New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-14
ON CARONDELET STREET.

lot OF S11S9 dated thirtieth August,
brought $40. 5000 seven-thirties realized
75i. $1,000 new seven per cent bonds
changed hands Monday at IL, and $500
yesterday at 712.
For city ten per cents SO was offered
and refused for round amounts.
An important proceeding was yesterday
taken by the Board of Commissioners Of
the Consolidated Debt. They resolved to
take up, on the first Of October, all the
bonds then maturing or coming due, and
as many Of the past due bonds due Octo-
Der l, 1869 as the surplus will take up,
say s15O,OO0.
Our readers viii recollect that the same
! Board Of Commissioners have already ad-
vertised for proposals to sell to the city
Consolidated bonds to the amount of
$4,000. This is to be paid out OF the
Consolidated fund, the ten per cents out
Of the one million loan fund, but both
will have an important effect on the credit
of the city, in showing not only intentions
but acts on the part of the Mayor and Adj
ministrators to reduce the debt Of the city.
The city government long since accom-
plished the systematizing. of regular cash
payments of city current expenses. They
now attack the back debt, and with the
the vigor with which they commence they
will soon bring every class OF back
debt and city bonds and securities gen.
orally, to something near par. Another
year Of such administration would bring
the credit Of New Orleans to a par with
the most favored and fortunate Of North
ern cities.
The amount Of back debt that viii be
taken I'D on or before the first OF October
will be as follows:
Consolidated bonds. ...... So. 600
Ten per cent bonds, two year issue $4,000
Six months observation-disclosures. i-.o00
Ten per cent bonds. ore year issue 100000
Interest $500
Total to be extingushed. ..... S47o,0
OF the one year issue the denominations
"
former amounting to so, GOO, and :be lat
ter to 100000.
The reason of giving the preference to
the two year issue over the first, is eX-
planned as follows: The law requires -
cents in the 81 30 CT city taxes to be set
apart to take up the annually maturing
bonds. IL the year 1869, the taxes Were
not SO set apart, and were misappropri-
ated. The bonds, or coming due, We're
dishonored. It is u cardinal principle
with the present city administration not
to let any obligation coming due il
its time be dislonored They there
fore, make sure Of that first, aud then DO
their best with the past city Indebtedness,
which had the misfortune previously OF
going to protest. AS all these bonds bring
the good round interest ften per cent, and
the city viii continue to pay semi-annual-
", there will be no dissatisfaction on the
part of holders. Being unable to take
up the whole of the one year issue, the
Commissioners have thought it hest to
take up the small denominations, SOS
and zoos.
There seems to be q legal as well as
moral propriety in devoting the taxes col
lec:ed each year primarily to the bonds
falling due the same year. The taxes this
year had are IN the very nature Of things
destined for the bonds coming due this
year and If the assets of last year were
squandered or nlisappropriated, they are
lost to that SERIES and should not cause
dishonor to a second or other series. The
only Just way is to do the best with all
classes Of back debt. with such SURPRISES
as may be on hand and while compro-
missing past shortcomings, see that no
fresh ones occur.
The ''Teutonia National Bank" has Or
ganized by electing Rudolph Sieg presi-
dent Charles Bendix ice-president, J.
". Wagner cashier, and T. 2. Beck book
keeper. All these officers are well known
in financial circles and the bank seems
destined to commence under tie best aus
pices An Office has been opened for the
cashier at 24i Carondelet street The
capital stock, now fully subscribed for, is
$500, coo, ofwhich fifty PEI cent is payable
on the first Of October. But the books
are to be opened for an extension of the
stock 500, 600 or more.
In old Ship Island stock there was
little movement, but at reduced prices
$50 shares sold at 81 cents, and $50 and
500 at so cents. Some Of our friends
think We have spoken too lightly
Of this stock.
Our position in regard to it is. We take
it, perfectly fair one. The project pro-
vided for by the State Legislature in the
company's charter, beyond a doubt, if
carried into effect, would prove Of very
great benefit to the sanitary and CONNER
| ciaI condition Of New Orleans.
For that reason We have given the
scheme all the countenance circumstances
| would warrant; but the stock is different
matter. When the managers of the con-
Germ show their ability to conduct it to
success, we shall duly record the fact.
Meanwhile, the stock is worth just what