New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-09
ON CARONDELET STREET.

| cent action Of the Supreme Court, reopen
| ing the legal tender case. is taken with a
| view to reversing the decision already
rendered. All of the Judges who voted
for that decision voted against reopening
the case, that is to say, Judges Chase,
Nelson, Clifford and Field. Judges Nil!
Ter, Davis and Swayne, who dissented
from the decision, voted 10 reopen. and,
as they were reinforced by the two new
Judges, Strong and Bradley, they carried
their point. It may, therefore, be safely
assumed that the former decision will be
reversed, and that the Supreme Court will
hold TO be law the anomalous doctrine
that the government may intervene in
private contracts, and change the consider
alton on which they are based.
We regret 50 see that the Chicago
Tribune falls into the error of supposiug
that ''specie payments may be restored
by the process of selling gold out of the
treasury. In one sense the Tribune, 40
doubt, is right. Greenbacks might be
brought to par by selling the treasury
gold, but as soon as the gold is sold re-
action would take place from the necessity
of collecting back the gold which had
been sold. The effect Of such a measure
would be transient, and it would be at
tended with all the pernicious conse-
quences which would certainly flow from
the rapid and violent fluctuations which it
would produce. To put gold down at
once from 112 to zero, would occasion
great disturbance Of prices, and the i'm
possibility of keeping it at zero would
aggravate the evil.
The confidence of the public in the new
city government has already had marked
effect on all classes of city securities; but
those which represent the floating indebt-
edness have not experienced the full
measure of Improvement that was antici-
pated. Warrants have been rather weak
within the past few days. This is owing
to suspicion that they are to be criti-
cised very closely. Those known as regis
tered bills are supposed in some cases to
be defective In form. Registered bills
should be duly approved by the proper
committees Of the late Councils, and
should show that fact on their face. They
should also show the resolution or ordi-
nance authorizing their Issue, to which
specific reference should be made. They
should likewise indicate the account to
which they are to be charged. There are
some on the market lacking these formali-
ties. Such bills will not reach the Com
missioner of floating Indebtedness, until
these omissions are supplied By proper
authorization and proof and they may
have to pass the Council again.
The new city government have been
comforting with some of the banks in re-
lation to certain arrangements, which,
when contaminated, will have very i'm |
portaut and beneficial effect on the linan- |
cial situation. The RESULT is not yet known,
but it is understood that at least three |
banks have offered to advance all money |
necessary to defray the current expenses
of the city government, on condition Of |
receiving the Enthusiastically of the
Floating Debt Commissionership, and the
Fiscal Agency for purposes of deposit.
The city has right to take up the floating
by the issue of $4,000, 900 10
seven per cent bonds, payable in twenty
i've years. The margin is limited to
per cent discount, and the ne
collation. will be confded to the Admins
.rator. The Council may, likewise, borrow
500, 900 without restriction, but provision