New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-05-28
THE DRAWING POSTPONED,

| pOSter-h Tet0che, or pOStpOnement OF the
bondholder's lottery. It is great disap.
pointment We tell further on how this
has happened; but it is our just duty te
take care Of the financial fame of our Sec
rotary of the city treasury, attacked by
a Democratic contemporary.
The Chicago Times compares this
scheme with sother extraordinary meas.
ures of extraordinary men, and decides
that he should be elevated to a niche Of
financial notoriety alongside of the
Neckers and Chases Of other times. 1:
goes SO far as to say that
Grant would do well to summon P.lsbury
TO Washington il he wishes to bring his ad-
ministration to close in blaze of glory.
1t also suggests:
| There are people who will no. readily ad-
nit that game of chance is a perfectly
| eOund basis for the finances of city or for
| anybody else but gambler. There are
people also who will find it difficult to un-
derstand how bond which may not be re-
deemed in less than fifty years. and which
will not draw cent of interest until it is
redeemed, can be secure and advantageous
y
persons.
The same doubt seems to lave occurred
to various bondholders, and though
Messrs. Adder and Pilsbury seemed to
think nothing more was needed than to
print the ticket and provide the little boy
and the wheel, there is served upon the
city fnancier notice that those who have
loaned their money to the city long time
ago have no idea OF taking any tickets in
theirs, or of acting with every creditor
who has funded city notes and shell con-
tracts in city bonds. Especially does
Nile or Nine. Resale Maenhaut wish it
understood that she is not 'that kind of
cat 1--WE speak it respectfully and
significantly who would exchange
her city bonds, payable semi-annually
and guaranteed as hereinafter stated,
for any number Of corporate saddles, gigs,
jacks and other fancy chances to ''get her
money back again Nine Maenhaut is a
subject Of the Belgium government, one
Of those we think in which Mr.. Adder
insists the chuckaluck principle to be in
great repute. The refusal of Nine Maen-
haut, Of Belgium, to indorse the scheme
and schedule of Mr.. Adder falls with
serious force upoa the representations Of |
that gentleman.
Mr.. Ferdinand Rodewald, subject Of |
her most maternal majesty of Great |
Britain, responds also, and repudiates
that premium bond plan" which we have
been told an Europe was crazy over. We
have some lively apprehensions that the
bold Baron Rothschild will throw off and
go back on his ownparticular progeny as
alleged by Mr.. Adder.
Yes, as surmised by the Chicago Times,
shese humdrum and obtuse persons and
many others fail to appreciate the signal
advantage of exchanging their legal right
% interest twice year for lottery ticket.
It may be barely possible tina. Rosalie and
Ferdinand need their money to go to mar
set, or they may be in principle opposed
o dealing IN lottery tickets, or betting on
the eagle bird by chance" Of the roulette
pun around by the honorable secretary
If the treasury.
Our attention has been attracted some
lays since to diatribe in the Bee leveled
gainst the Radicals, whom, it asserts,
ave made all the city debt since 1862.
{ alleged the law Of February 90, 1852,
S legalizing the consolidated municipal
Iebt, as pledging a tax for the pay
lent Of interest, and as thereby CIV
ng the holders a first mortgage upon
be revenues of the city. Itattacked all the
ity obligations incurred since that date Z
except the bonds for the waterworks) in ,
rejudice of this first mortgage, as null. ,
proposed to relieve the taxpayers by J
howing that thirteen or fourteen millions
f the city debt is void because incurred {
! contravention Of the law Of 1852, and
lat the readiest way to perfect financial {
eace will be to plead this act OF 1852 in c
ar Of any judgment against the city, for '
le debt so alleged to be void. This t
lew was either in suggestion Or in sup +
OFT Of the claim now made by the foreign v
olders Of the bonds of 1852.
We apprehend the consideration of the a
arious questions evoked by the bill of Z
Tile. Resale will throw the financial '
udies Of our secretary back nearly s.
~ a{ +r,r1- yNho | =,
reamed that the hurrahs of ward club c
'uld nominate respectable private gen. Il
eman into such row between the S,
,okers, bondholders and taxpayers? Il
In 1852 the virtuous and primeval fau- n
'urgs saddled their combined obligations o
BON the consolidated city. The city W
edged itself to provide for payment Of il
terest upon this consolidated debt with Il
Re penalty that if the city failed to so Il
Divide all ordinances Of the city should nj
void until the emission should have ST
en repaired. It was also added that no te
her obligation of debt should be in -
fred by the city unless sanctioned by y
pular vote. and in accordance with
rtain conditions prescribed. Now the y,
lders Of these bonds Of 1852 say that it n,
IS sin the prospect of these pledges and d,
the faith Of this stability that the con- er
lidated debt of the city of New Orleans in
IS created and the bonds sold in Europe NJ
a premium" We shall elaborate no n,
inion upon the subject dependent for be
decision upon the testimony of facts, II