New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-07-03


Fiscal Agent NOT complied with its agree
ment?
The Mayor-It has not paid the 100000
to the Bank of New Orleans.
Mr.. Walton We have their receipt fori
The entire settlement is made, only the
Bank of New Orleans reserves the right to
claim damages for the loss of the fiscal
agency. Before we had anything trans
ferred at all, while the Bank of New Or
leans was refusing to pay checks on funds
placed with them on special deposit while
matters were in this unsatisfactory state
the Louisiana Savings Bank paid the
coupons maturing the first of June, amount
ing to $15O,O0O. So far as I know we have
complied literally with every duty that has
been laid upon US.
Mr.. Shawl take some exception to the
style of the Mayor in this matter. The
Mayor speaks of himself as the Jeremiah
of the Council. would not obiest to that
if he would also undertake part of the
duties of the Council. This proposition
came originally from the fiscal agency it.
self l supposed we had duties as well as
the Mayor 1t became my duty to investi-
gate this matter, and see what the prOpo-
sitiOn was. Having gone over it, l pre-
ferred what thought would be a safe
| proposition in answer to that proposition
| of theirs. This ordinance, as far as it
changes the ordinance offered last week by
the Administrator of Improvements, is re-
/ STR full I'M Re 7g+a
propriate one dollar unless the negotiations
are a success. This proposition was printed
last Friday. resent the idea of the May
or that any enormity is to be put through
this Council. When an enOrmity is to be
put through, they must go to some other
man, and not to myself, to put it through.
1 have never put through an enOrmity.
Every proposition in life must be taken on
its own merits. There is no enormity in
this proposition at all. The funding bill
lays down certain things for us to do. 1t
says under certain circumstances we can
change the whole funded debt. This provis-
ion did not originate with the Council; it
originated with business men, with
the Citizens Association. After eonsulta-
ton, we signiied our consent to this provi-
sion, and the present ordinance simply car
ries out that provision of the law. The
Fiscal Agent says: II will do this thing,
and if do not succeed will charge you
nothing" Last Friday this ordinance was
put in type, and two copies were sent to
each newspaper and one was handed to
each Administrator and to the Mayor. A
meeting for consultation upon the ordinance
was held yesterday, from which the Mayor
was absent. We are asked to take early
action in this matter, because, if they do it
at all they want to do it at once. If they
do not succeed we will probably hear no
more about it. I would rather escape all
this work 1 would rather avoid this, as
far as my personal feelings are concerned.
1t would be great deal easier to do like
the Mayor, and hold up our hands and say
"The situation is bad we must stop"
That is not what we are put here for. We
are put here to try our very best, and if we
do not try our very best to improve the
condition of city affairs we will be largely
to blame. We are often told by the Mayor
that great deal of blame belongs to the
Legislature, and a great deal elsewhere and
some to US. I propose if hard work can re-
lieve our position to do my best for that
purpose.
The Mayor am very glad to have
brought out this speech from the Admins
TRAITOR, though, as the Council will perceive,
he has not discussed or explained single
provision of the ordinance he has put be-
fore US. 1 say it is an enormous thing, be-
there are $4,000, 900 involved. That
may be a tribe to the gentleman, but I
think it enormous. 1t is merely matter of
$l0,OOO,000, which are very easily disposed
of by the administrative talents Of my
friend the Administrator of Public Ac-
counts. Let me ask one or two things.
This ordinance gives the preparation Of
these bonds to the Fiscal Agent. 1t pro-
vides that the city shall pay all the expenses
on bills to be made out by the Fiscal Agent,
and never knew an instance where the
parties in interest could not make out the
bills as large as they please. Fifty thou
sand dollars expenses are to be paid by the
the agent of the bank is to take tip to
Europe.
Mr.. Shaw called the Mayors attention to
the fact that no expenses were to be paid
unless the negotiations were successful.
The Mayor said it was not so stated in
the printed ordinance he had before him.
The ordinance, as laid before the Coun-
Gil by the Administrator of Public Ac
counts, was handed to the Mayor.
The Mayor remarked that this copy was
so dOctored and blotohed that it was impos-
sible to get at its meaning He declined to
discuss an ordinance he could not under
stand.
1.-THE Mayor resumed the chair.l
Mr.. Shaw-The Mayor in his tacetiOus,
witty way. says there is nothing in this
ordinance except a trihing matter of ten
millions of dollars. To me there is this in
it. The Fiscal Agent says; ''DO you want
to change your debt at a higher rate than
the market rates If you do we will try,
and if we don't succeed we will charge you
nothing" What harm can this do2
The Mayor say distinctly that if the
agent is not creditable to the city, the very
intrusting this negotiation to hun will in
lure the credit of the city. l wish to say,
frankly, think the agent selected viii not
add to the credit of the city. think the
bank selected as Fiscal Agent will not add
to the credit of the city. If the party
chosen to negotiate is not one to do
credit to the city the negotiation