New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-12-22
proper Of the administration, exclusive Q

Such being the basis, Administrator
Shaw proceeded to show there was going
to be deficit Of 81, 164, 84s; and if some
way could not be found to reduce this
deficit, it would have to be met by special
additional tax Of one per cent, Or by an
increased issue Of bonds over and above
the million and half that would have to
be issued anyhow, for wharves, st. Charles
street, and unsettled floating debt
These public explanations are just what
the people and taxpayers want, and the
effect was demonstrated yesterday on
Carondelet street, in the fact that bust
ness men concerned in the welfare Of the
city were actually discussing the matter
as if they had something to do with OF
about it. The fact comes home 10 bust
ness men and taxpayers, and is a healthy
sign when they exhibit practical interest
in public affairs.
! Bondholders, the more prosperous Of
business on very small assessed capital,
are, with exceptions, in favor Of more tax
alton, and would pay five per cent Us lief
as not. They make that much easily by
the movement and the pressure which is
necessarily created by over-taxing. But
the mass OF people who bear more equal
share of the burden, although they regret
the fact that bonds enlarge, by one-third,
the debt they issue for (for they sell at
about ~ are opposed to increasing the
| taxes at this tine, and look with more
| hope and confidence to the future.
| We do not understand the Administra-
| tor or the Council are anxious Or atall il
favor of increasing the present taxation
but that they think it bes. to put the ques-
ton squarely for discussion. This is GER
tainly more just and satisfactory than cor
cealing it would be.
We shall, after examining and analyzirg
the reports Of Mr.. Shaw and Mayor Elan
ders. recur to this subject again.
There was another fuctuation in
Slaughterhorse stock yesterday. The
bear movement, if such It was, OF the
day before, appeared to have subsided.
and an upward tendency was clearly man
Tested during the morning. Some other
stocks also had an upward look. Naviga-
ton was bid for at from Il to a., quite
an advance over the ruling price pre-
viously; and there was some inquiry for
levee scrip, though this did not amount
to much. Perhaps the most conspicuous
of the silent phenomena OF the market,
recently, has been the steady decline OF
Barbarin stock. What its price IS now
scarcely. anybody can tell, for there seems
to be no purchasers, and sellers find
great difficulty in disposing OF their
shares.
The money rnarke. mas become sensibiy
easier Of late. Brokers who lately were large
borrowers, now have money 10 lend; and
Il per month is the highest rate demanded
on city securities.
The great stock war in New York, to
which We referred yesterday, was waged
with peculiar vigor last Friday. On that
day there was pitched battle between
the bulls and the bears. The Herald gives
the following interesting account OF the
manner in which the "bear" party
operated
The stock houses operating on the bull''
side came upon the street toward three
I. l. l.,
rency, enabling q general making up Of
accounts at the usual hour for closing the
banks Some dlatory borrowers appeared
after this time, and had to pay as high as
one-sixteenth for accommodation, but they
were suspected to be emissaIies from the
camp OF the bears" who were determined
not to let the market wind up at the reaxa-
ton to seven currency. 1t was evident,
however, that the stringency had greatly
;sbatad, if it had not entirely gone by, for
the supply Of money was larger than on the
preceding day. rs shown by the greater ia
cility with which bank accounts were made !
up. As anticipated, one OF the leading
down town banks-the observation-disclosures
creditor at the clearing house this morning
had been locked by the bear cliques by
the process of certified checks.
The officers Of this institution, which has
always borne the best reputation for fair
dealing expressed themselves as highly in
dgnant at having been made a tool in the
conspiracy to derange the money market,
and were urgent in protesting that they
were innocent OF any willful participation
in the scheme, their completely having been
brought about by the certifcatiOn of checks
which were drawn by parties belonging, it
is alleged, to the ''pool," and were certified
in the usual routine Of business. The
conspiracy to render money stringent
capitalists, who began their operations
by contributing their quotas to a "poOl " of
$5,000,00O, which sum was Immediately
taken out Of circulation, and with the with
drawal Of nearly 81 900, 600 by the city treas
ury and the payment Of 81 100000 into the
SubTreasury on Thursday occasiOned a
sudden hiatus Of about $l0.000,00e in the
available money of the city banks Most
Of the money which went into the city
treasury and United States Sub Treasury
has found its way back again into the
street, and hence the relaxation of today.
Otherwise the staple Of money is almost as
great as ever, for the shipments OF currency
are material only in the direction OF the
Southwest, which is sending cotton more
freely.
We find the following quotations Tor
New Orleans and Louisiana securities in
the EerG1G Of tie seventeenth: Louisiana
SKIES Il to 72; DO new 66 to 60; Levee !
SKIES y TO Il; do Fights 50 to 90; Peni- !
Tertiary seyens 90 to SO: Mississippi |