The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-11

MUNICIPAL MATTERS.
THE CITY DEBT.
The question still Occupying the Atten-
ton of the City Council,

The question still Occupying the Atten
ton Of the City Council.
At the City Hall yesterday there was consider
able talk over the various questions relating t.
the city debit which are now occupying taxpayer,
and bondholders. whose expressions are to be
found published almost daily in the city press
The editorial on the financial condition of the
city. published in The New Orleans Bee on We'd
nesdsy. was particularly discussed, especially
that portion which says that "To repeal the pre-
MUM bond act, to annul everything that has
been done, would result only In increasing exist
ing embarrsssments and provoking new law
SUITS"
The financial officers of the city admit their
surprlse at this plain expression OF the Bee
which has ever been, on principle opposed to the
plan, and again repeats that its creation was
M stake. For reasons which were not advanced.
1t makes them hope for greater equilibrium In
the financial condition of the CITY
IL would seem, from what we heard and saw at
the Hall, that some Of our leading bondholders
are drawing up plans to get the city out OF it's
oiihcutt position. and that the Mayor and the
City Administrators will be soon called upon to
consider one or more propositions on the subject
Ihey are ail based. however, upon the scaling of
the consolidated bonds RS well as all the other OBJ
legations of the city,
Mayor Pilsbury says, however, that thus far he
has not yet seen any plan involving the conversion
OF consolidated bonds that off4r q more ecpnom.
loal or rapid method OF reducing the city's debts
than the premium bond plan. although, he took
occasion to add emphatcally, he was not welded
to it.
whilst conversing on the subject the Mayor
informed us that the city authorities had dis
covered that in the suit OF the city of Lafayette
contrasting the equality of the consolidated bond
tax, the supreme Court, through Judge T.. r,
Merrjok had decided that the act of 1856 virtually
repealed the act OF 1862 creating the consolidated
bonds. We ALSO conversed with the Mayor on the
supJeot OF the correspondence between taxpayers
OF this city and Judge Campbell, Ed. Bermuda
Esq, and Hornor Benedict, ATTORNEYS for
the consolidated bondhoders. The reply Of
the attorneys, said the Mayor, that the bond |
holders they represent had authorized them to
acquiesoe in an adjustment by which the tax to |
be levied in payment of our demand would be
Limited to the amount of the interest OF their |
bonds" provided mode OF adjustment could be |
embodied IN act of the present I,eRis- |
lature, Was all very we'll but he did not think |
hat they could guarantee that any arrangement
that might be made would meet the sanction OF
The other bondholders, many OF whom reside In
ils' ant parts OF the country or in foreign lands
md might at any subsequent time say that they
1ad not authorized anybody to make such ar
'angements for them.
THE PREMIUM BOND PLAN.
The Mayor yesterday received q copy Of the
Mobile Register, in which that paper advises the
n 1nicipsl board OF Mobile to inquire into the
remium bond plan in operation in this CITY, and
uggeeting that ii might assist the city VI Mobile
o get out OF its financial troubles. The Mayor
i'd not say, however. what impor lance. il any.
Q attached to the editorial in question as re-
sting to our own aft airs.