The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-10-07
REOEJyERsHIPg FOR CITIES.

The town Or Elizabeth. M j., is being nut
through course of litigation which sone Of
tha bondhoidars of thls city nppear 10 COM
template lh references I'll thia city Elizabeth
II ii Misunderstanding town III gp,n0D inhabitants,
and pwea $G.nnn.Oun III thn form Of bonds, pl
which oId Peter Goetal a famous old banker
of New York city, IL the huppu owner ut a
large amount. Elizabeth ipea not respond
very promptly % the deNRlid Of Gnetp for hls
lnternsi, liar property having shr1nk tn One
half thn vaIue ten yenfs before Her municipal
governments declines u lupuae n tas ~ pay
tho buntls, alleging that the people are loo
poor Whernupun, G,rtal apples tn the
court fpr Il rnrsver. anil the city ,toos not Mt
paar N oppose tho proposition with mnoh
entnaatnnaa III fnrt. tho uoopls manifest n
great deai,e flint H,ste should he
allowed W MT aa rnnsivet. e'"ee,
thrifty, miaetly Old millionaire II 10
tltahnat would ~ nhIe Ia save FROM
tho ravenina ~ the corporation en,n,gh
tp rar ihn Interest IA hla own bonds. which
would mi ainpulL - u larger sum thai la
needed to paY the corporation officials,
This would ba a handsome stroke Ut
corporation economy md finance to make
tae hnndal creditors perform without snl-
aries tle duties for which officials reeeive
lai m stiretda. anh ~ expensive establish
tnent haR tD bn kept M. Uf naurse the erad-
itora would not demand ~ expect eompensa-
ttun fur such valuable services How would
this course on tho part ~ The bonded nrrd-
ltore of thla city operator The number of
Judgments against The city IL accommodating.
II Ii feared that Rt the present term Of the
Supreme Court there VIII be- d large addition
to Tile amount of the Judgments. The law
pers representing thean creditors have not
gone to sleep p,, their i1erl fneiases. This
waa shown by their appearances Mt Atlanta.
before Judge Wueda, 10 raaiat the Injunction
applied TOT by tho city. 10 prohibit tho
aui1nres iii tho amounts due III tho city by The
Gity Railroad Company. Tho right 10 this
Injunction waa ably argued by Mesars Mo-
Caleb and FHrrar. mud ~ nbly resisted by
Messra. Labatt Collins mud Levy. Bayne
and others. Judge Woods reserved hts opin-
Ion. Should ths Injunction be refuseI. u very
large scope will ha allowed I'D tho creditors Ut
this city To Hal1a everything within sight.
They have already Hnnopad The elty's stock In
the waterwpfkn. and II they ean appropriate.
hi like manner. nli tho franchises and priyl@
laEea OF tho corporation, auDh as grants to
railroads. markets., etn WI fear New Oflenns
will shortly arrlva Mt the condition of Ell1a@
beth. and cheerf,ily submit to il reeaivershIp.
Tho present city administrators are run.
ming tho corporation III greatly reduced on
penAe, but under the new constitution the
rate Of taxation will he entdown ene-hntf, and
tho revenue 81 reduced by Judgments md
executions Tint oven tho present economical
uata bliahnaant will prove insufficient for tho
maintenance of n skeleton police. Some Of
the houiad creditors nre seeking TO collect
tholY ,lnns by wtita 81 maHdaln,is, 10 impose
additional taxes, Such Wriis have haen nude
fri certain naEeH, Whether they
can ever ba put III practical operation ro-
mains To DO seen.
Under these psrpcxlng circumstances the
VI II raealvarahlp mnv be- welcomed by
our taxpayers, as II haa been by those OF Eliz-
absth. IL would be b pretty severe ratrlbu-
tion upon tho bonded creditors 10 compel
them 10 perform the duties now Imposed upon
our Mayor and administrators To carry on this
CITY government with this restricted revenue,
and reserve enough 10 pay the interest TN the
bonded indebtedness.