The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-12-23

The Consolidated IsendboIders ana th


City.
Editor Demoerat-The apprehension OF tho
increase 1f taxation by the enforced levy Of
tho Se50,OOo which Is claimed by the hold
ers Of the consolidated bonds Of the city In
tho pending mandamus suit before Judge
Billings justly gives no little anxiety and CON
Germ to the taxpayers Of the city.
Whilst the holders OF these bonds cannot be
Justly censured for tenacious adherence 10
their contract rights, they are not Of o. class
who would be scr ously affected by mn increase
Of taxation. That result would be regarded MS
u calamity which ought 10 be avoided or pre-
vented by every means, except by resort to
he ab0rtive and disreputable expedient Of
Republication.
Every good citizen will shrink from either
OF these alternatives. and will cooperate in
nny-just adjustment by which the city will be
spared the afliiction Of both an increased tux
alton and the Disgrace and Generalization of
Reputation. Why Is not such a plan prepared
and submitted TO these fierce litigants, who
are engaged in the angry contests over the
shrunken and debilitatsd corpus Of our city 7
Such plan must embody q surrender Of
something Of what is claimed by both con-
testants. 1t must be in the spirit Of all am
ieable settlements Of "gve and take
The consolidated bondholders. the largest
Of whom are property holders or the repre-
sentatives Of property holders, must perceive
that the addition TO The city's budget of the
S65o.000 claimed In the mandamus pending,
for the several years OF default Of the city, on
large increase Of the liabilities Of the cor
poration and Of the taxation Of the property
holders To avoid such great evils and hard
ships. why should not the holders Of these
bonds unite in n proposal to modify their de-
mnnd and contract, so as TO reduce the lia-
bility Of the city to the payment Of the in
terest on their bonds, which would, after APP
plying the S650,0DO now demanded In the
pending mandamus to the payment Of the
several years for which the city Ia In default
on Its interest, require m appropriation Of
only S2f0,000 per anni1m for the future. The
consolidated bondholders who accepted pay
ment Of their coupons would thus bind
themselves to carry out this contract, and
have their bonds stamped.
Such an arrangement would afford great
relief to the city and the taxpayers. We
think 1t would satisfy the bondhoders, who,
United States recognizing the contract and
obligation Of the city to collect and set aside
| $3.50, 900 for the payment Of their interest and
principal, cannot be reasonably expected to
remain Inactive and acquiescent while their
| claims are ignored and the revenues of the
| tions Of the city, which they honestly believe
| and are 80 instructed by the highest judicial
| authorities, involve q violation Of their con-
| tract rights. At the same time would it not
| be q wise concession on their part to be con.
tent with the payment Of their interest and
with provisions for an appropriation TO that
object alone, under proper guarantees and
| restrictions, and thus withdraw themselves
| from any further litigation and obstruction
| of the city's administration OF its finances?
| Can there be any doubt that such an adjust
| ment would save the city from every aspect
where 1t has been 80 seriously damaged by
| the course which has been pursued In refer
ence to these consolidated bonds
INTERPRETATIONS AND TAXPAYER.