New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-05-15
BONDHOLDERs AND BROKERS, ATTEN-
TON

The Administrators will pardon us, bu
they appear, like Tweed, to be making
the best disposition of all the public prop
erty which remains in their hands
While the bondholders are grieving owe
suspended dividends, and the unemployed
workmen celebrating between exile ant
starvation, the administrators seem clos
eted with the notaries and certain pre-
ferred holders Of city bonds, and are bus,
making over by lease the public Water
works for the term of half century
"compen sated' We are told, in the bonds
of the city to the amount of four million
dollars.
This is a mysterious matter.
l. How far will this transaction enable
the administration to resume compliance
with all its Obligations, The waterworks
cost this year, according to the TINES,
S73, 900. The revenues reach $780, 0OO
Why, when the city is in such condition
sAnS oAO AOCus CNCAy uOlldl, oAoulO u
profitable fund be turned over to meet
obligations which the city is prepared to
repudiate by assessment, either in whole
or in part.
9. What right have the Administrators
to prefer certain holders of these ''as-
sessed' bonds: They can not save the city
hxyk ho IL IS - Il
drop, actually and metaphorically, in the
bucket OF public waste. But why have
they a right to say to them: We
intend to assess the interest fund Of the
city debt fifty per cent, but we will take
your bonds at par. payable in property
which produces net revenue to us. How
is this inconsistent pretension to suspend
on every Obligation save the paymen: of
official salaries, fuel ice and stationery, and
yet to give value for certain proposed
obligations, to be reconciled: Certain
bondholders and brokers seem to have
been pursuing this city as pack of
prairie wolves do crippled buffalo.
Weeks ago they proposed bill granting
the whole city property, with the franchise
of water tax, to the holders of city bonds. !
The crippled buffalo staggers, falls, re-
covers, plunges forward and struggles in
the last financial agony. The whole pur-
suing pack has not held out, but the few
long-winded and ruthless have been ex-
cited by the blood and encouraged by the
of their quarry, and they now
-ush upon the hapless victim and plunge
heir sharp nozzles into the palpitating
7itals. We translate this magnificent
metaphor: The mass of the brokers and
'ondholders who invested in the bill be-
ore the late Legislature have been dis
outraged, but the astute holders of
our millions Of the city debt hold on, and
re apparently about to succeed in
occurring for themselves fair valuation
or their bonds, payable III one of the
'est assets of the city. Should not the
demand to know teho are the
avored parties in this lease. Can not
MIR. Lotus and others" ask for an ex-
ibltion OF the names. Here is propo-
al to work off about one-fifth of the city
ebt on progressive scheme. Here is u
hip stranded and going to pieces while
ne purser belts around the bodies of some
lvored passengers the most valuable con-
ents of the safe in the best yawl while
,eir unhappy associates stand shrieking
the bulwarl,s.
We agree with the BuVeti?, in that col
mn which says:
If we want Justice we must do Justice,
nd If it has indeed come to a pass when
le present officers of the municipal gov
'nment find that they can no longer cope q
18th the difficulties that environ them
Id they are neither few nor iuconsder .
let them face the matter bravelv,
,clare the city bankrupt, and let her affairs
, wound up just as the affaics of any other
lnkrupt would be. :
Yes, if there is to be stampede of the
let there be fair start. If p
e people are to he hired out for half a a
injury, while the property holders are to o
discharged of taxes by reputation, at
.st let the prices of popular bondage be i
pro rata among all the public f
editors. The bondhol1ers and brokers II
ould attend to this matter. We once n
ew a case in which creditor was paci- "
d by being assured that he would be ss
;luded in the second class of creditors OF
divided for in an intended mortgage. "
hen, however, it turned out that the e
, assets would fall many thousands =
ort of paying the creditors named in
: first class, the pacified creditor did
find himself much better off than if % %
had been omitted altogether. A word W W
the wise, and a stitch in time, are good
=, Ar
proverbs that never wear out eli