Thibodaux minerva. [volume] (Thibodaux, La.) 18??-1858, 1854-07-08
From the New Orleans Bulletin.
New Orleans, Opelousas g. Great Western
Railroad.


of publication, explaining the causes that le
to his resignation of the superintendency, ant
making an expose of the condition and manage
ment of the Company, past and present In
communication is altogether too long for on
present limits too long to be read CAREFUL.
this hot weather. and beside, there is much o
it that might have been left out, without weak
ening the argument. The public do not care
straw about individual grievances; and recital
of fruitless advice and neglected counsels, nj
matter how sound and we'll intended, are equal,
uninteresting. Besides, personal feeling shoule
be banshed from a paper purporting to give {
correct history of the management of grea
public improvement.
If the statements and figures brought forward
by Col. Payne are correct, the condition of the
Opelousas Road is anything but fiattering, anc
reflects the opposite of credit upon the manage
ment According to the statement thus made
over 100000 have been paid in excess, owe,
contract prices, between the River and Bayou
DIES Aemandes, and the work done and mate
rails furnished are defective in many respects
This part of the business however, we presume
the management will be able to explain. There
are always two sides to story.
But, the strangest feature in the whole trans
action relates to the negotiation for the purchase
of the iron, and the manner in which the agents
were selected. According to the publication
before us, the management refused the gratui-
tous services of the most competent men in the
city, generously rendered, to advance the in
terests Of this much needed and important
work, and selected other and less competent
agents, allowing them $4,000 compensation
for their services! One of the gentlemen who
offered to undertake this labor for nothing, is
well known to all of our citizens as the ablest
agent the Opelousas, or any other Company,
could have selected. His character and stand
ing, commercially and financially, would impart
strength and respectabillity to any company or
institution for which he might act as agent.
Still his prefer was not accepted.
Speaking of the purchase of iron, Col Payne
says:
s'The President, in his examination before
the committee of the Legislature last winter, as
I am informed stated that the price allowed for
this railroad iron, free on shipboard at Cardiff,
Wales, was $40 10; the remainder of the $54
being for freight But we again ASK was
$40 Is per ton the cash price at Cardiff in Au
gust, 1858, when it was bought Orwas it the
cash price in July, August, September, or any
month, during the absence of the commission to
London? 1t is susceptible Of proof, from the
highest authority, and by competent persons in
this city, that at the time Messrs. Falon and
Lanfear made this agreement in London, or
elsewhere, to pay this price, that the Jackson
Company refused the same kind of iron at G8 5s.,
delivered free ON board at Cardiff, and which is
only 500 SO per ton, and not $40 Is, as stated
than the cash price. This makes dead loss of
!uenty-three cents ON the dollar of our bonds, be-
sides the six per cent. interest, making the
actual sale of them at seventy-one cents to the
dollar! Messrs. Barring & Bro. s circular of the
21st of April past, now lying before me, quotes
Rails free on board in Wales at FL los to G8.'
equal to 1897 51-a difference of ST. 81 per ton
ess than we pay! At So 20 there is a clear
oss of $149,2 200; and at S11 81 Earrings quo
ation) 1885, 920."
We quote still further:
"But there is another appalling feature of
his transaction, as stated by the President and
lis Secretary, Mr.. Flanders, in its amount. l
gain quote from the Report Of the President,
md place them together:
PRESIDENTS STATEMENT.
900 tons, payable in bonds - and So at ST. 1872 600
600 600 !" six months s. a 21s'o eco 90 90
900 cash on delivery 81, 2l6,OO0 90
Presidents amount. $3.50, 600 90
SEcRETARY's STATEMENT
900 tons, payable in bonds, 1854 55 table c. $5so7s
900 Is g six months 276,370 90 |
600 cash on delivery 267 639 90
Secretarys amount. w
Difference, 1888, O47 90! But the Secretary |
nay have calculated, as it is very proper he |
hould have done, in making his estimate of the |
,ompanys liabilities, the tariff of 80 per cent.
ue the Customhouse, and the interest of that |
art bought on time With these additions, the
mount will stand thus:
c, 900 tons rails. cash price, free on board at
Cardiff, at $3.50 SO per ton S63S,SsO 90
per cent. Cusomhouse duty. .......... 1911 1854 90
ntere on 5000 tons for bonds 1854 and 1855,
amount $31944O interest per cent. 2S749 90
interest 1000 tons, six months, amount
$159, 720 interest per cent ......... 4791 90
oal actual cash price 10000 tons rails, duty
and interest included. ............... $S640S4 90
ost as stated by Mr. Flanders, table C.. 047 90
Difference and loss to the Company. $252963 90
If any gentleman should think l put the cash
rice too low, although the price at which it
as refused by the Jackson Company, let him
Ike the highest quoted rate of the British Price
urrent, g8.15, and he will see that even at
1at rate the loss is reduced only 1913, 720, leav-
lg still loss between the actual cash price and
nat to be paid, $214, 242 80.
Of the 5000 tons payable in bonds half or
900 tons is payable in 1854, and the remaining
900 tons payable in cash on delivery and six
onths-that is, Mree, fourths of the whole pur-
aase is to be paid for in cash, almost as soon as
arrives Now, the three fourths of Mr.. Elan
ers' sum of $l,117, 047 is 1887, 1856, while the
hole cost of the 10000 tons iron in England, at
,tual cash price, is only $685., 880w
After arguing his point at tremendous length,
Of. Payne sums up the losses in this wise:
stra cost Of road to des Alemandes over con-
'ss in purchase Of iron over the actual cash
price........ .......... $252,962 80
IS in interest, average Of syears,
additional. 1882 26-42O4 00 w
timated loss sale of bonds to pay Tor this
oney given away to Messrs faon Lanfear, 5000 90
Loss to the Company in two years.. 1864, 745 90
We have neither room nor disposition to give
full synopsis Of other portions of the publica-
On. We have given enough to comply with the
quest made us, and dismiss the subject, for
e present, "more in sorrow than in anger"