The New Orleans daily Democrat., 1878-11-24
THE CITY DEBT.

In January last. whilst our Legislature was
in session, and the suit involving the validity
of the consolidated bonds was under discussion
weprinted in the DEMOCRAT the pfoleto OF an act
presented to the city members OF the LeglSla-
t,re, which wenow reproduce. Wecommend
it and the accompanying correspondence with
the attorneys representing the consolidated
bondholders to the perusal OF all citizens In
terested In the solution Of the financial prob
lem and in the maintenance Of an efficient
administration of our municipal affairs. lie
ferring to this projet, We said In our edition OF
the third of January:
It is q precautionary measure to provide
for contingency that may arise when our
Legislature will not be In session, TO apply
the remedy which this bill proposes No
damage can possibly result from Its adoP-
ton BY the Legislature. Should the consolt-
dated bonds be pro ounced invalid by the
courts the act wOu g Of no effect or value.
Should the courts ide otherwise then the
authority of the Legislature would be secured
for an easy and just settlement OF the city's
debts. We have full confidence IN the sim
cerity of the desire and purpose OF the par
ties in the correspondence published. we
have no doubt Ia case the decision
is in favor of the bondhoders that an
agreement approved and reCOmm ended by
parties of the respectablity and standing OF
these gentlemen would command the acqui-
escence of all the bondholders. The city ad-
| minstrators ought to aid In procuring the
passage of this act, for should not such pro-
vision be made, and after the Legislature has
adjourned, the mandamus be enforced to its
| full extent, the taxpayers would nave good
grounds for devOlving upon them the respon-
sibility of 80 heavy an Increase OF their Dur-
dens. It is In the interest of the taxpayers
and not Of the bondholders, that the authority
| to make such a settlement ought to pc gwen
by the Legislature and ought to be asked by
the city administration.
Our contemporary Of the Times referred to
this proposition In it's usual style OF offensive
nippanoy and sneering skepticism OF the sim
cerity of the respected citizens and eminent
attorneys with whom this measure OF relief
to the taxpayers originated.
The committee on city affairs gave no atten-
tlon to this projet-would not even consider
it. Shortly after the adjournment OF the
| LEGISLATURE the able decision Of Judge Mon
roe was rendered, which fully recognized
the validity Of the claim OF the con-
sodated bondholders. This decision
is now under discussion before our Supreme
Court. If affirmed, the contingency will have
happened contemplated in the projet, and
our new administration would not have been
compelled to await the action Of the Legis-
| l1tuTB 1Of SuCu dubilOLlbp TohAt' 1htbJio ''1'
Council to relieve the city and the taxpayers
of the burdens and responsibility which
present legislation imposes on them. Instead
of having to provide for the 100000 on &C
count Of premium bonds and to satisfy the
mandamus Of Judge Monroe should it be
affirmed, the city administration would have
been enabled at once to enter upon such or
adjustment as the Mayor in his message nov
PROPOSES, and relieve the corporation OF thF
oppressive the paralyzing burdens OF it,
liabilities on account of Its bonded Indebted
ness.
Whilst regrettng the improvldence which
rejected this projet, we are gratihed to lear1
that the gentlemen who submitted and TIN
attorneys representing the bondholders Wh'
accented it on behalf of their clients, adhere t'
the propositions embodied in the act pub
, Iished in another column, in the event OF 81
, af1irmance of Judge Monroe's decision.
BY the adoption Of this proposition the cit,
will not only be released Of an intolorabl
burden of present taxation, but it will con
serve the individual security and defense 0
, the contract of 1852 by an adherence to whcl
. alone can the liabilities be brought within tn
0 ability of the taxpayers, and its solvency AM
So credit be re- established.