New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-06-15
NEW ORLEANS, WEDNESDAY, JUNE l5 1870
and expenses for less than half the interest

and expenses for less than half the interest
on the cost of such job.
These records of the parish Of Jefferson
are public, and the city Of New Orleans
should have the right to make Its own con-
tracts for what it has to pay. Whether the
act is valid and binding upon the city, or
should be contested from the beginning is
a question On which suggest that the City
Attorney be consulted.
SECOND CLASS FLOATING DEBT.
One of the great objects of the act creating
the present form of city government was to
dispose of the floating debt Of the city, so
as not to be an embarrassment to the Ad-
ministrators. The avowed design was to
enable them to fund all floating
of the city to proper expenses
and improvements, the payment
OF all interest, and the gradual sinking of the
debt by process just and impartial to all
creditors.
But the charter. in the financial sections,
has proved itself crude and imperfect
as confessed by its designers and advocates
The definition of the floating debt is narrow
and restrictive, and no provision whatever
is made for claims and debts no. strictly
enumerated. 1t is encouraging to know,
however, that the floating debt claims pro-
vided for by the charter can all be paid, and
more than paid, by the three million bonds,
even at their minimum price. This leaves
the Administrators no difficulty to grapple
with except what may be denominated the
second class floating debt. Second, not be-
cause it is inferior in its binding or validity,
or in the value it should command in the
market. 1t is in our power to make it
equal to what is merely ranked as first,
because provided for in peculiar way
by the charter, and named first in order.
respectfully submit an1ordinauce, which
onTr >InI nv,6 6rnY1-
dered more perfect by the suggestions OF
Administrators and business men out of the
Council, may relieve the city from the con-
stant pressure of claims existing prior to the
going into effect of the present charter.
An ordinance to provide for the relief of the
creditors OF the city, holding claims not
provided for by the city charter.
SECTION l. Be it ordained by the Council
of the City of New Orleans, That all holders
of claims Except judgments) against the
city of New Orleans, matured prior to the
fourth Of April, 1870, or under contracts ex-
istlng at that time SHALL upon application
to the Administrator of Public Accounts and
the surrender Of their evidences of debt for
that purpose, and on his report and the ap.
proval of the Council, be entitled TO cerii.
hcate under the provisions of this ordinance.
or in default of approval, the evidence Of
debt shall be returned.
such debt, if arising from registered bill,
shall bear interest from the approval Of the
Finance Committees, or if passed by resolu-
ton, then from the date OF the resolution.
But if arising from any other form of debt
than a registered bill the certificate shall
bear interest at the rate of seven per cent
per annum from the issue of said certif-
cate.
SEC. 8. Be it further ordained, ETC., That
such interest, at the rate Of seven per cent
per annum, shall continue until further
and otherwise ordered by ordinance Of the
Council or by act of the Legislature pro-
vided, that in case of suit against the city,
the same shall terminate from Judicial de.
mand, and the city shall not hold itself
liable to pay more than the legal rate of
five per cent per annum interest from the
institution of such suit.
SEC. 4. Be it further ordained, ETC., That
the first payment of interest under this Or
dinance shall be due on the first of July,
1870, for interest running back six months
or more, and on the first of January, 1871, in
all other cases; and thereafter semi-an-
nualy until the extinction or liquidation OF
the debt or the repeal or modification of this
ordinance by the Council or the Legislature.
SEC. 5. Be it further ordained, ETC., That
the certificates shall name the principal due,
and the time from which interest shall be
computed, and shall refer and be SUBJ
ject to the terms of the present
ordinance. They shall be signed by the
Mayor and Administrator of Finance, and
attested and registered by the Administrator
of Public Accounts. They shall be payable
to the original holder or bearer, and shall
be transferable by delivery.
l suggest that this ordinance lie over for
amendment and careful consideration, or the
substitution of any other plan which your
wisdom, or the advice of business men, may
suggest.
ALFRED SHAW,