New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-01-28

p0llCy 0n0ulo NOT % pureueO
extremes. The interest Of propert.
| our city should be properly lighted, GU
| streets kept in state of thorough repair
and that We should be protected BY . goo'
| system of levees from the inundati0ns &
| which we are liable.
4. Should we repudiate the city debt! Il
connection with this question there are tw,
sides to be considerej-that Of the repudia
| tor, and that Of the repudiated. There cal
not exist doubt in reasonable minds that
| Of the two. the repudiated deserves our frs
consid GRAFTON.
Corporate bodies are legally accredited
| agents of the whole people, either by {
| direct popular vote or by appointment
through their Legislature.
In all law reearding agents, it is well
admitted fact that those who appoint agent
are responsible for their acts; and as thu
| acts of properly accredited agents can at 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 their
corporate bodies.
The reputation would, moreover, entail
ruin upon q large GLASS of our citizens, and
in the end would prove detrimental to thu
very interests property holders are seeking
to serve.
Thus you see that to stop the education
of the people, to deEol!sh the police force
to deprive the city of all improvements, &c
neglect the pubic works and to repudiste
the city debt, are not the best methods fol
securing the welfare and prosperity OF oul
people.
The city owes $4,000, 900, and as q re-
spectacle people, and q commercial com
munity. trading with nearly eli the civil
lied nations, we must pay the debts We
have incurred if We wish to retain theil
confidence and respect.
There are various opinions how to get rid
of the debt. Some say, Levy no taxes
for the payment of the interest" This
would virtually repud,ate the whole debt
Others say, "Repudiate 3l3.O0O,0O0 OF
bonds" But why just $4,000 600! Il
you commence reputation, why not repu-
date all
1t is very doubtful whether any one de-
scription of bonds has a more honorable
birth than others, and, were we to enter
upon strict investigation. it might be seen
that the bonds considered the most sacred
were the result of some deep-laid scheme.
1t is asserted by come that certain bonds
are illegal. Suppose this is granted tor
argument sake. That does not annul the
original indebtedness. They were given
for value received. And suppose you re-
pudiace the bonds, can you repudiate the
creditor! IL it because your promise to
pay is informal that his claim is worthless?
This view Of the case is unworthy Of re-
spectacle community.
Others suggest 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 compros
you to say to the creditor: II will give you
rotten fifty cents to pay . rotten dollar"
without sny security whatever that you
will hereafter pay the interest, or that you
will not in good time repudiate the COM
promise.
Others cay We have found the elixir, the
panacea of all panaceas. What think you
of keno! This lucky corner scheme is one
that ought to be distasteful to corpora
ton of city magistrates, even though it
may be European trick. To my mind the
lottery of that geod-iooking, portly gentle
man, Charley Howard, has . great advan-
tage over this rat-trap of the City Hall.
Mr.. Howard has the merit tina. he who en-
tors mis- doors does SO of his own free will.
must ADMIT that it il preferable to the
City Hall scheme.
Howard pays his debts in hard cash
like man. and does not force
upon his creditor a lottery ticket in pay
ment. The City Hall lottery scheme
vice. be can not escape The corporation
says, I'VE will not pay you q cen: Of inter
at or OF capital; but try yoar luck, it is
your only chance The creditor beng
needy and thumb-screwed, becomes impli-
lated in the game. There is an immoral
in the proceeding that if per-
visited in must lower the character OF
American citizens.
Some Of the foregoing suggestions are
Of .l:ahf nix 81
alteration. Reform is absolutely neces-
AIRY; the sore is dangerous, and the sur
rooms knife is needed. Cut deep or Go not |
ut al all: there must be no tender rene !
liea, no halfmeasures, but bold unsparing |
eform, hence the necessity o. liquidation. |
The Legislature must be asked to pass the |
necessary bills; one to place city affairs in |
ne hands Of lIquidators; the other giving |
he city a new charter. abolisning the |
PRESENT bureaucratic system, and re-estab-
lsniaG an al0ermanic council, with proper |
afeguards and debt restraining powers. !
The liquidation, to be of any service to the |
'ublic. must be prompt, thoroughly CON-
'lete, and in the hands of our most promi. |
Ient citizens, men OF unimpeachable re-
pectability as well as conversant with |
nance and commercial affairs.
The board of liquidation may be COM
'osed of nine members, the Mayor, the |
resident of the Chamber of Commerce,
he president Of the Cotton Exchange, the |
resident of the Merchants Exchange, one
lected from the board of underwriters, one
elected from among the bankers. and three |
elected from among them
elves.
AL moneys received or realized by sale
f property or otherwise to be kept in the
tate treasury. accounts to be audited. q
tatement published semi-anuually, and the
loneys appropriated to the retirement of |
ae bonds to the lowest bidder.
II will be the duty Of the city authorities
D yield up to the board OF li4uida.ors all
ty values, books and accounts, and to
ford them all facilities.
1t will be the duty Of the board of liqui.
ators to take formal possession of all city
fleets, such as lands, tenements, water.
'orks, etc.
In the new city charter provision must
e made for the Council to levy and collect
tax OF one.quareer Of one per cent to pay
lterest and redemption of the bonded
ebt, and the moneys so collected to be paid !
yer to the board of liquidation.
l recommend that the liquidators sell all
allure rights and wharves to the highest
;dder. with a limitation, for the protection
commerce, that no wharf charges exceed
le present wharfage rate; that the mar
ets Do eoiu AoI Ion years, WITHOUT la1asiOu, |
, the highest bidder, payments to be made
| cash in such proportions as may be
eemed advisable: that the Waterworks be
I'D, with the right of supplying the city
18th clear, wholesome water, under certain
imitation of water rates; that the bonded
ebt be estimated at par value, and to
lie must be added the overdue interest,
lat the interest on ten per cent bonds;
= reduced to seven per cent, and interest on
onds of every other description be com.
1ted at five per cent.
and by some they have been
Alnad az hi oh as GffU 1ni1liona I think |