New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-09-11
unbonded debts occasioned by the receipt
Of certificates Of 1871 for revenues proper

uuDOuu6u u6DlS UCcdSlOQGu Dy the r6C6lD
OF certificates of 1871 for revenues -prope
of 1872.
Be it ordained, ETC., That in the exercise
Of its authority under section thirteen o
act No. 73 of 1872, the Council, in addition t
the 100000 provided for in ordinances Nos
1925, 1888 and 1928, Administration series
does hereby authorize the funding of GER
titicates and warrants for the year 1872 tt
the extent Of 100000, making in all $780,
600, which is hereby adopted as the extent
and limit of the issue of the new consoii.
dated bonds for unbonded debts caused by
receipt of certificates of 1871 for revenues
of 1872.
Be it further ordained, That said amount
/ shall not include appropriation, seven
thirty or other certificates issued in 1871 or
| 1872 for expenses of the year 1871, presented
direct for funding, which shall be fundable
as debts of theyea 1871, under the terms of
| the act, exclusive Of the aggregate amount
| herein specified.
| On vote being called, Messrs Delassize.
Coekrem and Bonzano voted yea; Messrs.
! Shaw and Remick no.
Mr.. C0ckrem moved a reconsideration of
the vote for debate, when Mr.. Shaw took
the floor and said:
One of two things would have to be done
Persons whose accounts were due, and in
favor OF whom appropriations were made,
should be encouraged not to sacrifice their
paper or put it in the market. This would
be accomplished to certain extent by paw
ing them ordinary interest, say eight per
cent per annum. Either that could be
done or this funding. He believed
the latter legal; it was within both
the spirit and the letter OF the law to the
full extent proposed These are not his
grounds of opposition; it was to the
nOtIcV nj larUa TnO1in0r hoH S;fay,oH
with the Council as TO whether large
number would leave their appropriations as
open accounts. He believed the proposition
would be larger than had been supposed.
He had been voted down on this question,
and knew how to respect the opinion of his
colleagues; but he ought not to be expected
to vote for method he thought not the
BEST which could be obviated, as he
thought, by policy which promised more
relief
The Council must do all it can, but no ex-
pedient would be found that would pay
three dollars out of two of revenue. Not all
the measures the Administrators could de-.
wise would make it easy to get around that
difficulty. We should by all means curtail
the amount Of circulation, and the interest
paid to reduce the volume of circulation
would be more than recompensed to the
city by reducing the discount and enhancing
the value to those who had to anticipate
their CLAIMS by selling them in a negotiable
form.
Some of the expenditures were of the
Councils own yoIition; but the truth was,
the money required by Legislative direction,
to be paid out without any control or check
on the part of the city, did not leave the
city means, with its large needs, to run it.
self properly. We must leave the matter
chiefly to the future for remedy, which
will be in setting apart city revenues, each
to the purpose for which it was raised, using
it for none other, and attempting nothing
more.
He was not opposed to funding pei" Sc,
and would vote tor proper sum, but would
have wished measures to go with this that
would make large funding unnecessary.
Considerable debate followed, after which
Mr.. Remick offered an amendment to insert
$50, 900 instead of 100000
The amendment was accepted and the or
dinance passed as amended by the follow
ing vote:
Messrs. Cockrem, Delassize, Remick and
Bonzano, yea.
Messrs. Shaw an6 Walton, nay.
After the transaction of further unim-
portant business the Council adjournedo