New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-12-04
ICommunicated.l
THE PROPOSED INCREASE Or
CITY DEBT.

Present appearances indicate that the
people Of this city will be called upon to-
morrow TO vote for or against the issue Of
three million dollars of bonds bearing
7-30 per cent interest, to be paid in twenty
five years in lawful currency, to take up
the outstanding city notes. There is atpres-
ent floating debt against the city of ssme-
thing over three millions, represented by
non-iDterest bearing notes. These notes,
although receivable for city taxes, have
ruled at about forty per cent dis
count ever since the displacement Of
the city government appointed by
Sheridan, and the accession to power Of
the present incompetent administration.
During the fall of 1867 and the early part
of this year nearly one million of dollars
of this currency was cancelled by Mr..
Treasurer Howell and destroyed by fire.
If Messrs. Conway, Mount & Co. have can
celed and destroyed single dollar since
the first OF June (the date of their Access
sion) the public has not heard of it. On
the contrary, the City Controller has issued
warrants to large amount, which are I'M
paid and on the market; million has been
put out in the shape OF ten per cent bonds,
while the amount of city money in the
treasury is less than it was when Mr..
Howell turned it over to Mr.. Mount.
With a full knowledge of all this, the
people are now asked to come to the aid of
the Municipal Government to the tune of
three millions more, and that without a
single guarantee, or even promise that
the proceeds OF the bonds shall be applied
to the extinguishment of the debt. But,
after paying five millions in twenty-five
years, the principal sum will yet re-
main unliguidated. Thus, in addition
to the immense losses already sls-
tanned by the people in consequence
OF the reckless issue of city notes, a floating
debt amounting nominally to three nil
lions, and which shrewd private financier
could buy for two millions, is TO be aug
mented to eight millions Of legal tender
The scheme is too preposterous to succeed,
and we hope and fully believe it will be
voted down.
By the imposition of special tax of say
one-half of one per cent to be paid in the
outstanding nOUos, anu Tue proceeds ap-
piled strictly to canceling the floating debt,
the whole could be paid in one-fifth OF
the time proposed for the new bonds to
run, and there would be an end of the bur-
den. AT the same time the expenditures
of the city can be reduced nearly one-half
by cutting off the hundreds of useless
offices. Putting the treasury on currency
basis would effect another immense reduc-
ton in necessary expenditure. There is
nothing complicated in the proper RENE
dies. A bureau composed of five intelll-
gent, honest men could put new face on
our city affairs in less than month. And it
should be the first duty of the Legislature on
reassembling in January to make clean
sweep of the corporation officers and COM
NIT our affairs to such bureau, with plen-
airy powers for good, and stringent restric-
tons as to expenditure.
The duty Immediately devolving upon
the people is to place their emphatic veto
upon the iniquitous scheme to issue the
bonds and then to petition the Legislature
for relief in the manner we have indicated.
REAL ESTATE.