The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-03-25

Tor tho incorporation oil the con pspy, With pow
n ID constfaet canal from Hnrvsy's Canal.
through tue water courses and awsmps, ana W
tho aulF by way Of Barataria Bay. The only
extraordinary features OF he bill h Inc Eiying
ths right TO the company Of issuing . c@rtaiii
amount Of preferrei stock ana We rigas 70 put
per acre, which shall BIO subject 70 'exa"oh III
soon 70 entered. It,.
The New olloans wassrworks bill was saken
up % tho
HpEetA1 ORDER or THE DAT.
Ihe uuertion being on the third reading and
anal passage Of the bill after concurrence III the
amendments OF the henate. "a.
Mr. 1rauoust Of Orleans, asked for recon-
slderaiion Of The voto By which the bl. was en-.
rroaeod. with view to its reference 10 joint
s,m mitiee OF tho Senate and House 10 have IL re-
nodded. rhe chair decided that such motion
could not BIO enteri aimed, the time having passed
under tho rules. Mr.. Tranoulet said that he re-
grett d then that no .would have 70 vote nay OF,
tho passage OF euch q bill. The CITY had already
an interest OF 100000 in the Watsrwofks, 40
quired from the old company, 70 which ths city
hsd Originally, subscribed % stock -. f OF
SO &c. ), ,so ' mortgage S n bond. ssa ssr
Interest according 70 The bill wss 81 900. The
bill provides thai no aoon M fs00 900 OF the mort
gage bonds out Oh tho $500, 900 held BY outsiders
are rubseribed to the new company the corpora
tion ehall DO organized, and the city entitled %
four directors and outsiders TO three until July,
1873. Tho Mayor transfers oil present wofhs and
tie revenues imms di ately, and the opmpany Ig 70
have exc ,sive privilege for any yoaras Af!ar
Jaly, 1878. the board Ia reversed ne ol.y
no matter what tho interest OF tho city may Do.
Iha s,neller interest will then have control OF
the board. They viii have power 10 borrow
money. u parties representing ave hundred
thousand dollars worth OF wAterwofas pohas
treaty worth thrty-two cents on the dollar, Or
one hundred and sixty thousand dollars) sub-
scribe 10 tho stoek, they will have the control OF
what has cost the city .tso million OF dolars.
After 1878 they may tunder she bill) insue bonds
for . loan. ffthey wish TO gobble up the wafer
worl,s. they may take up these honda Themselves,
and whom tho bonds become due the persons itl-
terested In foreolosiug the mortgage which this
loan will bear may fvreelose IL and thereby get
tho whole concern for four hundted and sixty
thousand dollars, computed a. follows: The pur-
ohasc of 900 old mortgage bonds OF ~
oentB~- si60. 900 and tho buying up OF their own
new mortgage bonds at ssy Sb cents"-fa00 QUO
MIR. Tremouet na,d no did NOT wish 30 esst any
reflection on Tho present Council. bat In couple
of years there might be u change; new men
might coma in and be asked II the mona-
hers forgot Flanders and his administration, who
had given away the interest Of the city in the
jackson Railroad 80. s.r..zsgs, -. - 49,,
Besides. further than that the bill provided
begin within twelve months and be completed
within Ave years. there were no speoihcatt ms for
the amount or nature OF the work TO be per-
formed there was no provision that the compa-
ny was 70 mako any extension until thoir income
10 ten per cent on the amount invested, and that
II would take many years for Thorn to get
such an income on S2,500,000. The high
eat dividend ever declared by the
old Commercial Waterworks was seven per cent
aud Mr.. Tremoulot proceeded to establish q
!, ttan Il nj ha fua
pahics. As % the probability OF tho now com.
pany TO supply the city with water from tho
Tsngipahoa TO reach the third story of our resi-
denoer, IL would require fA,000,000. not including
the extension OF the works in the city. He was
afraid there was an inteution to sobble up the
watarworks and its franchises st onequarter
their value, and that all the company would do
would be to collect the watotworks revenues,
who ,lsccording to section II, they would begin
to do Immediately.
the bill, aaying that mere careful confederation
oil the bill should have been had. He would
vote againstit ID.
Mr.. Leeds, OF Orleans, favored the bill In order
to get the city out of its predi 'ament, and when
tho revenues OF the waterworks were lees than
tne expenditures. The city would use Its stock
in pay rnent OF its floating debt and other obiRa.
tions, and after 1878 would not have stock to JUS
tifs Ito control of the board. The water works
were not worth one-quarter OF what Mr. Tremou-
lot had said they were. zs-s.,.
MIR. Jonas. Of Orleans, was also Ia favor OF the
bill, aud dwslt at length on the necessity Of the
city to get rid OF the ineumbrsnce Mr.. Jonas.
however, was Of the opinion that tho franchise
was valuable one, and then went into an elo-
quent speech showing the danger ftom fire In
wnich the city was from want OF an adequate
supply OF water. 4.rs..-. $780,
Mr. Cressy said that he we'll knew tho danger,
and that was why no wanted the guarantees re-
'ferred to by MIR. Tremoulet. Where were the
guarantees in any section OF tho bill for more
nater2
Mr.. Delavigne said he had voted against the
bill before II went into the Senate; but now that
the Senate had introduced amendments to satisfy
him, he would vote for the bill.
Mr.. VOORHEES,, Of Orleans, said that the guar
antees were not in any one section, but through
out the whole bill. The gentlemen from Orleans
wanted to put down this bill, but did not propose
any other plan. .-u.-
During the debate there was q slight allusion
to "jobbery," but not enough to provoke more
Than O passing remark from Mr.. Jonas to the Of
feet that he hoped that no allusion was made to
any member Of this House, to which MIR. Greasy
replied that he did not refer to anybody In par
ticular, but he was nevertheless OF the opinion
that there was jobbery in 1t. ..r..~.
The yeas and nays resulted in yeas SO; nays g..
No quorum.
A oall OF the roll followed, when 81 members
and quorum answered to their names.
The yeas and nays being called again in the
final passage OF the bill, resulted in IS yeas and
nays ..... t. -.
The nays were Measrs. Cressy, Forester, Gas
kins, Kidd, Shakespeare, Singleton and Irernou'
let T., ar4 -.-
The House adjourned.