The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-04-08
THE PROPOSED SALE OF THE
WATER WORKS.

THE PROPOSED SALE OF THE
WATER WORKS.
Editor of the N. O. Bulletin: ..M
In Offering you few remarks On the sub
ject of the proposed sale of the City Water
Works, l wish to say in advance shat l attack
no mans motives or opinions. ] am a citi-
zen and taxpayer, and to this extent inter
csted i'll the property owned by the city.
l. Is the city property known as the Water
Works for sale?
q If yes, then why not to the highest bidder
for money or lis market equivalent
3. Why only for ''matured obligations Of
the city, viz: boAds coupons etc. p
! 1. What does the city want SO badly as cash !?
| 5. What do property holders require so
| badly aSreduce0 taxes
6. What will so positively tend to reduce
taxation rs the ability of the city to meet her
cash liabilities and to pay current expenses in
| cash?
Z. Will not reduced taxation create conf
dence in holders of money, both here and
abroad, and invite investment as in the once
prosperous past?
| s. Will not this enhance the value Of all
city obligations?
8. Will it not also give wider field for taxa
ton, and thus add to the cash revenues OF
the city?
10. Why shall the city give to the holders
Of her obligations to the innocent third
parties, who have bought them up at a fear
| full discount IVA the privilege Of buying her
most valuable property for a song?
IL. If anybody shall have the privilege Of
making the city redeem these obligations,
what party SO proper as the impoverished tax
payer, to relieve whom is to add wealth to
the whole community?
II. If the Water Works are worth S40C0,-
600. why shall they be sold for less than 3d.
600 600?
13 If they are worth So, O0O, 900, why shall
they be sold for less than 81, SOC, 600?
Now, am no Z" flnancier,' in the fashion
able sense of the term; nor do entertain
any idea that will stop any arrangements on
foot; but there are o good many people in
| this city interested in the Water Works, and
q good many who pay for the piper while a
few others dance, and we would really like to
see in print digest of the programme pre-
sented to the Council. If the proposed sale
is going to benefit US, let US see how, how
much, and how much in comparison with q
sale for cash or its equivalent. CITIZEN.
The Water-work. Question.
Mr. Elitor-A plan to purchase the Water
Works for four million dollars, payable in
matured obligations OF the city has been SUBJ
mitted to the Council.
In celebrating upon this proposition the
Council should not only carefully protect the
true interests of the corporation and citizens,
but in effecting sale it should give no pre-
ference to any set of ordinary creditors, and
should be careful not to trespass on the
vested rights Of the special and privileged
creditors; otherwise, it will bring city affairs
into worse condition.
1. The sale of the works to a new company
should be limited to a monopoly, restrained
by such conditions and obligations as will
fully protect the rights of all private citizens
in their use of the Works.
2. A company that buys the Works, must
pay full, fair and equivalent price for their
value and privileges appertaining This val
uation must be made on a cash basis. The
payment Of four millions in matured obliga-
tons of the city, worth only on an average
from thirty to forty cents per dollar, would
certainly not realize a fair cash valuation, and
appears a bargain to the detriment Of the
corporation.
3. The former stockholders, or their repre-
sentatives, now holders Of the original bonds
given by the city in payment Of the purchase
Of the ''Works' in 1859, have a first lien, ven
doris privilege, and an action in resolution
against the Works to the amount Of 81 AGO.
900, which, until satisfied or paid, prevents
the city from making valid sale Of the
"Works."
4. And, admitting that a satisfactory sale
has been made on the basis of a cash valu.-
ton, out Of the proceeds must first be set
tied the claim Of the privileged original bond
holders, and the balance remaining must be
| subjec. to the claim, equally and pro rata, of
all ordinary creditors without distinction.
The consideration Of these points require
the serious attention of our City Council.
"JUsT1cE."
GRAND FURNITURE SALE THIS DAFT you
are in search OF bargains in new furniture,
don't forget the sale OF Messrs. d. kelham 4
Co. 8 superior stock, at SO Royal street, to be
sold by Messrs Nash 4 Hodgson, auctioneers,
at 1890 o'clock this morning, embracing every
variety Of new and elegant household furni-
ture, to be sold in suites and singly, on ac-
count Of retiring from business. See the ad-
vertisement.
Nothing venture nothing gain. .....0
Nothing venture nothing gain,
No ticket no prize,
No ticket no price.
The next grand drawing,
The next granp drawing,
Louisiana State Lottery,
Louisiana State Lottery,
Saturday, April ~.
Saturday, April 10.