New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-07-21

to make prompt and correct assessments;
therefore, be it
Resolved, That the City Surveyor be and
is hereby instructed to report to this Coun-
Gil as soon as practicable, the probable cost
of, and necessary time to complete plan
book for each assessment district in the city
Of New Orleans, which plan books are to be
SO arranged that each square of ground ap-
pear as separate sheet, subdivided into
lots, together with the owners name, appear
thereon, in such o manner as to allow space
when changes occur.
The following, offered by Mr.. Shaw, was
ordered to be printed and referred to the
Department Of Improvements: .s-e 4
WHEREAS The city of New Orleans con-
tributes more than One-half to all the reve-
nue. to the State, and considering that the
benefit derived from taxation should be
equal thereto; and ~
Whereas, The rear of the city of New
Orleans is subject to periodical OverfiOws,
causing great damage to property, thereby
deteriOrating the value Of real estate, which
would otherwise be valuable and inhabited;
and
Whereas Millions of dollars have been
voted and expendep for the protection Of
lands from overflow Of far less value than
the section above referred ia, and consider
ject to the order Of the Board of Public
Works of the State and further, that the
enhanced value of the lands will soon repay
for the costs incurred by the building of a
proper levee in the rear of the city of New
Orleans on the shores of Lake POntchar-
train;
BE 1t resolced, That the Council of the city
of New Orleans, through his honor the
Mayor, urge on the Board of Public Works Of
foto ftQ nil nd fv nf q N.Y.
lection levee in the rear Of the city Of New
Orleans to aid in the proper drainage Of the
SAME, and to assist the city with State funds
appropriated for levee purposes.
ResOlred, that a copy of the foregoing
resolutions be Transmitted to the Board of
Public Works of the State Of Louisiana.
The floating Debt.
Mr. Shaw presented the following Ordi-
nance:
An ordinance providing for the opening of
bids from floating debt holders, in ex-
change tor bonds.
Be it ordained by the Council of the city
Of New Orleans, That holders of the float
ing debt are invited to make bids for bonds
of the three million ISSUE payable in GER
tificates of floating debt, the Council of the
city reserving the right Of accepting said
certificates in payment to the extent of
seventy-five per cent OF more. Allowance to
be made in favor Of the city, for interest
on bonds to date Of exchange. Holders to
retain their certificates for the unpaid
balance. All bids to be addressed to the
Bank of New Orleans, Administrator Of
the floating dept.
In moving the adoption of the ordinance,
Mr.. Shaw expressed the opinion that this
was a step which should have been taken
some months ago.
Mr. Walton said he had no desire to op-
pose the plan of giving the creditors of the
city the opportunity Of taking the floating
debt bonds in payment of their claims. He
agreed with the Administrator Of Accounts
in thinking this was a course which should
have been taken three months ago. But he
objected to the pro rata provision. He
thought that could not be carried out. The
true policy. in his opinion, was for the city
to get as much for her bonds as she could,
and to settle with each creditor as he came
in. The division of the certificates was i'm
practicable.
Mr.. Shaw replied that it would lie with
the Council to accept the bids or not. If it
was found inexpedient to divide the certif
Gates for the small amounts, the Council
would not accept bids in that form. The
ordinance was perfectly safe as it stood.
Mr.. Pierce said it seemed to him the
Council would not get as high bids by adj
vertising for a pro rata sale as they would if
they proposed to give bonds for the whole
amount of the creditors claim. 1t was left
to the city to give seventy-fve per cent or
more and the creditors in making their
| bids, would take the lowest amount as their
| basis.
Mr. West said he had listened with much
| attention to the remarks made by the Adj
ministrators of Finance and Police, and he
would like to ask them if their arguments
were not to this effect: That it would be
desirable to pay the whole amount if We
had the money to do it with. The Council
were allowed three million dollars to liqui-
date the floating debt, and the question
arose whether they had the right to dis
| tinguish or give preference to one holder
over another. In order to prevent this the
| limit was put at seventy-five per cent, or Sc
much more as the Council might be able to
allow. The result would be that, after the
administrators had exhausted the amount
allowed them, the creditors must seek re-
| dress from the Legislature. He had heard
from neither of the two gentlemen any bet
ter plan proposed.
Mr.. Emley said he had always concurred
| with the Administrator Of Finance in his
| views on this question. He thought the
| Council had nothing to do with any pro rata
We could not hope to ascertain within the
next ten years the exact amount Of the
dividend to which each creditor was equita
bly, entitled, according to the scheme pro
pounded by the Administrator of Accounts
If the Legislature had ordered the Council
| to wait till every item of the debt had come
in, and then to strike pro rata, the scheme
would be somewhat practicable. All We
had to do was what the law required us to
do, namely: When the evidence of indebted
ness was presented and passed, to give bonds
| in exchange for them. Long before all these
bonds could be taken up in exchange, the
| Legislature would be in session, and pro.
| NlSIOu COultl UC uldteIC W ICCl tAC uaitthSO vi
the Indebtedness. OF course there was in
telligence enough in the community to know
that the Council had not means enough tt
meet all the floating debt. A start had
been made in the way Of exchange, by the
acceptance of the Gas Company's bid al
eighty-two and a half-let it be understood
that creditors who came in at this figure
or at larger figure. could have bonds fol
their claims. In this way much higher