The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-14
CITY FINANCES.

The proposition of the Administrator o.
Finance, Mr. Pilsbury, to appropriate for the
purposes of the city one half of the interes,
fund, we regard as totally impracticabIe, and
unwise, even if practicable. In the first place,
the interest fund is neither the personal pro.
perty of the Administrators nor of the city,
but belongs to the holders of the bonds-the
Administrators simply actingas trustees or Gus
todians OF the fund and any attempt to misap-
propriate either that or any other sacred fund,
would be promptly and properly met by re-
straining injunctions. In the second place,
it would be unwise, even if practicable, be-
cause it would be the deadliest possible stab
at the credit Of the city. We have time and
again excoriated Mr.. Auditor Clinton for dar-
ing to misappropriate the funds of the State,
and it would i'll become Reform Administra-
ton to follow an example SO discreditahle.
We assailed Mr.. Clinton, not because he was
a Radical, but because he transgressed the
law; but how can we expect Radical Off
Gals to observe the law, and conform
to the plain requirements of their duty if our
own Council Council elected to bea shining
example, striking contrast to our political
ofice-holding foes should deliberately mis-
appropriate funds which they simply hold in
trust, and which under their oaths of Office
they cannot possibly touch except for the pur-
poses expressed in the law. If we want JUS
ice we must do justice, and if it has indeed
come to pass when the present officers of
the municipal government find that
they can no longer cope with the difficulties |
that environ them-and they are neither few
nor Observation-Disclosures let them face the |
matter bravely, declare the city bankrupt and
let her affairs be wound up just as the affairs
Of any other bankrupt would be. When an
individual is bankrupt the sooner he realizes
The fact and notifies his creditors the better it
IS for all parties concerned, and we take it
he same is equally true of city.
It is worse than folly, it is almost a crime
o be constantly borrowing from the future to
oay for the expenditures of the past and
present. The system of contracting debts
md issuing paper certificates to pay them,
With no ability, and in many cases without
sAA""5o' 40 ~ 'A0i1 AoucuptiOu, Is lEult1ul |
ause of trouble, for these evidences of in
ebtedness accumulate with astonishing
apidity, and the city treats the holders
hereof with an unconcern which is not only
but exceedingly damaging to the
redit of the corporation. Il
certificate of Indebtedness should always !
9 receivable at par by the city, for it is issued
, good faith; and the manner in which they 7
ave been ignored heretofore has been any
hing but credi:able to the financial acumen.
} gay nothing Of the sense Of justice Of the
ity Fathers.
The ordinance proposed by Mr.. Pilsbury is
OF only, as Administrator Burke limited in
is argument when the matter was under
scussion, impracticable, because it is in
tpress violation of section so of the charter, a
hich imposes very severe penalties upon
~ officer who shall divert or attempt to di. L
TT the moneys Of any special fund, blu. it ~
rikes US is unfair, in selecting a fund in
'ecifying the interest as the one to suffer, VI
aving the other funds intact and IN OF
athed IN