New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-05-29
NEW ORLEANS REPUBLICAN, SATURDAY, MAY 29 1875

Taliaferro the security for the debt
would crest only" upon the surviving
coach horse, which which would be sad
died with the whole subsisting liability.
1t is probable also that the secretary will
have to review his financial figures, where
in he says that the limitation of this bond
tax to real estate alone would be equiva-
lent to a loss of three per cent
to the bondholders. When the secre-
tary shall have begun to look to another
subject almost as perplexing as his legal
| constructions of a corporation contract,
to wit, the study of statutes, he will find :
!. That slaves did not pay fifty per cent.
OF the taxes in New Orleans. 2. That
the real estate in some Of the municipal
districts was much greater than in others,
and that the greatest value held in slaves
was not in those districts in which the
largest value of real estate existed. We
throw out these suggestions, which the
secretary is more interested in examining
than ourselves, because it seems to US
that be relies on means Of evading the
bond debt of 1852, by devices that are
rather shadowy than substantial.
We have looked over the list of his in
dorsers. They consist of seven presidents
OF insurance and four presidents of banks,
with several other gentlemen representing
also bondholders. We do not know that
these gentlemen, whose profession it is to
bet that you will not die within the year,
or that your house will not be burned or
your ship sunk within the same period,
are any especial judges of the financial
policy proper to extricate city from en-
barrassments, when the six Administra-
tors report them in "a desperate condi-
tion." If the secretary of the treasury
had taken the precaution to insure the
city ship before running her on the rocks,
we should have more faith in the skill of
these sagacious underwriters. With re-
spect to the presidents of the banks the
case may be somewhat different. One of
these institutions, and perhaps others,
holds evidences of city debt, not bonded.
Ii the bond debt can be STAYED of, even
for six months, much outstanding debt
OF this class may be provided for. It
is perfectly obvious, then, that each
creditor Of the city other than the
bondholder has a deep and direct
interest in persuading the bondholders to
accept the fascinating tombola and leave
the current revenues OF the city to those
who, having taken city obligations at if
teen cents on the dollar would prefer
having them paid off promptly at par.
But where were the bondholders in that
parlor? One blast upon the bugle horn
Of Rodewald would have been worth a
thousand presidents pledging absent
How does the secretary
propose to compel Nine. Resale to take |
the chances at fifty years? Who will bell |
the bondholders?
We have right to infer that the parloT |
conference has effected little conviction, |
when the Picayune in the same issue specu-
ates upon the possibility of an event which
The secretary has shown to be impossible.
It says if the Maenhaut suit shall succeed |
the citys immediate liabilities would be
:educed to the amount of the outstanding
consolidated bonds-S4, $50, 600 or there
.bout.' Should she fail .'the whole vol
line of city bonds, of all classes, would
'e so affected, directly or indirectly, as
o insure the general adoption Of the pre-
mum bond plan
While we do not see how the de-
eat Of the plaintiff bondholders some
ears hence can either now or then |
dispose the other bondholders to
ccept the terms Of Mr.. Adler it
) plainly perceptible that the Picayune is
ha ken in its allegiance to the lottery by
be hope that we may get rid Of the rest
the debt altogether. The Picapsne
ays:
Either alternative promises benefit to
10 city; either alternative tie taxpaying
ublic will accept with composure and
hristian resign alton. j