New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-12-25

Ronds loaned CITIZENS Bank ~ SSJ ana
Bonds loaned Consolidated association. 53l, AT
Bonds, paid subscrp ION 20 new Orleans
n,,e fraa schno, fnnd "u oo"p"hS i syT ~
Bonds, SEMINARY fund............. 5000
United States deposit. 479,SA
MAJ, ,aoc-c., 49,
Deduculng tnis amount from tne grand
total VI naplHties' sun leaves S@''Voo,ooV ol
outstanding 0ohgansi"na, bearing an annual
interest Oh aoou. 81 'ooo,ooo. Inc legality
OF many Oh Ine Opilg Ai"ns "nlcn make mp
TINS S2o'oVV,Voo !s "enled III tne courts.
Ihose whose iegahty maynot DC contested 90
not All stahd upon 1he same equitable loot
lug LOT payment. some Oh uhe ponus were
issued 1or IrauuuiehG cia'nls' some 10 pay
contractors nominaly az .ne legal rate, ons
IN eHect-the price OF the WORK Dtlng SUM
Gently lnGreased-at less than thirty cents
on the dollar: some were SOLO AS pledges on
ioaus' DIS "o nave seen, iol thirly-thIee per
cent; many others were exchanged at sew
enty-two Genus on tne doiiar Ior Warrants
ana certlhcates OF Indebtedness at par,
"nich cost the hoioors Tess taah MY Genus
OF their face, thus making the cost OF the
bonds to those who thus took them in ex-
change less tnan tnlfty cents on the dollar.
Owing to the Irregular les, to use no
harsher term, Whicn attended these trans
actions, and to the depreciation of property
caused by the excessive taxation required
to pay the interest ON the debt thus accu-
mulated, and to the consequent mmlnence
OF Reputation OF the whole debt, the mar
ket price of the bonds has ruled fifty per
cent below par. Those who have since pur-
chased the bonds must have done so with
the knowledge of these attending circum-
stances OF public warning. which made
their purchase not unlike that OF goods Of
fered for sale in such manner and az such
prices as to raise the presumption that the
vendors were dispOsing of ii bad title.
The State can not pay the debt which will
remain even after the above elimlnations,
or meet the annual interest accruing thOre-
on, and it is manifest that the persistence
in the effort to do SO must soon result in the
inability and the consequent failure of tho
State to pay the interest or any part OF the
principal.
The condition OF the State and the inter
est OF It's creditors aflhe demand, therefore,
that an equlfable pro rata portion OF all It's
obligations should he thrown ot, sufficient
to reduce the debt to $l2 600 900 1
waving further discussion OF this SUD-
Ject as lnexpedlent at present, we suggest
as follows:
L. That al VOID, Iapsed and forteltaole
contingent Liabilities be declared null. 4
= That the decision OF the courts be o.
famed as soon as possible as Z" the iegahty |
Oh aii oonds anu otner ooiisatiohs whose :
validity IS questionable
.. lha1 the oonds ana o'her oongatlons
DC reuuced IN as tqnl'aole ProPoI tio y. az
possiDin 80 as 10 ofihs tnelr amount GOWN
W % r,Voo'uoo. =
g.. Ina5 ,here DC lssnen 70. anu teh1ereo
10 tne h"luers Oh .he ooiiSa'iolis new otate 8
! ohGs' having thry wears 10 run, ana
oeaiing seven per ot". i"'1'es'' Payaoio
senl-a nn,s,S IN IS:n'.ge ior, ana equal
III ai, r ! 'o' LILO ooAgations SO reduced.
y; Ana. an a"noa, SPECIAL TAX OF TOUR
diiiAo oh 'ho oohdi vi 'Ho ds"tssNu value Oh