The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-02
Total annual expenditure.


To meet this, we have an assessment on
each bale supervised OF five cents, paid by
the factor. | estimate that there will be
/, 200, 600 bales supervised, which will give an
income for the year of 100000, and will
leave a surplus, after paying any incidental
expenses likely to be incurred, of fully
$4,000 I will state here, for your informa-
ton, that by reducing the expenses during
the past summer, this account only showed
deficit of $1,000.
AS this department is now organized we have
An assistant supervisor in each press and each
ward in the city, one at each railroad freight
station, and one on the steamboat landing,
working in connection with the Levee In
spector Too much credit cannot be given to
Mr. T. O. Sully, Chief Supervisor, for the
energy and ability he has shown in enforcing
the rules, and in the organization of this de-
partment. I know full we'll what his trials
and vexations have been, and can fully appre-
ciate the difficulties of his position.
THE FUNDING BOARD.
Whether it is the duty of the President of
the Exchange to act as a member of the
Funding Board, as it is generally termed, has
been the subject of much discussion for some
days. I shall give you my views upon this
subject as a matter of duty to you, and Of
Justice to myself. l shall consider it solely
from a financial standpoint. and. so far rs l
am able, practically, and with plain common
sense. With political questions we have
nothing to do, and this is not the proper place
for their discussion. So far as We are con-
cerned, this question is not political, but emf
nenty practical.
In order to consider this subject properly,
brief statement of the history of this act
and the constitutional amendments will be
necessary What is generally known as the
Funding Act was prepared under the dlrec-
ton of the Chamber of Commerce, and was
passed by the Legislature at the session of
| 1874; with this act were coupled three amend
ments to the Constitution of the State
which were submitted to the people at
the election in 1874, and were adopted. The
| first amendment is as follows: "The issue OF
| consolidated bonds authorized by the Gem
! eral Assembly of the State at its regular ses-
sion in the year 1874, is hereby declared to
| create valid contract between the State and
each and every holder of said bonds, which
the State shall by no means and in no wise
| impair The said bonds shall be valid OBJ
| legation of the State in favor of any holder
| thereof, and no court shall epjoin the
payment of the principal or interest
| thereof on the levy and collection OF the tax
therefor; to secure such levy, collection and
payment the judicial power shall be eIer-
cised when necessary. The tax required for
the payment of the principal and interest oil
said bonds shall be assessed and collected
each and every year until the bonds
shall be paid, principal and inter:
est, and the proceeds shall be paid
by the Treasurer Of the State to the hold
ers of said bonds as the principal aud inter
est of the same shall fall due, and no further
legislation or appropriation shall be requisite
for the said assessment and collection and fol
such payment from the treasury"
l do not propose to discuss the merits o.
this act that leave to the Chamber of Com
merce, where, as l have said, 1t originated
and to the Legislature, who made it law
nay, more, to the people. who have glver
it constitutional confirmation. | propose t.
treat it simply as an accomplished act; al
existing fact, which we, as members OF THU
Exchange, have no power to alter or chang
In any manner.
The Legislature, at the extra session
1875, after the reorganization of the Lowe
House, passed an act supplementary to thi
act, by which the President of the Board o
, Trade, when chartered, and the President Q