Commissioners of the Consolidated Debt, 1852-1880
Scope and Contents
The records are manuscript volumes as described below. This description includes only those volumes put into use prior to 1862; for later records, see the archives card catalog.
Minutes, 1852-1877 [CIA300];
Register of Consolidated Bonds, A-M, 1852-1869 [CIA422con]--arranged by bond series (A-M) showing date issued, term, interest rate, where payable, when due, to whom issued, how signed, in whose favor issued, amount, number of coupons attached (and the amount of each, when first & last due, and where payable), and remarks;
General journal,1852-1873 [CIA440];
Journal of city subscription to railroad companies, 1854-1880 [CIA440rr]--also includes journal of the special interest account, 1879-1880;
Cash book of city subscription to railroad companies, 1854-1867 [CIA443rr]--also includes records of bonds funded, 1875-1882; record of premium bonds issued, 1870-1882; and record of coupon deposits, 1882-1890 (continued in use by the Board of Liquidation, City Debt);
General ledger, 1852-1880 [CIA470];
Ledger of city subscription to railroad companies, 1854-1880 [CIA472rr];
Letter book, 1852-1876 [CIA511]--letter press copies of outgoing correspondence; Memorandums of bond exchanges, 1852-1853 [CIA901]--recorded on the reverse of blank Board of Liquidators checks; gives name of person or firm making the exchange, description of the bonds being exchanged and of those being received in return;
Memorandums of Treasurer's accounts of the Third Municipality, 1852 [CIA901t]--also includes memorandums of bonds exchanged (undated) and day book entries, 1856-1864.
Dates
- Creation: 1852-1880
Creator
- From the Collection: New Orleans Board of Liquidation, City Debt (Organization)
Conditions Governing Access
Available on microfilm to registered researchers by appointment. Request by call number.
Requesting Materials
Biographical / Historical
The city's 1852 charter provided for the mayor, comptroller, and treasurer, along with the chairmen of the Finance Committees of the two boards making up the Common Council, to act as the commissioners of the consolidated debt of New Orleans. That debt included the debt that was outstanding in 1836 when the city was divided into three municipalities, along with the separate debts undertaken by the individual municipalities during their existence. To this amount was soon added the debt of the city of Lafayette outstanding at the time of its annexation by the city of New Orleans.
The amount of the existing debt was determined from reports of outstanding obligations made by the outgoing Board of Liquidators and the comptrollers of the separate municipalities to be just under $7.7 million.
The commissioners were empowered to issue municipal bonds in exchange for any debts owed by the governmental entities whose obligations had been assumed by the consolidated city. These new consolidated bonds could also be sold, but the funds realized from their sale could be used only to pay off the existing debt. The interest on these bonds was to be paid with the proceeds of a consolidated loan tax to be assessed annually by the Common Council. The city was not to issue any other new bonds without the approval of a majority of qualified voters at an election called for such purpose.
In 1854 the city subscribed to stock in several local railroad companies and issued bonds for the stock in the amount of $4 million. Following the Civil War several additional bond issues were enacted in the continuing effort to settle the city's outstanding indebtedness. By 1875 this debt amounted to over $22 million and the city decided to resort to a novel approach, the Premium Bond Plan, to reduce it. The novel feature of this plan was the semi-annual redemption of individual bonds, selected through a lottery, with a premium ranging from $20 to $500 being paid in addition to the face value of the bond.
On June 3, 1880 the state legislature, through act #133, created the Board of Liquidation of the City Debt, eliminating the Commissioners of the Consolidated Debt. The Board of Liquidation continues in operation today.
Extent
10 Volumes (10 volumes, available on 4 rolls of microfilm)
Language of Materials
From the Collection: English
Subject
- Faubourg Lafayette (New Orleans, La.) (Organization)
Repository Details
Part of the City Archives Repository
City Archives & Special Collections
219 Loyola Avenue
New Orleans LA 70112
504-596-2610
archivist@nolalibrary.org