The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-10-16
Want A SHARE.
The Holders Of City Floating I'm.
debtedness Interview the
Authorities.
They Ask Portion Of the Amount
Realized from the Sale or the
Railroad Franchises.

following named we'll known Carondelet stree
brokers, to wit: Isidore Newman, r.. Sewel
J.. Strauss, N. Bier, FL. Newgass, A. Boye
and FL. w. Bayan, representing o number I
holders OF the floating indebtedness Of til
city, yesterday called at the City Hall fc
the purpose OF submitting their claim to
portion Of the money received from the sal
OF the city Railroad franchises.
They were received by Acting Mayor Isaac
son, and after the usual for1nalltles, Ger
Eewell, who had been selected to present thei
case, said:
The Mayor and Administrators:
We are here to-day ma a committee to expires
our views In relation to certain city securitie
f In which we are interested. with the hope tina
yog van glye due experimentation 70 our remark
and earnest demand for justice. You see befor
Ing II the SECURITIES Of the city and State. w
present ourselves o. Yon ID ID friendly aplrlt
and our desire is to b. dealt with fairly. WI
are the unfortunate creditors OF tho city. ant
you ore. Messrs Administrators the managers
of city affairs You ate indebted to MS In large
sums oil money. and almost In despair we CRY
and honorable treatment al and Va eRpest tsl
you will at this time respond to our appeal
Gentlemen. yen are before the bar Of public
according to Your merits, The time 10 not dis.
tant when you will have to render up to the
you here are those to whom you may again
have TO appeal tor public favor and recognition
therefore listen 70 what We ask Of you and give
our claims that consideration which you. as
public administrators. are bound to do, and
thus prevent our taking legal steps calculated
to create feeling 81 luminosity and unfriendli-
bilities OF the city for law costs. and. more than
ALI. bringing your administration Of our public
BIZ an ordinance No eits. 4. g., It was or
datned that the sum OF 900 realized from the
sale Of right of WY Of the City Railroad would
bonded and the floating debts. The ordinance
Mas very clearly Worded. Now. sirs. our griey;
that you are purchasing premium bonds With With
debt LIP defiance Of your own ordinance. You
1885 fns e sfT a se
On POUR part is remarkable. because we cannot
understand nn nna why the floating debt should BE-
y cannot help mentioning. et this time. an In
regarding Mayor PIlsbury's premium bond bond
scheme for paying the debt Of the city. II was
Iii deed curious and unfair .contrvance, fol It
mar and the school teacher In the cold. Before
the schen1b came into operation the beauties and
excellence Of the plan were evidently hidden In
the inaugural address OF the Mayor Inspired !
CAPITALISTS with hope. and believing that his |
honor the Mayor WAS In earnest. and not being |
fayorab,y Impressed with the premium bond |
scheme. sought an interview with his honor. |
to show what the Mayors opinion was at that |
time: what " - to, day. dare not say.
Ing the premium bond scheme, and suggested
would answer for publication.
The questions were as follows:
bond plan take place?
4 a Under what authority
3 y. How much or the city debt was funded into |
premiums OF such first drawings?
Y. III any surplus remained In treasury after
payment Of frst actual allotment. what was done
3. Was that action justified or authorized BY
ayS q. ..,.. - ,...., ..,
fQreshadowed spicy developments. but the |
Mayor neglected TO answer the questions. He
ns but he his
premium bond plan occurred In 1875 "rahont
the shadow " laas:" at time when only
that the entire manipulation Of the bonds BY his
predecessors ware irregular In every particu
lar: His honors opinion is in writing.
Mayor had not a nigh opinion Of Tie origin q
the bond or its validity. Contrasting then with
now We marvel at the Inconsistency, and are at
lar aud 20 partial should continue to Do favored
~ prefeerence TO every other honest claim
are. under cover, canceling premium bonds at
the expease Of the floating debt and partly In
defiance OF your own ordinance.
81 We shall endeavor to make 1t clear why you
SHOULD not nealect your floating debt. Thirty
dollars viii buy 500 Of premium bonds. which
more. On the other hand $50 will buy 500 Of
hoating debt for the payment Of which there
are ,uncolected taxes. which canSbe enforced
The city floating indebtedness absorbed by
pnrchase. the taxes viii then have to be paid In
III !,
70 carry or the city government: the bonds will .
then OF necessity depreciate. and the city can
lecttons tine floating debt being already alb
eorbsdl to the extinguishing OF the premium
\ The city obligations are at this time almost
worthless. but it is not the fault OF brokers.
although che uLthinking are apt to put blame
nation arises from improvidence and misman- |
agement W. snail regret Ii you decide to !
show 10 inclination to recognize the floating
Eayor. for the bondholder has not more claim
eg hs g q
moment Interestingly low, whereas II you had y
yiyan them proper recognition they would have s
abored for their wages need not 20 from door !
N door 90 supplieate for loans.
The floating indebtedness has been for years :
past, a. II ts now. source OF fnan ial trouble
p administrators. and we cannot help remark !
ng that at no time have our, administrators
rushing Evil SnoW ha ges msy
he threadbare and unjust argument that some t
d these claims are now In the hands Of wealthy
brokers'; but such an argument would be one In
support OF communism; that capital had no
RIGHTS. and that you have no sympathy for the
,regitor unless he was the premium bond
eaeher. the iaborer and your floating debt gem I
srally had no claim whatever upon your con- :
,idaration. {
The poor workinaman is driven from these &
Itately halls with an almost worthless piece Of !,
2aper. the policeman and the school teacher are
promises to pay, Tor their daily labor a'a and
,an only find relief at the hands Of the broker.
md but for these brokers the laborer with his 9
wife and children would have to 20 supperless 3
b bed. There are many In this city day who,
elvinR on your sense Of honor and justice, ;,
lave paid as high az eighty cents on the dollar !
or your promises to pay and that security
if Ii Is not farcieal to call 1t security has
IWindled away to the nominal value OF from 20
D a5 per cent on the dollar.