The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-03-31
A GOOD INVESTMENT.
The Catholic Diocese of New Orleans
Offers inducements to Capitalists.

Since the close Of the war the diocese OF New
Orleans has been following the fortunes of the
State. and In order to keep up the outward
status of the Catholic Church, under depressing
circumstances. the administrators have been
forced to assume liabilities which they have
now determined to liauidate. When everything
was prosperous, church was built in sum-
mary way. The parish wardens subscribed
and collected g certain sum, with which to
make up the first cash payment, the contract
was made with the builder. and a fair or q con-
cert would bring in enough money to complete
the holy work. Bat after evil times came
church fairs amou nted almost to nothing, and
concerts were as nothing towards building up a
church. The consequence was that the diocese
had to indorse all the debts that have been con-
tracted in the parishes for the benefit of the
church and gave mortgages on its property to
secure the same. The church now is anxious
to free itself from this debt. and proposes a
new plan, which APPEARS to US a secure and
profitable investment.
s2i 900 900 worth Of property: of this $1,000 900 Is
not mortgageabe. as it consists Of churches,
which are inalienable property. 1t owes now
the authority of Archbishop Perche and the
Holy see 70 that amount, secured by mortgage
on all It's alienable property amounting In all,
as said before to 81 100000. As soon as the
amount will be obtained the outstanding debt
will be paid. and the holders of bonds will be
the only creditors of the church, and folly So
cured. The interest is only per cent 1t is
true but the guarantee Is so great that capital
lists may feel perfectly secure and lend their
money without fear even of the apprehension
of having to foreclfse. The reason Is that out
side of he material pledge. consisting of over q
millions worth Of property. the church offers
to its creditors assured revenues derived from
its everyday work. These revenues do not de-
pend upon good Or evil times. They are de-
rived from Sunday and feastday collections.
from the sale OF pews, from the fees due for
marriages and burials. and cannot fail to come
up and be made good in time. Every church
has to account to the diocese for from 10 to Is
per cept of its earnings. These are estimated
at the lowest approximation. at about $50 900,
be The circumstances. The administrators
Of the diocese propose TO issue bonds of
$1,000. $780, 800 and $50. 10 the amount
of $3.50. 900, secured by mortgage on more than
81 O0o.00 worth OF real estate. This they do not
propose to touch. The church revenues, on side
of rent and independent of real estate, as before
explained. amount to 900 a year. Five per
cent interest on 525000O is s12,500 to be applied
to the semestrial payment of interest on the
bonds. the balance to go towards the gradual OK
tfnguishment of the debt by semestrial draw
ings on the lottery. plan. Thus the mortgage In
forest will be made stronger every month, and
the creditors OF the diocese. as VIC should think
would be anxious to keep their money so in
yested