The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-17
rr xruu nprn ANa RuILETIN THURSDAY, JUNE II, 1875

the city engaged on or in connection with the
wharves and levees. To the bidder who I'M
dertakes 70 do all this for and in consideration
of having the wharf revenues as now liked, ior
the shortest time, will the sale or lease be
awarded. For example, A may undertake to
do it in forty five months, while B would out
\ bid him by promising to do it in forty -four
months.
I The Council reserves five days to consider
the shortest bid. It may reject all bids and adj
yertise again. Each bidder deposits with his
bid $4,000 in money or $4,000 in Wharf
Bonds, the latter provision being favorable to
the holders Of the bonds. which are to be IN
creased ID value by the lease; but any hrm OF
company financially capable Of complying
with the terms Of the ordinance will find no
difficulty in obtaining the required deposit.
No bid need have been presented until this
morning. and if unsuccessful the bidders de-
post will probably bs returned ct once. 10
the successful bidder the deposit will be re-
turned after he has given bond i'll the sum OF
$3.50 900, with good and sufficient security.
To suitcase or transfer the wharves in
whole or in part will require the consent OF
the Council. The ferries and nuisance
wharyes are not to be interfered with by the
lessees, but no agreement appears TO have
been provided for keeping such wharves in
repair by the lessees, who stipulate to repair
and keep in good order the wharves OF which
they take possession. These repairs begin In
fifteen days after the contract OF Lease Is
signed. and relate only to the wharves and
leyees Of the First, Second, Third and Fourth
Districts. The levees are to be graded back
| to the street and covered with stone, gravel or
shells.
To the amount Of $4,000 per annum the
lessees are required to build such entirely
| new wharves as the Council may find to be
necessary within the above named four dis
triets, and at rate per square OF 100 super
fetal square feet, to be mentioned IN the
sealed proposal Of each bidder. At the re-
Quest of tho Council the lessees are to build
| all requisite new wharves for cash, twenty
per cent Of the amount in advance and the
balance on completion Of the work. Any
damage resulting from noncompliance by
the lessee with the terms OF his contract shall
render him liable to the party suffering the
damage.
All works and repairs made under this
lease, contract and transfer, must be done
under the superintendent and direction OF
the City Surveyor and Administrator of Com.
merce, and when the lessee and transferee
fails to do such work, it shall be done at his
expense
4 We repeat this analysis OF the Wharf Ordi.
4 nance for the reason that it is now about to
be carried ont. We have repeatedly presented
our objections to farming out the revenues o.
! the wharves as well as to any scheme by which
the city government shall lose control Of the
whsrves, and the power to reduce wharfage
rates. 1t is extremely desirable that those
! rates should be reduced to the lowest figure
and that the reduction should begin at once
The Council ought to take every opportunity
to reduce wharfage, an incubus upon the com
MERGE and business OF the city.
The wharf debt is already we'll provided for
The interest and tenth Of the principal are
regularly paid The holders are not more
a meritorious class Of creditors than those who
; carry our other city bonds to thirty times the
amount. The receipts from wharfage are
pledged to the wharf bondholders. They
amount to S24O, 600 per annum, and by close
collecting might be increased without change
from present rates. This leaves more thar
enough for repairs, and makes an immediate
J reduction of rates practicable.
The city is not able to pay the interest on
; her bonded debt nor to redeem her bonds a.
they mature. She has resources, however
that are as good as gold and certain as sun
rise.
Her wharf revenues are Of this class. W.
can see no reason or equity in now inviting
. the wharf bondholders to take the first grail
, from the treasury when there is not hal
enough to go around amongst all her cred
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