New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-11-23

unprovided for aoating debt They are as
follows:
Capital Of jefferson City notes. go. $4,000
Bank of New Orleans, seven per
cent certificates (excess OF float.
ing debt. $4,000
Seven thirty certificates issued for
debt ..,'................ $50, coo
Total. S6O2 900
These are items of which it was the object
of the act of consolidation that the admins
tration should start unembarrassed. The
peculiar wording of the charter leaves them
unprOvided for, and it has been generally
understood that the Legislature would, at
its first session, authorize the issue of suff-
cient seven per cent bonds to cover them, as
well as few unaudited claims upon the
floating debt, and some rejected ones that
may be placed upon it by the courts.
The charter also provides for the issue of
improvement bonds, in order that works OF
such urgency "a would not admit Of delay,
and such magnitude as not to be provided
for by current taxation, should be met by
the issue of bonds and the payment Of in
terest at seven and three-tenths per cent.
The issue of 100000 of such bonds for
wharves has been already provided before;
but there remains a liability of $4,000 for
cost of paving St Charles avenue, to be
met in the same way. Thus $SG2,O 900 of the
estimate will be disposed of, leaving still,
however, 81, ,l64, ,S4S to provide for.
This deficiency must be met first by a gen
eral retrenchment and economizing OF the
resources of the city government. The
items of the estimate have been carefully
canvassed. They represent, in many in
stances, the absolute necessities of the city
government. In others, the possible require
ments, where these are subject to cOntin-
gencles beyond our control or prediction.
But in other particulars, however carefully
arrived at, am satisfied there can and must
be reduction. The estimating Or setting
aside Of so much upon the budget does not
mean spending it. The city government
will be limited by its own act from exceed
ing these items; it Is kept within them by
law; but it is not thereby implied that it
should exhaust or spend the whole Of any
of these items, ic within its power to spare
or gave any portion.
We have the problem in hand, and these
are the figures which are required for its
consideration. We must retrench, without
impairing the efficiency of the city govern
ment. The demands of the times and of
commerce require improvements to streets
and wharves, and efficiency and thorough
ness in every department of the public SER
vice. Our credit must be maintained, the
current expenses of the city must be
promptly met, and no public creditor must
be made to wait q day for his interest when
due.
The issue Of bonds. except for unprovded-
for floating debt due when the administra-
tion commenced, and for purposes of i'm
provement strictly contemplated by the
charter, should neither be made nor asked
tor.
1t will, therefore, be necessary to apply
to the Legislature for power to levy a spe-
cial tax. This seems TO be the only proper
alternative to sustain tho public credit; for
the issue of further bonds should be
avoided. and at the same time no just claim
of public creditor should be postponed.
The assessed real estate of the
to.............................$ll5,S7s,773 to-. 5,S7s, ,773
Personal property. 23,095, ,l72
Total. .sl3, i5
An average failure or postpone
ment Of collection on ten nor