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House. Comm. of Ways and Means. Report on New Orleans' debts, 1868
SEE ALSO 43527 Report on the debts and finances of the City of New Orleans, by the Committee on Ways and Means, of the Louisiana House of
Representatives. August. 1868 New Orleans : A.L. Lee, 1868. The Committee reviewed several bills on the subject and obtained data showing a City debt of
about $14,000,000. There were three primary classes of debt. Consolidated debt bonds were originally issued by the General Assembly in 1852, with an
interest of 6%. The City levied an annual tax to cover the interest. The pages defined and discussed these bonds. The Committee decided it was too
late to discuss the ethics of the bonds. Railroad debt began in 1854 with $2,000,000 worth of twenty year bonds. There was a history of various
issues for three railroads. City notes were the last group of debt. Beginning in 1861, the City issued notes for $1, $2, and $3, plus fractional dollar
amounts. The Committee discussed several ordinances related to the notes. In 1864, tax collection was inadequate to fund the budget, so the City
printed more money. Beginning in 1866, it started trying to retire the notes. The Committee thought there could have been fraud in the process--maybe
not great fraud, but fraud. There were statements from various Treasury employees and tables of information. On p. 19, the Committee concluded that
the debt should be acknowledged, means arranged for payment, and the paper money system entirely and forever abandoned.
Title:   Report on the debts and finances of the city of New Orleans, by the Committee of Ways and Means of the Louisiana House of Representatives.
OCLC Number:   1354831903
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo