The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-11

tai surgical operation by which one-half this
tumor of indurated improvidence can be cut
away" goes on to say that the project has been
suggested and dismissed on the ground stated
by myself. I do not think the proposition has
ever been made directly to the creditors in the
manner suggested by me, and feel encouraged
to believe that after the decisions of the Supreme
Court of the United States in the eases from Ala
bsma, Illinois and Kansas, defining the power Of
Legislatures to authorize issues Of bonds by cor
porations, and their right to levy taxes to provide
fer the payment Of such bonds, and the right of
action against corporations by creditors to en-
force the payment OF the debt, shall become
known to foreign bondholders, they will not hes
itate one moment to agree to reduce the debt.
Besides, the proposition is founded on equity.
The holders, or most Of them, have bought these
bonds much below par. and they have been
wrung from the city by the action Of those who
were intrusted with its management, and abb
betted and aided instead Of opposing the plum
derers who have brought the city to the verge Of
l say the plan is founded in equity,
because think we have the ability to secure and
pay half the debt, and that we are morally bouod
tp do 80, but if the creditors refuse this settle
Inent ana invoke the law, ''they must abide by
the law" and they will find too late that a con-
siderable portion of their claims are worthless
under the recent decisions alluded to.
The Republican says: eve do not concede
that because the days were old that they were
good" and then goes on talking aoout Roufhg-
nae and the immortality of the old City Council.
We will pass over its natural hatred OF every
thing, good, and notice one charge amongst the
many that it makes against those who admins
tered the city government previous to the war,
that the Council sold the city stock in railroads.
Ny old friend knows right well that this was not
the case, and that the stock was cold under Rad
ical authority derived from q corrupt Radical
Legislature. As q contrast between the manage
lnent Of the city before and since the war. find
Che debt at breaking out of the war, 81, $50 $50.
/ have now before me an accurate statement
made up to a very recent date, which shows the
debt now to be 500 312, 4l8 70 with accrued inter-
est 81 ,438 143 80, aggregatng $23, ,562 63, an
increase of SIC, al 1872 63 since the war. Com
ment is unnecessary.
The Republican objects to my recommends
ton to select large property holders to manage
the affairs OF the city, on the ground that it is
anti Democratic, and admonisheS me not to be
profane and say, democracy be id" will
use lts suggestion 70 express ny supreme aus 9.
says: "Under the present laws the officers
stand pledged to abstain from any such partici-
patton. Each Administrator is likewise required
to give bond in penalty of $25, coo, conditioned
for the faithful performance of duties. The law
Of bribery and malfeasance in Office is also very
stringent and the courts are empowered to take
cognizance and compel it's performance by writ
Of mandamus. Indeed, we doubt if Mr.. Estln
will read the act organizing the city administra-
ton, there can be found more complete statute
the very duties which are incul-
Gated In the communication which we consider"
Now my venerable friend knows that this is all
leather and prunella." What is q right in law
without remedy? When persons who are Sc
ected to administer justice become more the ad
vocates of the criminal than his Judge, how is
Justice to be obtained through our courts "a now
organized?
In proof of what assert need only point to
The decisions of Durell, Of the United States
District Court; Ludeling, Of the Supreme Court
Of Louisiana, and Hawkins, OF the Superior Dis
trict Court
The Republican says the ward clubs will, under
any form of administration, continue to prescribe
The officers of the city government. I am not
quite sure of this. The people who have d.
rect in crest in the city will some day rise in their
might and teach these political bummers and
lesson which they will be apt to re-
member.
1t is very apparent to shy man of ordinary I'M
that the Republican does not want q
change OF administration, as with such change
away would go it's patron ige to the place where
he "woodbine twineth and the wangdoodle
nourpeth for Its first born" / learn that the
,onrbcosts and advertising are paid by the city
n cash, and Of course the Republican don't part
With dollar of this money except for its own
and lesve its editor to indulge his
vit as he may think will best conduce to his own
happiness, and to that of his friends with whom
he has recently allied himself.
Returning to the subject Of "premium bonds, F"
have, since last wrote you, given the working
II this scheme some attention. In New York
md in Paris the plan is entirely different, and
he holders of the bonds have ample security for
heir investments, while here there s no security
'ffered except what the creditors already have,
a fufth rf fh<a rtr
In New York a company was formed for the |
purpose OF purchasing The ground and erecting |
building to be used as an Industrial Exhibition
Palace, with capital Of $40, 600 000 to be raised
lpon premium bonds Of $40 each to the number |
Il 81 ,00O,0 900, to be redeemed in installments at
rom one to fifty years. Nine millions Of the
apital collected is invested by the Company in
'ond and mortgage securities, yielding an an
!ual interest OF seven per cent, and producing to
he company an income Of $780, 600, which 10 ap-
lied to the payment OF premiums. The holders
+ the certificates have the privilege to convert
he same at pleasure. They will be received for
ents in the Exhibition building, and for tickets
I admission to the same. The premium bonds
re secured by first mortgage on the property,
7hich covers fifteen acres Of ground in the most
aluable portion of New York, and will occupy
pace OF one thouss nd feet on each side.
This same plan was adopted by Napoleon when
e undertook to improve the city OF Paris, and
roved great success, but the merit OF his plan
nth the chance Of dra wing prize besides, which
7as an additional inducement for investing in
hem. In fact, the investment became 80 popu-
II that at times, when there was plethora OF
,oney, it was considered by some as misfor-
une to draw the prize number, as the bonds ad-
anced 30 rapidly it was difficult to reinyest in
hem. The whole revenue Of the city of Paris
as pledged for the redemption Of the dept and
,terest.
Now, would be glad il the friends OF this
,v,fx hal ,v1, .ai
ffered for an investment Of money in the bonds
hich the city Of New Orleans proposes to ISSUE
he city has no capital or credit, and is merely
skiing an extension OF time without in my hum
lie opinion, placing the creditor in any better
osition than he at present occupies.
Yours very respectfully,
Il. W. ESTLIN.
Bladon Springs, the Saratoga Of the South. II |
on are in search Of health or recreation. take