New Orleans Republican., 1868-05-07
S9,9s6.6OO OO

T
And we have surplus of. 80. Sl,342, $50 so
For the year 1868, the revenues being col
lected 10 this add two hundred thousand
dollars worth of city property, which may
If necessary be thrown into market.
A city SO circumstanced need not despair.
There is light ahead. There is succor
though in the distance, II is the present
pressure upon us which is so intolerable,
and to meet it and ward it off we must
adopt measures that may involve
some temporary sacrifices, but, l am sure,
no loss of honor.
As means of obtaining legal currency
to meet the interest on the coupons for the
present year, will state for your infor-
nation that the commissioners of the con.
sOlidsted debt are authorized TO issue about
500, 600 worth of bonds to take the place of
like amount redeemed by the military au.
thOrities, for which city notes Consolidated
issue) were given in exchange. The pro-
ceeds of the sale of these bonds can be nsed
for the payment of the interest coupons of
the consolidated and railroad debt, and an
equal amounts of city currency paid
into the Fiscal Agent and destroyed. Ihe
effect of this win be to relieve the city from
the large sacrifice it would otherwise be
compelled to make in order to procure green
backs by the sale of city money.
1t viii remsin for you to devise some plan
III .ANttAAlA ba4E DtGoCnL outstanding Guy
currency. Three plans have been suggested: /:
First funding system by the sale of
bonds having ten or twenty years to run,
and bearing $40 or per cent interest.
Second-The sale Of the markets for a pc
Rod of ten years. Third--The credit
Foucier system SO popular in France and
other European countries.
The objection to the FIRST plan is that the
Council has no authority TO issue bonds.
At the same time gentlemen Of high legal
attainments contend that you are author.
ized to do SO on the ground that this is not
Increasing the debt but only changing its
form.
To the second plan it is objected that
placing such large contract in the hands
OF one man or company ofmen will create
q amOn0poly detrimental to the best interest
Of the city, and also that the sacrifice will
be too great. The third plan is open TO two
objections; first, the large amount of inter
eat that is drawn from the taxpayers before
the debt is extinguished; and, second, that
Il is catering to the desire which all men
have to indulge in hazard with the hope of
gain: be this as IT may, have no doubt,
gentlemen, that, should you adopt either
plan, it will succeed. The difficulty is, not
that the city is insOlyent but rather that the
four millions OF currency outstanding is
constantly bearing upon the treasury, so
that not one dollar of legal money is paid In
for taxes, and consequently we have, no
money TO pay the current expenses 0i the
government. Hence the great desideratum
ls to adopt some scheme that will absorb the
outstanding currency. This accomplished,
the difficulty is over. ! am not welded to
AisJ, Piais, anu y al Sheefiuiiy eO-operaie
with you in carrying out any measure YOU
deem best. But, BY all means, let some
prompt and decisive action be taken to
meet the emergency,
Allow me, gentlemen Of the Council, %
invite your attention TO a new feature in
the character of this ancient and time
honored city which is a subject Of congratu.
lation, and which proves that notwithstAnd-
ing the mischiefs that have followed IN the
train Of war, we heye ayailed ourselves of
the opportunities we possessed to introduce
pne Of the greatest municipal improvements
which has distinguished the present in.
Fentlye and enlightened age. ] allude to
our system Of city railroads, which con
tribute Qmueh to the comfort, convenience,
aud health of our citizens. The present
administration is not entitled to the honor
Of inaugurating this Improvement. which
dates back 70 the first year Of the war; but
II mas watched over, promoted, and extend
ed Il Q different parts of the city, as indi.
ftauais or companies were prepared to enter
into contracts with 1t.
When We contrast the advantages in loco
monon Of the car over the old numbering
omnibus We can not fal to notice
The great superiority In cheapness of
transportation and the saying Of
Time Of the former over the latter.
What convenience It is to our large
babnrhan population Kho resort Ia tRe
enyirons Of the city fer the purpose OF pro-
curing cheap fents, but Whc ara compelled
TO transact their daily business in the heart
of the city. Not only c0nVenince but
health is promoted BY this kind Of locoIno-
ti0n, aaofding IS 1t does pleasant mode OF
fecreation after day spent in toilsome
labor. The most striking advantage, how.
ever. resulting from its introd dUction Into this
meiropolla Is the largely Increased value
hieA y has given 70 real estate Ia the su.
ptFps. When We consider that there are
low seventy Miles Of railroad completed
80 ir ION We naay make our own cal.
geAassqns kAaia saa result can not fail "a be
III 80 -. 80 sae Asgaeet desFeel as 10 the
4eA4 WeAssh which this improvement hns
$aasa y eAs ssA9 SINCE Il was Introduced
These roads are skiliful piece 81 net.
york siready tEasersHa fhe civ IN evaru
FifeetiaAi spa naEe Been 50 wtlf arra1Iosd
~ tnelf ptoJectols tAat tne convenience 81
steff sectiei 2! tiae eitI. and their prospect.
Se extension Into certain duartora ~ n
eaeH 4nis ceusoItea and consiferaS
modes of intelco1 = + m 3 ~
g regarded merely dff ,'|.,. n..,i
ASA A54e. 8 vas believed an iaa |.I'I'I' 81
p't 9 city of the po00i5|Io0
eAieas ana nnltiiolla inlosoaIs
Nef - we're infuerced 81 thu
a4s seAss pas as those which CON
Holles gu ols ID the city govern
lsat Hea When they oIganl1oa
Aeit ec4e9i ald as they Wtrl
rezeIfed then 50 t4 Info the frarrs,,i
4is5. aAe bae8 plan q tI |dI,tlII ~ lI {
eislli4sa Eosls Eo 94I II I||1 rillne
IIoH. 4 lla Ike 4s |s ...IuiI,at
p |efzaatee het1 fs perIsesl b ~. b q &.