New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-19
THE MYSTERIES OF FINANCE.

| On the eleventh of September Auditor
Clinton gave notice that be would, on the
fourteenth of October, sell to the highest
bidder, payable in State warrants, the
leash on hand, OF in course Of being
turned into the treasury to the credit Of
the general fund" On the twenty-ffth
of September the banks suspended paying
currency to their depositors, and the fiscal
agency followed suit, it appears, and Of
| fered certified checks to the States credit
ors.
On the second Of October Treasurer
| Dobuclet swore 70 his usual quarterly
statement, which showed there was a
balance On hand Of twenty-four cents to
the credit of the general fund, which led
warrant holders to suppose that some OF
! the bidders at the sale on the fourteenth
would be required to receive . certified
check to that amount in settlement, as it
| was not positively known whether the
twenty-four cents had been deposited be-.
fore or subsequent to suspension. It was
| understood that all deposits in cash. after
the twenty fifth, would be paid out in
cash on demand, and, as up to the second
o! October there was only few cents in.
volved, no concern was felt in the matter.
It was known that according to law money
in process of going into the treasury
would be legal tender, as nothing else
would be received from tax collectors.
At the same time, however, chat Mr..
Dubuclet made his statement showing
there were twehty-fous cents left in gen.
eral funds, the Auditor submitted state.
men1 in compliance with the order Of the
Governor. in which /. appeared there Tas
balance Of over two hundred and fifty
thousand dollars. Such difference be.
tween the boek.keepey and the cashier OF
the treasury is. Of course, irreconcilable.
In the statements heretofore made by
these two officers. thei. balances have
agreed to cent. In the case referred to
the Auditor charges there is more than .
quarter Of q million Of dollars on hand
The Treasurer can only find twenty-tour
cents. Subsequent events proved that
neither was quite right, for when the day
Of sale came it was discovered there was
but s129,O75 20, of which amount $780,.
933 &c was represented by certified checks.
and S46, al "a in cash. At any rate that
is all that could be spared for the purpose
Of buying State warrants, which were
offered at an average Of less than fifty
cents on the dollar for the mixed currency.
The difference between checks and cash
at tina. time was about five OF six per cent
in favor Of the latter.
Possibly all this might be explained by
any one thoroughly acquainted with the
mysteries Of finance. for there is dense
mystery that surrounds the whole trans. !
action Where was that quarter Of mil.
lion balance found by the Auditor on the |
twentieth Of September, and published on
the frs: o; October, when the Treasurer
reported only twenty-!ou1 cents
Where was i: on the fourteenth Of Dc.
tobez, VIXEN the Auditor could only find !
s129,075 20 20 offer a: his sale, though !
twenty-four days after, and quarterly
settlement with all the tax collectors in
the State had been made in the mean. |
time, or ought to have been?
How does it happen that, with twenty !
four cents in the treasury on the FIRST Of |
October. more than eighty thousand |
dollars in certified checks crept in be- !
fore the fourteenth Who furnished |
these checks, and wha. was done with !!
the cash they represented? Is it the
fault Of the fiscal agent, the tax
the Auditor o. the Treasurer,
that so much good money became depre.
ciated in such short time!
We have been informed that Mr.. Dubu.
clet has refused 70 received anything but
currency in his settlements with tax col.
.ecsosS. He declined 20 receive State war.
rants to the amour. even Of the two mills
by law. i is hardly likely
that he would Go this and afterward re-.
ceive certified checks, Of unfxed value,
aud Of no solidity as legal defense. I
There is something very unsatisfactory
about this transa ction. At one time We
Ire assured by an officer who ought TO
know that there are only twenty four cents
IN the treasury. Another officer. who
possesses equal facilities, informs us about
The same time there is more than quar-.
.eY OF million. but when he comes 70
ook around 70. il to settle for his pur-
chase 0! warrants. there is only about
lalf the amount on the fourteenth that he
hought he had twenty-four days before,
md only one-third Of that III cash!
We fear that our State officers have been
,ruelly imposed upon by somebody.
Either the tax collectors or the Fiscal !
Agent must have played them a trick.
The Auditor has been so unfortunate as
o have his predictions strangely miscarry,
which, in turn, causes great public incon-
'enience.
DOING GOOD WORK.