The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-28
$24, 020, 652 SO
$4,000 90
Lilo, 600 90
1922, 552,052 SO

Back taxes due interest fund. $349, OOO w
Back taxes due general fund Lib 600 90
Total ................... Szz' ooz'ooz 90
Mr.. P,lsbury said: 1t we could collect
every dollar of taxes due, we would still be
$500. 900 short. He continued stating that
the CITY had canvassed various pl rs, and had
at last adopted one, the Premium Bond Plan,
and it was to submit the plan to them that the
City Administrators had called the meeting.
Ii had been adopted in many of the prin-
cipal cities of Europe to raise money, and 1t
had always been successful. he thoughel 1t
was good plan, and the best that could be
devised to get the city out of her difficulties.
He thought thst if it was adopted and went
into effect bonds would appreciate in value,
and the city would be benefited, and with the
Endorsement and aid of those present the
Council could 60 right ahead.
| In his opinion there were no practical OBJ
| iections that could be raised against it. He
then read letter from the City Attorney. in
which it was stated that the scheme did not
conflict with the charter OF the Louisiana
Lottery Company, and that there was no
legal impediments. If the plan as submitted
was susceptible, OF any Improvements .S the
Mayor Leeds-We would be pleased to hear
opinions pro and con.
| Mr. Pilsbury-I presume that every gen.
| tleman is familiar with the plan.
MI. Carl Kohn-Will not this suit in the
United States courts prevent you from carry
| ing out the scheme?
Mr.. Pilsbury-I do not think that the suit
will result in anything but the discontinue
| of those who instituted it. One OF their
principal points has already been passed upon
| BY the Supreme Court.
r noIo To-
propose to try the scheme on million OF
bonds.
Mr.. Pilsbuy-Yes, sir. =.
Mr.. Oglesby-Ho long do you think it
would be before you could carry it into effect
if you get the bonds?
Mr.. Pilsbury-I think it will be about the
18th of September. think that we are at
liberty to proceed any how. Lately it has
been the belief that the city could do nothing
of ITSELF We have depended too long upon
the Legislature, and I think the city ought
now to act for ITSELF
Mr.. Oglesby you not anticipate that
YOU will be enjoined from paying these bonds?
Mr.. Pilsbury-I do not. 1t will be an ex-
change of old bonds for new ones, and it will
not be paying them.
Mr.. 0glesby-As understand it, in gen.
eral adoption of this scheme, all interest goes
into general fund, and that the interest is
payable when the principal is paid.
Mr. Pilsbury-Yes, sir. The chief point OF
merit is that it only requires $500, 900 year.
Now we require one million and q half of dol
lars, this alone for interest, and there is no DE-
crease of principal The three hundred
thousand dollars pays interest and decreases
principal. =,
Mr.. Carl Kohn-How much will it take tt
start
Mr.. Pilsbury-A million, think, would de
lit.
Mr.. Kohn-These million of bonds draw 9
premium, but there is considerable out.
Mr.. Pilsbury-Those that entered would o.
course take their chances, with the city repre-
sentlng those that did not enter for the pre-
MUM; but think that it will not be lone
before all will enter. We will be able to re
duce taxation, and the bonds of the city viii
advance in price. As it is now the city cal
not and will not pay its interest. We arr
working in the interest of the real estate
owners, as we'll as tie bond holders.
After some further discussion, motion Il
adopt the plan was carried unanimously.
A document, of which the following is
copy, was then presented for signatures
We the undersigned, Presidents OF bank
, and insurance companies, and bond holder
, of the City of New Orleans, do hereby ap
prove and cordially recommend to all parties
IN tero6toQ, WnetneI Uouu Hoiuoio VI PioPoA.
, holders the plan adopted by the City Council
based upon premium bonds, as best calculate
to meet the existing emergency in city finan
ces.
The following names were appended:
Louis Schneider, George Jonas, NJ. Mus
q son. K. Auch, E. A. Palfrey, G. Kohn, job
G. Gaines, J. B. Woods, II. Zuberbier, Isaa
: Scherck, Lloyd R. Coleman, Sam'l NJ. Todd
James l. Day, j. H. Oglesby, and E.
Palmer.
The meeting then adjourned.