New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-22
The Mayor ssid it was . very difficult

The Mayor ssid it was a very Difficult
question, and also urged postponement.
Mr.. Pierce remarked that when two mer
who had studied aquestion so thorough
% the Administrators of Accounts and Fir
ance had studied this question, differed 8
widely in their views, and each was 8
earnest in support Of his opinion, he though
the Council would act wisely to refer tn
matter
Mr.. Emley considered the Council coul,
meet the question as well tonight as at an,
other time. The law read:
"And it is hereby made the duty of tn
Administrator of the Floating Debt Of tn
dty of New Orleans, as constituted by thi
OF the debts included in said statement,
certificate for the amount of their respec
tive debts, which certificate shall obligata
the said Administrator of the Floating Deb
TO pay to the holder, or his order, out d
the bonds or the proceeds thereof, which
may be placed with said Administrator fo1
such purpose, the full amount expressed il
| said certificate, with seven per cent interest
nom the date Of the issue thereof"
The Council were not allowed by the law
to pro rata this matter. The law expressly
said that the Administrators Of the Floating
Debt, when these bonds were placed in his
hands, should exchange them for the full
amount Of certificates.
The Administrator of Accounts (Mr.
Shaw commended that to do this was not
acting in good faith; but it was simply car
rying out the. law. The law said we were
to pay, not a pro rata, but the full amount.
II there were not sufficient bonds to go
through the whole list of creditors that was
not the Councils fault.
Mr.. West had heard before of "a new
way to pay old debts" and thought the Ad.
mnistrator of Commerce had hit it. 1t was
tie duty of the Administrator of the Float
ing Debt to pay every dollar of that debt.
When this law was passed it was supposed
that the bonds would be adequate for that
purpose. The contingency had arisen out
of the excess of indebtedness.
Mr.. Emley: The law says the creditors
shall be paid out of the bonds, which
shall be placed in the hands of the Admin
istrator Of the Floating Debt. We can not
place more than three millions in his hands,
and as fast as the creditors come in they
must be paid so long as the bonds last.
Mr.. Shaw: Suppose the law does direct
that! Suppose the law says, "you shall
pay thirty-eight thousand dollars with
twenty-eight thousand dollars" The gen.
tleman's argument is that the law is an alb
surdity. 1 accept the gentleman's argu-
ment if he insists on it. What the gentle
man proposes to do, Is thing which would
brand this Council with infamy, to pay one
creditor and not to pay another The only
bids you can get at this time with advan-
.age, are bids on certificates, and you can
not accept them except pro rata. propose
70 put the question to the vote and if it is
7oted down, let those who vote it down, tell
Is hereafter whether they did right
" wrong. Three months has this question
been before the Council, and the man who |
Ices not understand the difference between
! pro rata and a full payment now. will |
lever understand it on Gods earth. have
old you could name creditors of the city |
Who were urgent for this opportunity to
id. will name one of them. The Presi- |
lent of the Firemen's Charitable Associa-
ion asks to make bids ready to make |
id-has made bid for the full amount
ut knows he can not receive payment in
ull, and makes it pro rata for hundred
nd seventy thousand dollars. The ordi-
ance only proposes to invite bids. If the
'ouncil does not like to accept the bids
'hen they come in, am ready to hear the
hole argument over again.
Mr. Walton said he did not think the
uestiOn deserved all the energy that had
cen wasted on it. There was no harm in
wing the experiment. He had not changed
is opinion in the least, but he was perfectly
illing to let the experiment be tried. He
i'd not wish to throw any obstacle in the
ay.
The yeas and nays were called on the
loptiOn of the ordinance Messrs. West,
law, Delassize, Finley and Pierce voted
"a without comment.
Mr.. Walton voted yea as an experiment.
Mr.. Bonzano voted yea as an experiment
The ordinance was declared adopted.
II. CONQUEST CLARKE,
Secretary. DrO tenn