthened condition of
the city government, considered good ar
rangement for the time being, but when we
remember that there is nearly four millions
of this money in the hands Of spectators,
and that this bill does not prohibit its re.
ceipt for taxes and other dues to the city,
who can say but that these bonds may, BY
sale under this pledge, be sacrificed for less
than dirty cents on the dollar.
This Authority TO negotiate a loan should
be 30 hedged In by restrictions that the city
may not BE- at the mercy Of the opinions or
Interests Of only two gentlemen, however
honest and capable.
F0urthly is too much power con.
ferred upon the Mayor In the appointing Of
the financial agent, and the amount of bond
furnished By the latter should be rather five
millions than fifty thousand dollars There
should either be no security exacted at ali,
and the whole matter intrnsted to the honor
Of the officer. or a bond should beexncted
sufficiently large 10 secuEe the city from
lces ls5
Fifthly-The bill does not give immediate
relief. II will be, in my Judgment, impossi.
bic to sell At this time these bonds for eighty