New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-01-29

holders nav, Of all citizens, demand tina
our city should be properly lighted, on
streets Kept in q state Of thorough repair
and that We should be protected by goo
J syetem Of levees from the inundat.Ons
| which we are liable.
4. Should We repudiate the city debte II
connection with this question there are tw
sides to be considered-that Of the repCdia
tor, and that of the repudiated. There cal
not exist doubt in reasonable minds that
of the two. the repudiated deserves OR tirs
Corporate bodies are legally accredited
agents of the whole people, either by I
direct popular vote or by appointment
through their Legislature.
In all law regarding agents, 1t ls well
admitted fact that those who appoint agent
are responsible for their acts; and az tn
acts Of properly accredited agents can 81 NJ
time be set aside for convenience sake, 81
are the whole people of this city answer
able to the creditors for the acts of theiI
corporate bodies.
The reputation would, moreover, entail
ruin upon large class OF our citizens, ant
in the end would prove detrimental TO tn
very interests property holders are seeking
to serve.
Thus Won see that to stop the education
of the people, TO deEolsh the police force
| to deprive the city of all improvements, Il
| neglect the public works and to repudiace
| the city debt are not the best methods 1ol
securing tho welfare and prosperity OF oul
people.
The city owes ga, 200, and as q &c
spectacle people, and commercial com
munity, trading with nearly all the civil
| lied nations we must pay the debts We
have incurred it we wish to retain .ne.i
| confidence and respect.
| yr,,,o IN npip ions how ~ rcA ND
| of the debt. Some say, Levy no taxes
for the payment of the interest" This
would virtually repudlate the whole debt
Others cav, "RepudiatG Sl3O00,0CO OF
bonds" But why jus. $l3.o00,000! Il
you commence Reputation, why 60: repu.
date all Il
1t is very doubtful whether any ore de-
scription of bonds has more honorable
birth than others, and, were we to enter
upon strict investigation, it nigh: be seen
that the bonds considered the mos: sacred
were the result of some deep-laid scheme.
1t is asserted by some that certain bonds
are illegal. Suppose this is granted for
argument sake. That does not arnul the
original indebtedness. They were given
for value received. And suppose you re-
pudia,e the bonds, can you repudiste the
creditor Is it because your promise 20
pay is informal that his claim is worthless!
This view Of the case is unworthy Of re-
spectacle community.
Others sugges: We should consolidate
the various bonds and fund them at fifty
cents to the dollar. Perhaps if security
could be given for the fifty cents We might
induce the creditor TO accept the compco-
mise; but it would be almost farce for
you to say to the creditor: Il will give you
rotten fifty cents 70 pay rotten dollar
without eny security whatever shat you
will hereafter pay the interest, or tina: you
will not IN good time repuGiate the coM-
promise.
Others cay We have found the elixir, the
panacea of all pansceae. WHAT think you
of keno! This lucky corner scheme is one
that ought to be dletasteful to corpora
ton of city magistrates, even though 1t
may be a European trick. To my mind the
lottery Of that gcod-lookipg. portly gentle
man, Charley Howard. has a great advan-
tage over this rat-:rap Of the City Hall.
Mr.. Howard has the merit tina. ne WHO En-
tiers his doors does so of his own tree viii.
l must ADMIT that i: is preferable 20 tie
City Hall scheme.
Howard pays his debts in hard cash
promptly like man. and does NOT force
upon mis- creditor lottery ticket IN pay
ment. The City Hall lottery scheme
amounts to this. the bondhoiGer is IN a
vice, he can not escape. The corporation
says, I'VE will not pay you cen: OF inter-
est or of capital; bu: Try your luck, j: IS
your only chance The creditor beng
needy and thumb-screweG, becomes impli-
Gated in the game. There "a an immoral
tendency in the proceeding that 4 per
sisted in mus. lower the character OF
American cirizers.
Some of the foregoing suggestions are
not reliable, aupreciable, or worthy OF con-
QnEnInrelC
sary; the sore is dangerous. and the sur
geon's knife is needed. Gu: deep or do not
cut at all; there mus. be no tender RENE
dies, no half measures, but bold ursparing
reform, hence the necessity of liquidation.
The Legislature must be asked to pass the
necessary bills; one to place city affairs in
the hands of Eouida:ors; tle other giving
the city new charter, abo!isaing the
present bureaucratic system, and re-estab
fishing an aldermanic council, with proper
safeguards and debt restraining powers.
The liquidation, TO be Of any service to the
public, must be prompt, thoroughly COM
plete, and in the hands Of our most proni.
nent citizens, men OF uRimpeachabie re-
spec:ability as well as corversan: with
finance and Commercial, affairs.
The board of liquidation may be COM
posed of nine members, the Mayor, the
president Of the Chamber of Commerce,
the president Of the Cotton Exchange, the
president of the Merchants Exchange, one
elected from the board of underwriters. one
selected from among the bankers. and three
bondkOlders elected from among them
selves.
All moneys received or realized by sale
of property or otherwise to De kept in The
State treasury, accounts TO be audited, g
statement published semi-annually, and :he
moneys appropriated to the retirement. Of
the bonds to the lowest bidder.
1t will be the duty Of the city authorities
to yield up to the board OF liquida:ors all
city values, books and accounts, ana TO
afford them all facilities.
1t will be the duty of the board Of lGui.
dators to take formal possession OF all city
effects, such as lands, tenements, water
works, etc.
In the new city charter provision must
be made for the Council to levy and collect
a tax Of one-Guarter of one per cent to pay
interest and redemption Of the bonded
debt, and the moneys so collected to De paid
over to the board Of liquidation.
l recommend that the lquidators cell all
batture rights and wharves to the highest
bidder, with limitation, for the protection
of commerce, that no wharf charges exceed
the present wharfage rate; that the mar
kets be sold for ten yeare, without taxation,
to the highest bidder, payments to be made
in cash in such proportions as may be
deemed advisable: that the Waterworks be
sold, with the right of supplying tine city
with clear, wholesome water, under certain
limitation of water rates; that the bonded |
debt be estimated at par value, and to
this must be added the overdue interest,
that the interest on ten per cent bonds;
be reduced to seven per cent. and interest on |
bonds of every other description be COM
puted at five per cent.
The haftnrA richts have been 1ar;nrsly