The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-10-13
CHAMBER OF COMMERCE.


A special meeting Of the Chamber of Com
merce was held last night.
In the absence of the presiding oficers Gen
Cyrus w. Busy was called to the chair.
After the reading of the call of the meeting
Mr.. L. e. Gardner offered the following reso
buttons:
Whereas, It is patent that the commercial
interests of New Orleans are decaying for the
want of railroad facilities, and that every bust
ness season witnesses more and more rapid
tiiminution in value Of our trade, and more
marked decline in our prosperity, and
Whereas, the community has patiently
waited upon the incorporates of projected
roads for many years for the completion of
their enterprises until they have lost conf
dence in help from them;
Resolued, That the city of New Orleans can
by its aid build and equip a road to Texas, to
be owned and controlled in Louisiana, and
should do SO.
Resolved That committee of three be ap-
pointed by the Chair to confer with a like
committee each from the Cotton Exchange
and Merchants Exchange, to suggest plan
for the immediate accomplishment of the pur-
pose, with instructions to report back to this
Chamber.
subject as follows:
Let joint committee from the Chamber Of
Commerce, Cotton Exchange and Merchants
Exchange petition the City Council to cauae
the vote Of the people of New Orleans to be
taken on the subject Of the taxing the real es-
tate Of the city for sufficient amount to
guarantee the building of a railroad to Texas.
This tax, should it be voted, should Oe
made special. 1t should be the charge, when
collected of trusteeship of seven citizens to
be named in the lnitiatory proceedings. nom
mated by the joint committee from the three
bodies named
Upon the success of the vote, the Legisla-
ture should be asked to ratify and authorize
the proceeding. Ratification rather than pre-
rious authorization, because, if the popular
vote be favorable, it would hardly be possible
for the Legislature to refuse to- legaliZe it
Or. should the issue of bonds be .mpracti-
cable hy reason of prohibition by the pro-
posed constitutional amendments, or by the
refusal of the Legislature to legalize and
ratify the vote, then let the tax, if voted, be
paid over to the trustees as rapidly as col
iected, thus avoiding the technicality of
increasing the city'debt. Both plans could
be embraced in the ordinance ordering the
election, this last being named as an alterna-
tive.
Immediately after favorable action of tho
Legislature, let the city issue its bonds, ma
turing in forty years, bearing interest at the
rate of eight per cent, payable annually,
secured by o second mortgage on the road
and by q pledge of the sacred appropriation
of the special tax-both to be expressed in
the bonds.
The directory OF the road to consist of four
teen members, seven OF whom to be elected
by the stockholders, and the other seven to DO
the original incorporators.
These several incOrpOrators to be deemed
The trustees of the city, perpetual in their
office, and clothed with powers to fill vacan-
cies in their number caused by death or resig-
nation.
Two and half millions of dollars would
secure the success of the enterprise, would
assure liberal subscriptions to the stock OF the
company, and general confidence in posi-
tive and speedy realization of railroad COM
unicatiOn with Texas.
ghe taxable value of the real estate of New
Orleans is one hundred and thirty millions
tax of two mills would, upon the basis OF
present valuation, pay the interest on the
bonds and create an ample sinking fund TOR
the prompt redemption OF the DOhds theM-
selves when due.
it be said that there is still hope for q
completion OF one or more of the projected
roads, would say that tie one which seems
70 promise earliest success, Is the extension OF
the Mobile aud Texas road. Three years ago
this road woulo have been more valuable to
New Orleans than now. Meanwhile, Texas
trade and travel have been SO far diverted IN
other direcuons as to make road to the CEN
tire of Texas more valuable to us than one to
Houston. While We need the latter, and
granting the prospect for its early construction
TO be GOOD, We need still more urgently, a
road crossing the Sabine further north, and
directed to Waco or Dallas
We need q road to Texas in the direct inter
est of, and managed by, the people OF New
Orleans and of Louisiana.
The nece ,sity is conceded. Means and
ways for supplying the want are the subjects
for discussion Our merchants, two years
since, subscribed million OF dollars Of aid to
the extension OF the Mobile and Texas road,
the conditions Of which subscription have
failed. 1t is very doubtful whether they
would. il able, now confirm that subscription.
They have been losing money and patronage
for the past two years, and now IN appeal tor
their subscription to railroad stock must be
ACCOMPANIED Oy guarantees that their hopes
ara not to be Knocked nor their money mis-
applied.
They could not now subscribe as much as
before, but would under the auspices now
proposed, do III they can afford in the shape
Of stock subscription.
We have no capital in the South for build
ing railro dis and the unsettled condition OK
our affairs is calculated to repel rather than
invite Mort fern or foreign capital. and the
history Of railroads in Louisiana is not such
as to encourage invest ment from abroad.
The work Is mantle thy left to ourselves.
Burdened as we are, cur only hope for speedy
relief is in addin tits additional burden, and
to tighten our tax by increasing them.
This, or give our buildings 10 the owls and
the bats, our streets for pasture grounds, and
ourselves to other communities if happily we
can realize enough from our assets to get
away with.
Real estate, already so much burdened. il
yet the proper intere st to give the needed i'm
petus and aid 10 thi, enterprise. With re-
vival of our dropping commerce will come
appreciated values and increased rents. len,
ants may remove their goo 8, wares and
money, but the real estate must remain 70 De
utterly consumed by taxation without revenue
Our merchants have taxed themselves, ana
~tnv~ ho