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

CITY HALL NEW ORLEANS,
Tuesday, MAY 10, 1875. 5
The Council met this day at twelve
o'clock M. in regular session.
Presentation. Charles j. Leeds. Mayor
presiding. and Administrators Bertoli
Brown, Bouny, Burke. Landry, Mccarthy
and Pilsbury.
The minutes of the previous meeting
were approved and their reading dispensed
with.
Communications from the Mayor and
Administrators
The Mayor laid before the Council the
following communication, from the Admin,
istrator Of Finance, which, having been
read. was on motion referred to the com
mittee of the whole:
DEPARTMENT OF FINANCE, /
May. 1875. J
To the City Council of New Orleans:
submit here with plan for the liqulda-
ton of the entire debt of the city. prlclpal
and interest, within period of fifty years.
1 should call this the premium bonded
fund of the city of New Orleans
The paper herewith, from Mr.. d. H.
Adler. AID the tables accompanying, will
explain the movement OF this fund.
European money centres. merits most
careful attention. as it has already received
marks of approval from our most intelligent
bankers and tinsnciers.
To the bOndholders It offers special at
fractions, because under its operations, bis
values would be greatly enhanced, and the
redemption OF his bonds with interest ulti-
mately certain, not only at par but in many
cases with large premium attached.
Il I,ur V<,f@a HnfD
and much needed relief OF reduction at
once of three-fOurths per cent or more on
the tax now levied for interest alone.
The attraction and value of the project is
apparent when it is considered that these
plans, SO successful in Europe, are put forth
to raise large amounts of national loans IN
cash, while here it involves no outlay of
money, but simply effects conversion OF
the bonds worth only thirty-fve to fifty per
cent into a smaller denomination, which
would, beyond doubt, rapidly advance as
the number and amount would constantly
diminish.
There seems to be nothing in the plan
calculated to touch the senslbilities Of the
most fdstidious-it is simply redemption
of bonds by ballot with premium attached.
The fact that a similar project has re.
ceived the sanction of many eminent and
conservative citizens of New York, among
them. General j. a. Dix, when Governor,
precludes the idea that it is other than
system of sound and practical finance, we'll
calculated to meet the emergencies OF our
present situation.
f. PILSBCRY, Administrator.
Also monthly report of Administrator OF
Police.
commune alton from the City Surveyor,
0k,
was received. and on motion of Mr.. Landry
leave was granted.
Financial and Other Business on Finnl
Passage.
Mr. Brown called up the ordinances de-
scribed as follows, which. having been read
twice, were now on third reading, and they
passed unanimously, the yeas and nays
having been called on each. and all the
members present at roll call voting
An ordinance providing for the payment
If the several accounts therein named, be-
ginning sc. Taylor Gauche.
An ordinance providing for the payment
If the pay rolls OF the Department OF I'm
,rovements. for the fifteen days ending
Iay IL, 1915.
An ordinance providing for the payment
f laborers and cart hire N the Department
f improvements, omitted N the months OF |
Iarch and April. 1879.
Reports of Committees. |
By Mr.. Mccarthy and adopted:
Favorably. by resolution, on petition OF
itizens for gas lamp on First street
Bv Mr.. Landry and adopted:
Fayorabv, by resolution, on petition OF II.
ern. for permission to erect a bakery az
o. III Laurel street.
BY Mr. Bounv and adopted
Unfavorably on petition for reduction OF
assessments, from B. Saloy. Mrs. NJ. Magee
I'd n. A. DeLerno.
Ordinance, and Resolutions offered.
BY Mr. Landry:
IAN ordinance for building and repairing
IL wharves and levees. and for the pay.
ent OF debts contracted on account OF
lem, by transferring the revenues OF the
me, for a limited period.
On the final passage of the ordinance Mr..
urke called for the yeas and nays with
q following result:
Bertoli, Brown,
,uny, Landry, Mccarthy and Pnsoury'
Burke voted nay.
So the ordinance was adopted.
Resolution changing the rate OF whsr1
a established by section three, ordinonse