New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-02

on the f0uttoenth day Of March Of the same
year, against Samuel Smith, James E.
Cunts, John Z. Ghperaator, Michsl Carwin,
Alfred Philippe, executor Of Christian Rose
ljus, Charles I: Howard. w. B. Schmidt,
William H. Letchford, agent of Ably Day
SlOcumb, executrix Of Cuthbert H. Slo-
cumb, James d. Martin and Richard Nc
Closkey, executors of Hugh McCloskey, as
securities tor the city of New Orleans: and,
Whereas, The above named parties have
taken writ Of error to the Supreme Court
| Of the United States, and have applied for
an appeal to said court, and with a view to
cause the said writ of error and appeal to
operate as . supersedeas. have obtained
two bonds in the sum of $225, 900 each, with
William S. Pike and Patrick Irwin as Sc
curities and,
Whereas, Said writ of error has been OBJ
tanned, and the appeal aforesaid has been
applied for in the interest of the city of
New Orleans, and it is her desire and inten-
ton to secure the said Pike and Irwin, and
to save them free and clear of any loss or
damage which may accrue to them or be
occasiOned by reason of their signature to
the two bonds aforesaid.
SECTION l. Be it ordained by the City
Council, That the Mayor Of the city Of
New Orleans be authorized and instruct.
ed, and he is hereby empowered, with
out any unnecessary delay, to pledge to.
and specially deposit with the said Pike
and Irwin, in pledge to, and specially de-
post with the said Pike and Irwin. in
pledge, two hundred and forty seven bonds
of the said city, letter P, dated April l,
1871 having ten years to run, for one thou
sand dollars each, bearing interest at the
rate of ten per cent per annum, payable
semi-annually;
And also, one hundred consolida ted gold
bonds, dated July !, 1872, having fifty years
to run, for one thousand dollars each, and
bearing interest at the rate Ofseven per cent
per annum, payable quarterly in gold.
The bonds thus to be pledged and de-
posted are to be held by said Pike and IT.
win, on special pledge and deposit, as secur-
ity to the said Pike and Irwin, and to each.
and both of them, against any loss, damage
or cost that may arise, accrue to, or be
caused them, by reason, Or on account of
their signature to the bonds given on appeal
and writ of error as aforesaid; and shall
not be given up, by said Pike and Irwin,
nor be disposed Of to any person or persons
whOmsoever, nor shall the interest coupons
thereon be disposed of or collected, as long
as the liability of the said Pike and Irwin,
or either of them, as sureties upon the bonds
aforesaid shall continue; nor, until they
shall be fully Unidentified, and made safe
and free from all loss, injury or cost in the
premises. ''f
SEC. 2. Be it further ordained, ETC., That
as an additional security to the said Pike
and Irwin, and to each and both of them,
the Mayor OF the city of New Orleans is
hereby authorized and empowered to mort
gage and hypothecate in favor of said Pike
and Irwin, and each of them, the folio wing
pieces Of property or real estate belonging
to the said city, namely:
l. The ground and iron building at the
head of Canal street.
. The ground and buildings on Orleans,
St. Ann, Liberty and Marais streets, used
for Parish Prison and police jail.
g. Three lots of ground in square No. "a,
bounded by Front, Wells, Crossman and
CustOmhOuse streets, measuring seventy
three feet nine in ches by one hundred and
twenty feet in depth.
4. The City Park, fronting Metairie road,
containing an area of about one hundred
and sixty one acres of land, with improve
ments.
Sec. 3. Be it further ordained. etc., That
the pledge and deposit of bonds, and the
giving Of mortgage, as aforesaid, is made
for the sole and only purpose Of securing
and indemnifying the said Pike and Irwin,
from any loss or injury that may be &C.
casiOned to them by reason Of their becom-
ing surety as aforesaid; and should the said
Pike and Irwin, at any time, be relieved
from liability on account of their surety
ship aforesaid; or should any loss or dam
age thereby OccasiOned to them be made
good, or paid by the city of New Orleans,
then and in that event, the bonds to be
pledged and deposited as aforesaid with the
said Pike and Irwin, with all the interest
coupons now thereto attached are by them
to be returned forthwith and without delay
to the said city of New Orleans, and upon ,
her demand; and the mortgage by her
Tn ha oyQanfQd ia m hn oopao1od nd oroood
Sec. 4. Be it further ordained, etc., That
should the said Pike and Irwin at any time
be made legally liable for the payment of
the bonds given as aforesaid, for writ of
error and appeal on either of said bonds,
and be held and required to pay the same
or either of them, in whole or in part, then
and in that event said Pike and Irwin are
authorized to sell and dispose of the bonds
specially deposited as aforesaid, so far as
value, and to retain the proceeds of such |
sale until they are fully Unidentified for the |
amount paid by them "a surety, the balance |
Or remainder Of such bonds to be turned |
over without delay to the said city. The |
night to make sale of the bonds as afOre- |
,aids is granted without prejudice to the |
cumulative right bestowed upon said Pike |
md Irwin to proceed under the mortgage |
and in accordance with law to |
make themselves gOOO. ana 10 indemnify
hem for any loss which they may sustain
n the premises.
SEC. 5. Be it further ordained, etc., That
his ordinance shall take effect from and
fter its passage.
Adopted by the Council of the city of
lew Orleans, March 81, 1874.
Yeas-Brewster, Calhoun, Fitzenreiter,
lewis, Schneider, Sturcken. Turnbull.
LOUIS A. WILT, Mayor.
A true copy:
DANyry Scrryv Caorotoru