The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-04-07
CITY PREMIUM BONDS AND THE
NEW ORLEANS TIMES.

Editor Democrat - Your editorial Of the
fourth Instant. suggesting the propriety Of
the city OF New Orleans making an equitable
arrangement with the consolidated bobdhoid-
ers for their claim under the judgment , rem
dered by Judge Monroe, called forth from
the New Orleans Times an editorial rid1-
culing the idea suggested by you as alto
gether preposterous, and one to which the
taxpayers would not consent
The Times has always been an earnest sup
porter Of the premium bond scheme, and
while claiming to speak In behalf OF taxpay-
ers has never yet given utterance to anything
which looked ct all to relieving taxpayers Of
the unjust, illegal and burdensome debt
which has been laid on them through cor
rupt legislation and Is now sought to be made
finally good to holders thereof through the
premium bond scheme, which seeks SO to do,
to the prejudice of the holders Of the only
real valid debt owing by the people Of New
Orleans.
II there is any meaning In the English
language or any sanctity at all In Legislative
acts or contracts entered into hereunder,
then Judge Monroes decision Is law and
right, and will certainly be maintained, and
your advice is eminently sound and go d.
But aside from Judge MoDroe's decision
whether it is maintained or notl, why, II the
Times is sincere in its advocacy of the peoples
interests, does 1t 50 persistently maintain the
premium bonds which cover such a mass Of
fraud and ilegality, when the very scheme
under which these illegal bonds have been
FUNDED, never was promulgated or read as re-
quired by the city charter, section 49, and Is
null, void and Of no effect, both under the re-
Quirements Of said city charter and the Civil
Code OF Louisiana, chapter Q, article AZ
1t iS because the sympathies OF the Times
are with the premium bond holders, and not
with the taxpayers. The very arguments the
Times uses to decry and discredlt the claims
OF the consolidated bond holders are very
much stronger to prove the illegality of the
premiums Yet the Times effort is to prove
that $16,00O,OO0 Of invalid debt funded under
q scheme, the last year Of which requires
tax ON the people Of 81 100000, is easier to pay
than b valid debt of about $7,0O0,O 900, all told,
the holders of which will extend the principal
and interest thereof for a number Of years to
render the burden light.
The independent $50 called press have
united In the effort to make the holders of the
only real, valid bonded debt Of the city come
In under q scheme devised to make fraudulent
and stolen bonds just as good as their own
The said scheme has not even the merit of
having conformed to law, by its open reading
In Council and PRONUNCIATION in the official
journal. But because many of the so-called
oldest and best and sundry rich corporations
have been dealing in illegal bonds, bought at
about 81 u cents on the dollar, and have funded
these into a scheme that pays principal and
interest In full, and premiums thereon for
lagniappe these so-called independent sheets
talk up the fraudulent and cry down the hon
est debt, and pretend to be friends of the tax
payer. Respectfully,
~ II,