The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-02-13
RELIEF TO CITY TAX PAYERS.
The Premium Bond Plan Strongly Endorsed

amendment, now part Of the s ate Constitu-
ton, is as follows:
The city Of New Orleans shall not hereafter in
| crease her debt, in any manner or form, or under
any pretext. Alter the LIST day of January, 1875
no evidence of Indebtedness or wa rrants for pay
ment Of money stall be issued by any officer OF
said city, except against cash actually IN the
Treasury: bit this shall not be so construed as to
ppecent a renecal of nsdt,aed bonds at par, or the
issue Of 7telc bonds IN exchange for other OOads
provided the city debt BE- MOI thereby increased,
nor o prevent the issue Of drainage warrants to
the transieree Of contract. under act No. 30 OF
1871, payable only from drainage taxes. and not
otherwise. ANY person Violating the provisions
of this article shall, on conviction, be punished
by Imprisonment for not less than two nor more
than ten years, and by fine OF not less than three
housand dollars nor more than ten thousand
dollars.
Fortified by this provision, the City Coun-
Gil has exchanged large amount OF Premium
Bonds for the old bonds Of the city, under q
plan presented by Mr. Piisbury, Administra-
tor Of Finance, and adopted by ordinance
May 25 1875. In conformity with this plan
and ordinances Of May 2e. June !, August 81.
1875, drawing Of series and drawing of
premiums on bonds OF the drawn series have
taken place.
In order that no impeachment may bs cast
in their way through the technicalities of the
law and the suits Of the city's creditors, an
act has been prepared by the Council for the
purpose of giving to the Premium Bond plan
Of refunding the city debt an ample statutory
sanction. This act has passed in the House
Of Representatives by unanimous vote, and
;c pnu hofnra tho Capofo
The Premium Bond scheme is recon-
mended to the Legislature under very en-.
phatic Endorsement While the bill was un-
der consideration in the House, Hon. L. A.
Wilt presented the following:
CHAMBER OF COMMERCE,
New Orleans. Feb. z, 1876.
At meeting Of the Chamber helt this date,
the following resolution was adopted:
Resolced, That this Chamber. after mature
elaboration, approved the premium Bond
Plan" as proposed by the City Administration,
and commend it to the favorable action of the
Legislature as the best measure calculated to
relieve all interests invOlved-taxpayers and
bOndholiers.
Extracted from the minutes.
VIM. M. BURwELL. Sec'y.
A duplicate OF the above was presented in
the Senate by Hon. Fl. D. Ogden.
The Premium Bond plan was Endorsed
unanimously by tbs Property Holders Union
in their resolutions, adopted October q 1875,
at meeting where the attendance was full,
$50 far as it promises to effect . reduction Of
TAXATION" thanks being at the same time
rendered to the Mayor and Council for re-
ducing the expenses Of the city government,
and for their efforts to relieve the people in
some measure Of the intolerable burdens rest
ing on them.
More recently the same association has,
after seeing the workings Of this plan, given a
very full and pronounced approval of the pre-
MUM method of funding and canceling the
old bonds Of the city. At large meeting Of
the central council of the Properly Holders
Union, held at Grunewald Hall, the following
definite and significant resolution WAS adopt
ed:
RESOLVED, That in view Of the fact that this AS
ISOLATION was formed n the purpose Of reducing
taxation We heartily approve the bill introduced
into the Senate by Hon. +. D. White which gives
q legislative Endorsement to the Premium Bond
Plan, by which the city taxes are reduced at once
nearly fifty per cent, by which those who owe
back taxes are greatly relieved Of their burdens,
tive act is fixed to taxation, with the additional
advantage to the Property Holder that these
great benefits are made matter OF contract to
which he is party, SO that this limit can neither
be exceeded by Constitutions Legislator. s, City
Councils, or even by the Judiciary.
By further resolution Messrs. John
Hughes, A. Bonneva!, J. d. Hill, D. P. Scan
Ian and A. Delavigns were appointed COM
mittee to present the above to the Senate and
House of Representatives.
The following special communication was
sent to the House in relation to the same i'm
portant matter, by the Governor. This COM
munication, aside from important statements
made therein, is very significant indication
that there is no partisan or political consid-
eration involved in the funding plan.
STATE OF LOUISIANA,
Executive Department,
New Orleans, Feb. 10, 1876.
To the Honorable the Speaker and Members Of
the House of Repreeen atives
l enclose herewith a proposed bill to adjust. |
regulate and provide for the bonded debt OF the
city of New Orleans, which members Of the City
Council and property owners have requested me
to urge upon the attention OF the General As
sembly.
The plan Of providing for the bonded debt Of
the city herein proposed has received the In |
dorsement OF many able and experienced finan-
ciers, and am assured that it meets the approx
al of large number Of the holders Of the bonds |
of the city of New Orleans.
The available working days of your session are
drawing to close; the necessity OF some inan-
cial legislation for the relief Of the city of New
Orleans is imperative. I therefore earnestly
commend this measure to your immediate and
serious consideration.
W. P. KELLOGG, Governor
It seems to us that the foregoing approval
Of the Chamber Of Commerce, Of the Property
Holders Union, of the unanimous City Coun-
Gil. Of all the city delegation in the House of
Representatives, joined by al the balance Of
that body, constitute as forcible recon-
mendation Of the plan as could well be pre-
sented.