New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-11-07
'TTY coUNcIL.-oFFICJA1
REGULAR NETTING

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provcments), Alfred Shaw Public Accounts)
II Delassize tWaterwork3 and Public
Buildings), +. c. Remck lCommerce)
James Lewis lP0licc), John S. Walton lFi
nanceJ, and H. Bonzano (Assessmentsj.
The minutes Of the previous meeting were
approved and their reading dispensed with
The Loan by the Fiscal Agent-MayOr'.
Reasons fer Approval.
The Mayor read the following message to
the Council
MAYonALTY og NEW oRL#AHs;}
November ., la72. )
70 The City Council Of New Orleans;
ADMrSIsTRAToEs-Th vote on the: loan
ordinance at the last meeting of the Coun-
ell seemed TO cast upon mt the responsible
tyof deciding whether the ordinance should
20 into effect or not. In declaring the. ordi-
nance adopted stated that would give
my reasons for my decision, whatever it
might be, at the next meeting, and that l
should decide as 8oou as possible to prevent
the scandal which might arise from specu-
Iations in city paper during a delay. [
vas therefore much gratifed, Immediately
after the adjournment, by visit from the
large number Of very intelligent and
respectable citizens who had attended the
meeting Of the Council and demonstrated
against the passage OF the ordinance, They
wished me to veto the ordinance, and pre-
scnted the following specific objections TO
it, enforcing those objections by argument
at considerable length:
/. That it was imprope3 Tor the Cquncl!
70 adopt 50 important measure SO ue&g the
end of its official term Of office
,. That the action was aastyo
3. That il was Illegal
4. That it converted non-iuHeresS bearing
obligations into an interest bearing debt.
- That the terms are zoo Onerous ana that
better could be obtained; that proposals
ought 10 be advertised for so that all parties
might have fair chance at the loan.
% That the securities given the bank are
600 much for the amount loanedo
Z. Thas the bank La. been purchasing
Fargo amount OF city obligations which are
so be taken up Cuder the ordinance, and
shat it will make "a Large SUM OF money by
the operations
80 That the ordinance allows the bank 20
decide to- which city creditors the $4,000
cash per month shall be paid.
D. yhat it does great Injustice 20 iGiders
81 bond certificates il POstponing for d year
gold interest bearing bonds by allowing the
bank o year 80 negotiate the sale at the
bonds.
10. That the banfs is new institution. |
with q small capital, and that it dOe$ not. |
therefore. afford guarantees for the safety |
OF so large an amount OF collateral s2Cur5' !
lies as the city places in its hands.
II. That the proposed loan will be made. |
guate to place the city on a cash basisb
'pbacfp oil +l,o $Icro on I
:neD had TO suggest. They embrace sub.
stanhally all that have heard urged or
that have been able to find, either against |
She adoption Of the ordinance by the present F,
Council OF against the measure itself
Before proceeding to discuss the merits .
or dement's Of the measure. let US see what !
!: IS. ii has been misrepresented TO the !.
public Several of the gentlemen remon-
strants admitted that they mad not redd the |
ordinance and their remarks about it
showed that they had been Jpisjnfoyni ed in
Segard 10 its provisions.
The bank stipulates in its proroi it;on.
%hich Is the substance OF the Ogdi nance !
nnder consideration:
7, To continue the loan Of s3Jo.%fb aow
due the bank by the city.
,. To pay and return to the city $4,000
of its oblgitionso which are now receivable
1or taxes a. s-,o o,o :, ,o>
g, Toantb far ,oct Of +ha ,annti's iic ~
vember. December. January and Febbuarv.
making total loan OF 81 ,2J03OGe ugdn sAe
terms and conditions:
rad oll{ and mistress 4, rrbf n4r emf in
gold on the amount loaned. ,
:, Security IN certificates @onTeEtlb,k into
ioT. NOR lo,,t IonI< IL 009
Market mortgage uo,eg. s50O0O
j.
!ot"i'. .''''.. '.''''''''''S l''F9' W" :
g. H. me Stt| sLai' '8Sue no nlo1F ap'
# indebtedness Nil the fifteenth Of March q
lcxto except such as are required bH law
II Tor existing contracts. "S !oT indepted'
esS an 4iIe"uS :ng a't I,. ,,,. o. r;.oa.
I tho div til! Isl.
:. To extend 70: six months the exibring
geac% OF the BANK 20 negotiate 'he; S1Oo- a
10 XIII nd o n 'i' set +I
t the markets to pay the Interest," and
rincipai OF the loan; as required. Ik the
ny chacJ 81; "he" ~eo' ~ increase u "& I
.,T,,ll c.
w s'.S,I =. - .;l,.,s,''- II
US -'-' % 'S - 1920 f'2':' N
H. NJ
1't ~ s,s.O ~. " In II
I' ~ "usS - SlI9 '9@'o ~, - D'' WV Bi
I ~, +I 10 ',,1 1t a. 90 't ta $500, YGU 6
~ 80 N'' Co