New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-04-01
WHO MADE OUR STATE AND CITY DEBT ?

elsewhere. It is Hatred 10 Northern
people and malignant hostility to the
Republican government. The frs: is
shown by abusive epithets: the other by
q systematic traduction Of every member
of the federal executive and its depart
,uents. The effect of such doctrine can
only be to make our people discontented
with republic and take refuge under
monarch as an English or French colony.
This evil intent has brougl. to ruin the
particular community which has SO long
cherished it. As a particular agency tor
promoting these projects It Is charged
tina. the debts of our State and city are
Ii. creation of immigrants from the
North, who have entered this Eden and
sowed the seed, of sin where all else
was purity. Il i. unnecessary for US
to claim: tina: these immigrants
are any bette: than an equal
number Of average people. bat it would
have been impossible for them to have car
RED out any plans Of gain without the act
i've cooperation Of those among whom they
found themselves. It would be easy to
quote history to show that rings. bargains
for patronage. dealing in Deprecated pub
lie paper, and was.efu! contracts. are no
modern invention il New Orleans. 4
standard historian says: 'But this hotch-
potch of corruption, of financial gambling,
Of frantic stockjobbing. and Of thievish
speculation. the mushroom wealth Of the
few amid the sudden ruin Of the many,
and the mass of deprivation and misery
which appalled, our sight from 1888 to
13f3." There was then no central deSpot-
ism, no carpet-baggers, no United States
troops; there was social self-government.
Remember this is domestic and dlslnter-
eSted testimony.
Among the first measures proposed for
legislative enactment after 1866 was a
proposal to recognize a Confederate debt,
amounting to some six millions OF dollars.
There were applications for monopoIies
of lottery, of meat. of water. OF storage
Of levee building. There were sales Of
State and city railroads. purchase OF
landed property for resale to the city, and
grant. Of franchise Of the most objection
able character. Now. we challenge those
who throw upon the Immigrant citizens
the whole burden Of debt and embarrass.
n.ent. to inspect the record. It will be
seen: I. Tina. the assumption OF the Con.
feierate debt enianated from and was sup
ported by prominent bankers. citizens o.
New Orleans. =. Tia: tie obnoxious
monopolies were granted il part to citizen,
who had been long resident here. .. That
al! the othe. franchises were given to Cit.
zens long resident Is wei! as to those who
had recently arrived. Go to the record.
and it will be seen that Democratic repre-.
sen.atives Of this Democratic city voted
f.. the most obnoxious items Q: the pub.
lie debt. Max. inquiry by committee.
and stock OF the mos: Objectionable grants
may be traced into the possession OF those
who. as class. now attempt to cast the
whole blame upon those who were but
their accomplices. As specimens Of the
truth tina. this common responsibility ex'
ISIS. and tina. this abuse did not begin to.
day. some instances may be cited. The
State, by &C: Of March .. 1891. loaned
the New Orleans and Nashville Railroad
Company 100000. The road was .
failure. and there are still unpaid of the
State bonds issued for this loan, s44I.000.
The audited estimates 70: the paymen: Of
.inte.es: Oh til, do. t5r this year are
:21.Clt.
Cyan ac:. No. 10. approved March l..
1851. the city Of New Orleans was author.
lied to subscribe sl.5G0.000 to the stock
OF the Pontchartrain Company. to enable
said company to construct railroad from
New Orleans to Mobile. This subscription
was approved by popular vote. and i'll
May. 1871. the city issued to the Pontchar.
train Company bonds for 100000. in
par: payment Of the subscription. Sur
veys were made to some extent. but the
project fell through. No work was done.
and in January. 1853. the city authorities
succeeded in procuring the return Of
1929, 900 Of the bonds. leaving S17l.00O
outstanding, for which no equivalent was
received. In January. 1862, the city re-
] { how'd. loo win ~
S133, 900, (which now constitute por-
ton of the city debt" The whole loss,
at six per cent interest. would now amount
10 about 100000. The sale Of the
Pontchartrain railroad and its subdivision
between the Morgan railroad and the Mo.
bile and Texas railroad. was confirmed by
legislation Of 1872. If there be anything
Objectionable in that transaction tie re-
sponsibility falls upon the Oldest sort of
citizens. and the Democratic representa-
t!ye5 o. the city. as wei! as upon others.
Th. sale 0: the State and city stock in
the Jackson railroad. The president of
tia: ,oai reported. March. 1870. that
he had compromised its floating debt. re-
stocked and repaired the road nearly as be-
fore the war. and TIA: the stock was worth
$: % per share. On the fca: OF April.
$50. the Goyernc. WI, directed By act of
tie Legislature to sell all tie stock now
owned by III. STATE il IL. New Orleans.
Jackson and Grsa. Northern railroad. and
tn. city Of New Orleans VA, ais, authorized
throusi. is Common Counci! TO sell tie
city stock il said railroad company. The
ii ~, .,,s;, Il NIL