The weekly Iberian. (New Iberia, La.) 1894-1946, 1921-05-14

Belt were in the committee room on
the motion of Harry Fitzpatrick they
were allowed to address the commit
tee although the time limit for public
hearings expired two weeks ago The
representatives were Colonel j. D.
members Of the Belt Commission, and
Frank H. Jubert, general manager Of
the road
Colonel Hill told of the develop
ment which had been given commerce
in New Orleans by the Public Bet
Railroad and declared it to be wonder
full He declared it to be uniue in that
it was the only municipally-owned rail-
road of the kind in the world He
said the $5,000,00O was to be spent in
further developing the line on the
east bank to keep up with the COM
mercial development of the city.
Plans do not call for spending all Of
the S5,000,000 at one time, but the
Belt Commission desires the author
ity to spend the money as needed, he
explained.
Mr.. Behrman urged favorable re-
port on the ordinance. THE only OBJ
lection which has been offered is
against the taxing feature" said he.
The possibilities of the levying Of
tax to pay off the bonds which the
Belt Commission desires to issue for
the developing OF It's line are extreme
ly remote. The Public Belt Railroad
is on a firm basis, and is further pro-
tected by the ratefxing power of the
Interstate Commerce Commission. In
the event the railroad could show
that the rates allowed it were causing
it to operate at a loss the Interstate
Commerce Commission would allow
them to be increased The develop
ment of the Public Belt Railroad is Of
such serious Importance to New Or
leans and the entire state of Louisi-
ana that this ordinance should be in
corporated in the new constitution.
Louisiana has great interest in it,
because all products which are
shipped overseas must be handled
through the port of New Orleans and
the Public Belt Railroad was &C..
veloped by the city to facilitate the
moving of freight to the docks"
Mr.. Fitzpatrick added his voice in
support of it, saying, Because the
business men of New Orleans are so
behind this and that the Public Belt
Railroad has done SO much for the
city, lam going to vote for favorable
report on this ordinance"
Conrad A. Buchler Of Westwege.
told OF the desire Of the people OF JEFF
ferson parish to see a further devel-
opment Of the Public Belt. Taxing
power incorporated in this ordinance
fs one that will never be used" said
he. 1.-The business exchanges are
interested in this railroad and their
representatives are on the commits
sion. The exchanges are Jealous Of
their interest and these bonds will
never be issued until 1t is assured the
revenues Of the Public Belt are suf-
ficient to care for them
Esmond Phelps, delegate to the con-
ventiOn but not a member Of the COM
mittee, urged an amending Of the or
dinance to meet all obligations.
81 have talked to Mr.. Lee and learn
that one of his principal objections is
that no sinking fund is provided for
the retirement Of the bonds" said he
Il have been talking to Mr.. Joubert
and he tells me he thinks this can be
done AS these are long time bonds 1
would suggest an amendment provid-
ing that the Belt Commission begin
laying aside a sinking fund fifteen
years after the date OF the issuance
of the obnds''
The suggestion of beginning the
sinking fund at that late date did not
appeal to Mr. Peterman and Mr.. Lee.
II am opposed to issuing any bonds
unless provision is made to immed-
lately begin laying aside Of some Ger.
tain amount to provide for their ulti.
mate retirement" said Mr.. Peterman.
II also am opposed to providing for
the granting of any authority to levy
taxes unles sit is submitted to a refer.
endum of the electorate for their ap-
prevail"
a Tha dDL~ n