New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-09-21
SPEECH 0F GOVERNOR WARM0TH
ROADS TO SHREVEPORT AND ORANGE

rooms Of the Chamber of Commerce, Mr..
S. H. Kennedy in the chair, and w. A. Bell
serving as secretary.
The roll was called, and sixteen of the
tifty-one members reported to be present.
Mr.. Kennedy stated that this meeting
had been called for the purpose of receiving
proposition or communication which Gov
ernOr Warmoth was desirous of making to
the committee. He did not know the char
acter of the communication, but was salts
fed the Governor would be here shortly,
and desired the committee to wait a few
minutes for him to arrive. Meantime if
any gentleman had any remarks to make,
the committee would be pleased to listen
to him.
Mr.. MussOn desired to hear from Mr.
| Tupper, member of the executive com
mittee, who had just returned from New
| York.
| Mr.. Tupper had no report to make of the
operations of the committee, but was will
ing to make few informal statements.
| Upon his arrival in New York he met Gen
eral Bussey, Moses Greenwood and j. Fl.
Oglesby-they constituting four members
of the executive committee. They at once
had an interview with the board of direct
ors of the New Orleans, Mobile and Texas
railroad. We learned, said the speaker,
that on the sixteenth of August syndi
cate, consisting of Messrs. Sprague,
Garrison, Morgan, Oakes Ames and
Bushnell, had been formed, and the
interests of the road placed in their
hands, and that Messrs. Bushnell and
Boynton would take charge of the active
business Of the road. 1t was proposed to
issue three classes of bonds, have them
negotiated, and build the road to Shreve-
port, Louisiana, and to Orange, Texas, and
repair the road from Houston to Orange.
Upon investigating the affairs Of the road
however Messrs. Sprague and Garrison
failed to enter into the arrangement Subse-
quently. Messrs. Bushnell and BoYnton en-
tered into a contract which, believe, Gov
ernor Warmoth has with him. The matter
of most interest was the completion of the
road from VermlionviIle to Shreveport,
and it was claimed and understood that the
$2,500,000 subscribed by the State was for
the whole road, and not that portion of it.
In our intercourse with the directors of
the company they criticised severely the
action Of our people in depreeiating our
own securities and bringing discredit and
suspicion upon our bonds, saying that
C8sar's wife should be above suspicion, and
SO should the credit of the State. We as
sured them that there was no disposition
to oppose the bonds issued to this road, if
only the directors SLOWED disposition to go
on with the work. They made direct pro-
position that the citizens of Louisiana should
build the Fermilionville and Shreveport
branch Of the road, under new organiza-
ton, with the bonds already issued. Con
cerning this matter, however, each one of
US took notes, and no full report can be
made till Messrs. Bussey and Greenwood |
arrive, and we can compare those notes
and fix them up for publication.
A Mr.. Ward had made a proposition to
the company in relation to building the
road to Shreveport, but what it was had
not transpired. Perhaps Governor War
moth maygiye you some data on this sub
ject. During our intercourse with these
gentlemen they received us well and fur
nished us with all the information at their
command
The speaker was asked If he knew what
had been made of the bonds is
sued to the company by the State.
He replied: There is question as to the
disposition Of these bonds. Many think
they have been hypothecated; that money
has been borrowed on them to the amount
Of fifty cents on the dollar. The speaker.
was confident that they were not-now held
in the directory, but that the money raised
upon them had been employed in extending
and repairing the road. He knew of 81 $780,
300 of first mortgage bonds of the road
which were employed.
He did not think the board of directors
placed that Importance in the speedy con,
struction Of the road that we do. Mr. Van
Hoffman told the speaker that if the CON
.ract they were negotiating for should fail,
hey would call together the stockholders,
INFORM them that they had done all that
ay in their power, and ask them what
should be done next. He referred particu-
arly to Messrs. Mott and Bliss, Governor
Morgan and others of the directory; but
while he found them as courteous as he
could possibly expect, they were not so en-
.rgetic in railroad enterprises as he would
ike to have found them.
The secretary announced the following
lamed gentlemen as appointed by the chair
o constitute the committee under Mr.
3urwelIs resolution of the last meeting;
dessrs. J. Fl. Kennard, W. NJ. BurWell NJ.
dusson, Henry Abrahamson and NJ. Green
Food. He stated that Mr.. Kennard was
.bsent from the city, but would return in
ew days, when report might be expected.
Mr. Black thought this committee ought
o have broader jurisdiction than the reso-
ution provided for. The following is the
esolution:
Resolced, That committee Of five mem
,ers be appointed by the chair, charged
With the duty of obtaining the best opinions
IS to the legal obligations of the State to !
,ay the SO, 500, 900 Of bonds, issued in full
,ayment of the subscription IN behalf of
he State to the stock of the section OF the {
Jew Orleans, Mobile and Texas railroad, ,
Vermilionyille and ShTeveport;
nd that such committee reportto an early
Meeting of this committee, with view to
is further action on the subject.
He thought the committee should also in
the legality of the issuance of the I
onds in the frstsp1aee. He wanted the
ornnlittee lust appointed to inquire asto