The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-08-29
The FUNuIAG ACT.

The Tines ought TO be supremely happy
for there are some few people who have ex
changed their good bonds for the very doubt
full ones issued by the Funding BoarI Blu
we are inclined to the opinion that the partie.
SO exchanging would willingly undo what they
have done, inasmuch as the new bonds ar,
going begging on the street at cents on The
dollar while, before this funding fraud was
eoncocted, in spite of Kellogg and bis thie,ina
officials, the bonds Of the State were worth
from Is TO 50sents on the dollar.
{. Is any better evidence wanted OF III. entire
lack Of confidence in this funding scheme
and in the FUNDING BoarS than she .ov valu.
seq upon the new bonds:
J Conld there be any fnors pronounced popu-
lar conformation of this pc. yillainy Of kel-
| loggs than the depre. iatict. Of these bonds to
?, cents with downward tendency
We have contended FROM he first that if
this measure had been honest, if tae object
had geally been the reduction Of the State
debt and the consequent reduction Of taxa
ton, the conduct of Mr.. Kellogg would nav.
been very different from what il has heen
| He would have St that the Funding Com
mission was composed Of men OF standing
n the community men whose names ar.
known in all the great financial centres OF shis
country and Eslrope, and whose acceptance
OF the trust would at one have inspired con.
tdence everywhere, aud have given suranc.
tllat only the legal and binding obligation. OF
the State should be funded
He had it ii. is power to 40 this because
he held the Legislature i'll the palm Of hi,
hand; it WAS his creature, merely, and obeyes
his mandates as the former slaves Of the South
obeyed behests Of their masters He o.e
tered it to pass this g Funding Bill" and the
oil was passed accordingly He selected the
men to compose the Funding Board.
aud be may b!ame himself if his cur
Dinglv devised scheme to swindle the State
really wonderful that this usurpin3 schemer
should not have seen at a glance that the
selection of such men as himself Lowell
Clinton AMI Antoine would kill any financial
scheme that could be devised
In its leading article this morning the TINES
labors to prove the "unwisdom of the ninth |
resolution adopted 10y the Baton Rouge Con-
vention, and proceeds to prove, to its salts |
faction, the great beneh' is that would accrue /
to the State by cordial acquiese nce in the !
funding scheme.
We call the attention of the Tines TO the
act that this act is q fraud and that the or
ginal manuscript of the bill has been tam
Dered with, since its passage and signature:
md that, whereas, the original act only CON
emplated the funding of legal bonds and au-
lifted warrants the fraudulent act permits the
unding of all sorts of certificates Of indebted
less, most, if not all, of " hlch are fraudulent.
This charge, made by the BULLETIN, has
'een substantiated by the refusal OF the Secre-
airy of State to exhibit the original bill Does
he Times advise aequiescence in fraud
pom the people?
We learn of racy developments soon TO be
lade in regard TO this Funding bill which
ill not enhance the public respect for it, or
8 organization.