New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-05-19
KENO.

eminent may never have demonstrated
any remarkable capacity for the duties to
which he may have been called.
Hon. Mr. Pilsbury. secretary of the
municipal treasury, has been cast to as
sumo this most responsible part just at
the time when there is most demand for
fiscal talent.
Necker, Pitt and Robert Morris, Secre-
taries Chase and Memipger were all called
on at different periods TO devise means by
which the pecuniary embarrassments OF
great States could be relieved by utilizing
their dormant resources of capital or
credit Each succeeded in manner
more or less to the salts action of the
public creditor. Hon. Mr.. Pilsbury has
these great examples, with apparently a
large amount of contemporaneous assist
ance. Thus far he has not, we regret to
say, been success in the fortuitous
finances essential to the vindication of our
sacred municipal honor.
His first proposition was to ''assess"
half the rate of interest due the public
creditor. The variation of name by no
means alters the nature of an official act
The honorable secretary of the treasury
imagined it would be perfectly satisfactory
to the public creditor to be assessed" out
of half his lawful dues, while he or she
would have been moved to profanity or
tears had the same act been done by
Reputation or 'confscation." This
first plan was subject to the trifling i'm
pediment that the Pitt of the period might
have had to pay large pecuniary mulct,
besides possibly contemplating through
the checkered bars of a public prison the
world as it passed on its great daily mis-
sion, in pursuit of provisions or pleasure.
We pause to express our regret for any
possibility of this sort. That patriot
should be placed by a ward nomination
in a position in which, with the highest
and most honorable intentions, he might
by accidental ignorance of the law be
placed III dishonorable durance, would
have panied us severely. The more SO
when there are so many financiers so much
more skillful that they enrich themselves
and evade the laws. We are happy to
chronicle that when it had been explained
to the secretary that he had escaped such
an unworthy consequence of his zeal in
the public service, he fastened to repudi-
ate, disown and abandon it, or at least his
colleagues did so for him, with extreme
unanimity: 1t would have been very
sad result if gentlemen who went in with
the public spirited determination to flank
the public creditors out of their money
should have got themselves into Jail about
it. Happily the rock ahead was discov-
cred and avoided.
The next plan of the secretary of the
treasury is one perfectly safe from any
consequence to the protector. 1t
may invade, perhaps, one Of those per-
sonal franchises which virtuous Democ-
racy has secured to a favored few. But
the appreciation or royalty Of this fran
chise having been secured, we see but
one further difficulty in the way of the
secretary of the treasury. AS his plan.
so far from being a secret, has been
aired and Endorsed by a portion Of the |
public press. We may state it successfully.
1t Is to constitute a municipal lottery. |
The public creditor is to convert his |
bonds bearing any rate of interest, into a |
number of bonds of twenty dollars each,
equal in aggregate amount to the face of |
The bonds SO converted. The bonds fer |
;wenty dollars to bear five per cent in
crest, and to mature at fifty years from
late, unless liquidated sooner in the
manner to be explained. "A bond Of one
hundred dollars. bearing six, eight or ten
Der cent interest. due and payable semi
will be exchanged for five
ponds of twenty dollars each, as above
described. We will take the liberty of
alling those small bonds tickets in the
ity bond lottery.
There will be bond lottery drawn,
periodically twice year. There is to be,
ie assume, the usual impressive arrange
aent Of wheel and small boy, with judges
f established integrity When the num-
ers drawn shall be announced the hold
rs of the lucky figures will receive the
r,nclpal and interest arrears of their
onds in greenbacks Thus, one who
hail. at the expiration of five years, hold
ae right number will draw twenty-five
ollars, principal and interest. But he
no shall not at any time hold these
umbers will receive nothing, principal
r interest, until the maturity of the OBJ
CATION which he holds. {
The bondholder will then make some
lch calculation as this: Twenty dollars {
five per cent interest will at the expira-
on of fifty years produce, principal and I
terest, so. If bond for $50 be sold
the market for $40, this SO, put at {
wful interest and compounded at eight 1
n cent, collected annually, will produce |
i6S ISL, or thereabouts. If the estimate l
comparative profit on the two invest 1
ents shall be made for any shorter 6
,riod the result will still be in favor of
e interest Investment over the city
ttery. Il is our impression, therefore, I
at the bondholders will not like this de- 8
rred stock. albeit ii has been indorsed
: the high authority of Herr Rothschild c
I'd adopted by our secretary Of the city