New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-12-07
A sTRuerf,E or A CoMPRoM1sE.

done. No possible relief can come from
an effort on the part of either political
party to throw the blame on the other,
since that would be in effect confession
of judgment and full recognition OF the
liability to pay. In whatever manner the
city debt may have been contracted, it is
an existing and very stubborn fact resting
on the conscience Of every man, if not the
property Of every interest
The ordinary creditors of the corpora
ton have long suffered delay and loss
from the inability of the city to collect
enough to pay current expenses. Police
men, school teachers, the firemen, the gas
company, the city printer, the city em-
ployes, and even sslaried officers in high
position have learned what it is to wait
for their pay, or accept paper worth from
twenty to ninety cents on The dollar.
Few, if any of these creditors, have ever
thought Of suing the city, but have
patiently suffered together and borne in
silence the evils which they knew it was
difficult, if not impossible, to cure. The
policy of each succeeding administration
has been to pay so long as there was dol
lar available for the purpose. One class
of creditors alone have, until quite lately,
escaped any loss or Inconvenience from a
failure to pay. We allude to the bond
holders. The tax Of nearly one and 6
half per cent on all taxable property in
the city has been promptly levied and
faithfully collected and paid over to the
coupon holders, until this year. To do
this, great sacrifices have been made from
time to time. To save the city's
"honor." policemen and teachers have
been half stary home capital
lists, who have put up their money
to furnish indispensable supplies, have
been elbowed away from the city treasury,
while the way was made free and easy for
strangers to go up and draw their semi
annual dividends Of the collections. Lat
terly, however, the people have exhibited
signs of serious exhaustion. They are no
longer able to respond to the urgent calls
from the collectors. The drum beat Of
the auctoneer and the red flag of the
sheriff, once so terrible to sensitive man,
have seemingly lost their terrors, and sales
are only checked by the inability to pur-
chase at even great sacrifices Failure to
pay ordinary creditors has become chronic,
and the disability has at last reached to
the bondholders, those privileged owners
of sacred" obligations. Being foreigners
they have rushed at once to the United
States Circuit Court, where they hope to
obtain relief. They 'stand for justice, !"
no matter whether the creditor bleeds to
death OF not Suits are now pending be-
fore Judge Woods both for bonds and
coupons due and unpaid.
1t is evident that something more
than legal talent is wanted to help
the property Of the city out Of
the present trouble. There is no
defense to the claim that we are aware of.
The bonds are genuine, they were issued
for lawful purpose, by authorized agents
of the people, and the present owners are
holders in good faith. They need their
money, and are entitled to it. So do the
school teachers. They put their trust in
the good faith of the corporation. So did
the policemen. Their claims are just; so
are those of the fremen, the Gas Com
pany, and dozen other great interests.
We can not see wherein they are entitled
to priority over any or all of these local
creditors. But there is not money enough
to pay everybody. Consequently some
body must suffer loss. We submit that it
is not Just that portion of the creditors
receive full pay and the rest nothing.
And how this is to be avoided Is Just
what we wish to have every man
begin to think about. Those who
have sought their remedy in the court by
virtue Of being aliens should be left to
their remedy. They may and doubtless
will obtain Judgment. We believe they
are entitled to it. So is every unpaid
creditor Of the city. But there is nowhere
property enough liable to seizure to pay
the fftieth part of the municipal debts.
Most of the public property, such as
squares, buildings for school houses, etc.,
have been donated to the city in trust for
a special purpose, and can not be touched
by creditors. The only possible chance
for even partial payment which the city
creditor has, be he bondholder or merely
poor policeman, Is the process of future
taxation. The State law hes imposed
upon the City Council the duty to lay this
tax to provide revenue. Heretofore they
have done it with charming regularity.
But how would it be If this tax were sus-
pended for year or two, or until such
time as the boudholders were willing to
listen to rsasona Would Judge Woods 20
to the length Of issuing mandamus COM
polling the city officers 70 lay the tax, and
could the order be enforced if he did? We
do not believe either proposition, and
most certainly not the latter .
The laws Of the State, most assuredly,
require the discharge Of such q duty, but
it does not appear there is penalty at
taehed TO refusal 10 collect the interest
tax. This might possibly be omitted