New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-03-13
any coUMcIL--oFFIoIAL
o.vDor AssrsrANTA LDERAEEN
Regular AEeeting.
CRY HALL, NEW ORLEANS,
Tuesday, March 10, 1868.

n, TSe minutes of the last meeting were
read.
.nsnded so as to show that he had voted
NV on the resolution offered by Mr.. Davies
,souestng the Mayor to withhold his sigma
.srs from the resolution authorizing him to
ssnD the contract of John B. Titus for the
.1..irs of the streets of the third ward.
arhe minutes as corrected were approved.
The following communication from the
Msvor with document accompanying was
read; 1r.von.,rv ov NEW S,prp.xs,
City Hail. 10Th Day of March, 1868.
"a the Honorable the Board Of Assistant Aldermen;
cvvrr KwEE--I herewith transmit for your
attenuation the resignation of the Hon. J.
v Oqlesby as D member Of your Board.
very 3. HEATH, Mayor.
NEW ORLEANS, March ls, 1868.
Hon. Z Heath. Mayor:
crp.-The requirements of business occupy
NV time so fully | find 1t impossible to de-
-ote the necessary attention 10 pu0llc al
ts;rs and beg to tender herewith my resig-
nation as member of the Board OF Assistant
Aldermen. This Is the more imperative ny
1he fact that my business partner, h. w.
PSrhank. ESQ, is . member of the upper
Board. hesPecSlYHas ,hcr EsRy
On motion of Mr.. Sauvinet the resignation
AZ Mr.. j. II, Oglesby was accepted.
A report Of the Treasurer for the week
ending March I, 1868, showing receipts
sl5O, 5ss So; expenditures s72,242 rs; bal
auce on hand $s5S,947 So, was referred to
the Finance Committee.
The following communication from the
Treasurer was read and ordered to be spread
On the minutes;
TnEAsuRER's OFFICE, OIrY HALL,
New Orleans, March TO- 1885
Tsthe Honorable the President and Members Of the
Board Of Assistant Aldermen:
GEsrLEMEN-The exigencies of the times
demand that radical change be made in
the finances of our city government. The
depfeciation Of the city currency has for
me- past few days been SO rapid, and the
panic so uncalled for, that to continue In
this way is utterly impossible. y is useless
10 discuss the cause Of the decline in the
obligations Of the city. No just one can be
found, but the crisis is upon US, and the
remedy is with you. The railroads now re-
fuse the notes above the fractional issue;
the butchers and small dealers do the same.
Its therefore useless to continue.the pay
ment of the debts of the city in currency
20 deprecated but the city is compelled to
make payments In the currency so reserved.
lam well satisfied that in few years the
entire circulation can be Withdrawn with
out any extra taxation, but the pressure for
-elief Is 80 great that action is 1t once de-
manded. and trust you will adopt means
to take up the entire circulation:
/ therefore propose that with the ap'
prevail Of the commanding general, bonds
n sums Of from my e one thousand SG dS o.
Jsauad drawing $40 DER cent Del
aSnHm interest. The interest psya
he semi-annually, viz; January and
July Of each yoar. The nrsl
coupon for three months commencing mrs
nies Of the markets be pledged for the pay
ment of the interest, and stipulate in thu
ordinance that bonds will be taken up or
the frst Of March of each year, commencing
in 1869, out OF any surplus in the treasury.
This plan will necessarily require al
payments Of dues to the city in legal tende
or national bank notes; the same currenc,
received to be paid out, the arrangement
to take effect on the fifteenth instant, or
once If required.
Out of the taxes Of 1867, payable this year
is to be paid in legal tender notes. Tn
coupons Of the consolidated and rallroai
bonds Of the former in accordance with lay
six hundred and fifty thousand dollars Wi
have TO be raised. OF the latter two hund
red and twenty thousand dollars will be re
Of the consolidated fund over four hundre
thousand dollars, bus the entire amour
being in twenty dollar notes, the most of tn
coupons remained unpaid. This caused
depreciation Of the bonds. Prom Januar
TO this date large amounts have been paio
aud with the exception Of coupons held b
the city for account of the trust funds, thirt
thousand dollars will pay all present du
coupons, ami carry the fiscal agenOY throug
until May. The Importance Of the paymen
Of these coupons in United States currency
and at maturity, Is oneiot the greatest lndue.
ments to the funding Of the entire clrculi
ton before the commencement OF the r
ceipta for taxes now nearly ready for pa
ment.
Many suppose that by the withdraws
from circulation Of the city's small issut
great endorsements would exist in tn
way Of small change. As q matter Of cours
fuhding the debt prevents the money gotn
IA or out of the treasury, but it does not pr
vent the circulation for ordinary bushes
purposes. For the past year scarcely 9 90
lar in small notes has tcund its way into u
treasury, when 1t was well known lArs
9 amount had been issued.
vs. The circulation Of city notes Is much ie
i# than reported last November, and this
As face Of large payments on the old hoatr
NJ debt Of the city besides the ordinary pa
ments required, and large decrease u y y
cpilection Of licenses compared with &
PIE 9i0ua year. The amounts received du
ing the months Of January and Fe6rual
NJ from licenses for 1867 were $765, 767 81 Il
1868 $50, TOP Is.
The outstanding taxes on the first Of D
cemher last for the years 1851, 1862, lSo
n 1855, and 1855 were a. follows on real esta
sass, $50 80, on personal property S5l7 $50
The real estate can be collected for at lea
the face Of the debt, bat question If TIVE
tydve per cent on the personal can be q
Is leeted.
An impression exists that the tax
Is above named were suspended BY act Of 6
legislature until 1870. Iheetate ana parii
taxes were postponed until the time name
but am unable 10 find any law relative
N the postponement OF municipal tax
City ordinance lls, approved June rs, ls6
pOstpOheS the collection. This can be I
pealed by the Councii at any time.
think q bureau for the collection Of 1
r. the back taxed ought 70 be cstablishe
There are probably ten thousand suits
the nourts q the justices of the peace, and
g haVe no recollection OF . dollsr paid in
She treasury since Ihsve been Ia cl1cei 81
ic yet tr6nsaera OF property are daily mad
In The city has paid che fees and costs in
lm1 these oasaa AND an effort should be made
! fnd oct what they are worth.
ro Respectfully you're,
5. HOWELL Z, Treasurer
y The following from TIE City Attorney y
rad, and the Secretary Of this Board
questsdao fnrnish copy % the ssve
q cserks Of courta.
III Osrrr CRY kzzoasfnK, no. 3 cr1x HAIi