New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-12
DESCRIPTION OF THE BoNI

| Seven per ceRt.-new, seven per
cent. ....................... 1895 5000 900
Jefferson City, eight per cent?. 1897 295 900
| Hhart improvement, seven and
! thrf e-tenths per cent. ......... 1880 100 900
| street Improvement, seven and
| thTee-tenths per CENT. 1911 200 900
| Ten per cent. at will of Council or 1881 ll5OOOO
| FOntchsrtrain and one million
| loan; OBSERVATION-DISCLOSURES. ZOO
| FlOathg deDt''''..''.............. 900
Total. 5000 900
The debt can not legally exceed twenty
three millions of dollars. The following is
the law:
'And it is furthermore enacted that at
| no time shall the face of the bonded debt
| outstanding and unredeemed added to the
certified debt of every form exceed twenty.
| three millions of dollars, and all issue of
bonds, or evidences of indebtedness whatev-
| er IN excess of said amount, shall be unlaw-
| tul, and shall not import or convey any obi
/ CATION. And if any person under color of
| ONCE or otherwise, shall issue any bond or
| warrant in violation of this section, he shall
| be prosecuted criminally by Indictment or
| information, and upon conviction shall be
condemned to imprisonment for two years
and any person negotiating or attempting
to negotiate such bond or warrant shall be
considered an accessory to the fact, and
| subject to the same punishment as the said
l offender"
2. The city debt tax must be levied be-
| fore any other tax is legal In addition to
/ providing for the interest, there must be
| levied sufficient to produce two per cent of
these bonds for a sinking fund, so that one
| nItieth shall De retired each year, thus alb
| sOrbing the whole, at maturity.
3. The city debt tax can not be applied
| to any other purpose. but is declared to be
vested right of the bOnd-hOlders inter
! ested.
| 4. The property owned by the corpora
ton, public squares, cOurthOuses, markets,
waterwOrks, jails, schOOlhOuses, etc, is
valued at $23, 100000, the amount of the
| limit of the debt. Added to this, the prop
erty of the entire city, all of which is bound
for the payment of the debt, is assessed flor
purposes of taXatiOnl at $l40,000,000, and
is really valued at 100000, 000 The income
from the markets is about $500 900 per an
mum, which, with the licenses wharves and
waterwOrks, alone produce sufficient to pay
the interest on the debt, aside from the
regularly assessed tax. The annual in
crease of property on the river front, known
as 'batture," is also large source of
wealth.
INTEREST.
There is no city in the country that pro
vides as carefully for the punctual payment |
of its interest as New Orleans. Bylaw and |
custom the interest tax takes precedence of |
all others. 1t is deposited in bank, Sc |
lected as the eity's fiscal agent, and usually /
lies there several months prior to its pay |
ment. As soon as deposited in bank, it |
passes from under control of the citv's |
officials, and is held by the bank in trust
for the bOndhOiders, in accordance with the
following law:
"The Administrator of Finance shall de-
post with the fiscal agency daily all moneys
collected by him from whatever source
The fiscal agent, shall set apart, and keep
IN separate funds, the sums of money de-
posted on account of the consolidated loan
tax, and for the payment of the interest
and principal Of the various bonds issued
and to be issued by the city of New Or
leans, and such funds shall not be subject
to the draft of any city official, but shall be
a vested right of the bondholders That
under the direction of the commissioners of
the consolidated debt, or of the Council, I'M
der existing laws, said fiscal agent shall |
purchase from time to time, before matur-
ity, such bonds of the city as there may be
funds in its hands to pay for, and shall can
eel the same"
Thus the interest is secured beyond all
peFadventUre. But to leave no point I'M
guarded, the law further provides that:
I'm the event of interest coupons falling
due previously to the collection and deDosit
OF the taxes imposed for the payment of
said coupons it shall be nevertheless obi
gatory on the fiscal agency hereby created,
to pay said coupons on presentation, and
any amount thus advanced shall be reim-
bursed to said agency out of the first taxes
Should there be therefore any delay in
the collection of the interest money, it is
the bank that must wait, and not the bond
holder.
THE CITY OF NEW ORLEANS
Is the emporium of the Mississippi valley,
and the second city in America in the
amount and value of its exports. 1t is the
greatest cotton market in the world, and is
far beyond all other cities in the number
Of steamboats, employed in its trade. In
the year 1860 its exports exceeded even
those of New York.
Its area extends from the river to Lake
POntchartrain, with levee front of ten
miles, on the business portion of which can
be witnessed a scene of activity surpassed
by no other port in the world
The great rivers, Missouri, Ohio, Arkansas
and Red, with numberless smaller streams,
empty their waters into the Mississippi
which rolls past New Orleans, with the
drainage of l ,226, 600 miles of territory The |
river is 1886 miles in length,
and the Missouri 1896 miles. From the |
head waters of the Missouri to the Gulf of !
Mexico is one continuous river 4506 miles |
long-the longest in the world. The Mis-
slsslppl nyer and its numerous branches,
reaching far back into the neighboring
oSaOes anu territories, present a network
OF naYlgaOle waters of vast extent which |
though their capacity of navigation is VET
put partially developed, already far exceed
IN Importance to man any other svs+a,,,- of |
rivers upon the globe '9'0'-- "a
The Misslssippiis assembled bv stAamboo+s
to the rails OF st. Anthony, about 9300 |
miles, 1ts MAN branch, the Missouri ia |
ms mil |
the Ohio, another tributary. boafs mn, - ~
Pittsburg, 24l3 miles, and the Arkansss
and Red rivers are each navigabla raoUo
than 1000 miles All this enormous 1919
of country, extending from the AlleobaU;as
to the Rocky mountains, is in direct wa+or
communication with New Orleans, and to
a large extent tributary to it.
Occupying a commanding position at the
mouth OF the great river, and Cd the G1,If
of Mexico, with sixteen Thousand miles of
navigable rivers flowing toward it, the CITY
of New Orleans is the great exporting place
for the produce of the West, importing in
return from Europe the West Indies,
Mexico and South America, the products of
those countries for distribution inland. The
effects Of the recent war, which for a time
stopped the progress of New Orleans, are
passing away, and the CITY is again realiz-
ing the position to which her unequaled
location entities her. Railroads have been
oulIt, ana others are being rapidly pushed
10 completion, uniting her with the East
ana west. In another year Texas will be
ued 10 New Orleans by two lines of rail.
way Inc southern Pacific will place New
orleans and San Francisco in direct com
munlcauOn, and few months mora will
make continuous line to and from CHICAGO
ana the great lakes. With so much in bsr
IaVof, Vhe continued prosperity and ulti-
maze great OF New Orleans are assured