The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-09-18
THE FUNDING BOARD.
Correspondence.

The subjoined letters, which passed yester.
day, explain themselves:
NEW ORLEANS. Sept II, 1875.
To his Excellency, the Governor of the State OF
Louisiana, ex-officio President of the Board
of Liquidation, present:
Sm-As holders Of large amount of old
State bonds ready for conversion under the
provisions of Act No. of 1874, as representa-
| tives of the owners of same, as citizens of the
State OF Louisiana, as merchants of the city
| of New Orleans, we respectfully protest
against the non-action of your board, and the
injury done to our constituents by the I'M
necessary delay in the conversion Of their old
| securities for new seven per cent consolidated
State bonds.
No rational reason has been given US fol-
| the persistent non-action of your board, while
| q sufficient number of members to form q
quorum are known to have been in this city
for the past fifteen days; or, at least since
your first call for meeting of the 8th OF the
present month.
The bonds we hold are such as your board
have been continually acting upon when all
members were present, and declared by the
Supreme Court valid obligations of the State,
to wit:
Levee 6per cent bonds, Act No. lis of 1867;
levee s per cent bonds, Act No. 80 of 1870;
| redback bonds, Act No. Is of 1866; Nashville
Railroad bonds, act approved March IS, 1887;
Opelousas Railroad bonds, Act No. 231 of
1858; floating debt bonds. Act No. SO of 1870;
Penitentiary bonds. Act No. IS of 1869.
We contend, therefore, that the plea of dan
ger OF new issues being presented while full
board is not present, is no excuse for the
hroQ kInn II n nf 10 kha 1ak~ k~>c
the conversion of the above specified series
of obligations Moreover, at the adjourn
ment meeting, some two months ago, reso-
luton was passed that until the whole board
would have returned strict quorum would
not act upon warrants or any new issue, but
would restrict themselves to the conversion of
such bonds as had been passed upon by the
Supreme Court. or had never been ques-
toned, which resolution is binding upon tho
members now here until the presence of q
full board.
Hoping you will leave nothing undone to
give us proper and early relief granting unto
us for our constituents all that the law emit
ties them to, and with our thanks to those
members who have endeavored by their
presence to do us justice, We remain, respect
fully, your obedient servants,
EDWIN HARRIS,
EUGENE Fl. LEVY,
TOWNSEND d LYMAN
CHARLES L. DUPUY,
Cashier State National Bank.
T.. j. FoRsTALL q Sons,
NJ. NJ. SIMPSON,
Vice President Union Bank
GEORGE JONAS,
President Canal Bank.
L. GRUNEL,
HE1LwEaE & ScHAEFrER.
Tn -
made the following reply:
STATE OF LOUISIANA, J
Executive Department,
New Orleans. September II, 1875
70 Messrs. Edmund J. Forstall & Sons. Edwin
Harris, George Jonas, Eugene 81. Levy and
others:
Genaemen-A communication signed by you
and other prominent bankers, etc., protesting
against the MONACO ion of the Funding Board
in regard to the conversion of certain old
securities of undisputed validity, held by
you, into the new consolidated State bonds,
has just been received.
the Board of Liquidation, as you know, is |
of the Governor, Lieutenant Gov
ernor, Speaker, Auditor, Treasurer, Secretary |
Of State, Fiscal Agent and President of the |
Cotton Exchange. five members constituting |
quorum. While l share your regret that |
20 secure the attendance of quorum have
been Intellectual, permit me to remind you
hat all the officers of the State government,
low in the city, entitled to take part in the
proceedings of the board, have been in at
enhance on each occasion when meeting was
and that the board has no power
o compel the attendance of absent members
l have every reason to believe the 18th of
October, to which date the board now stands
adjourned, there will be full attendance of
he members, and trust the only injury
which your constituents will sustain will be
he Inconvenience occasioned by this unavoid-
bile postponement.
l may mention that since the effort was
made to-day to secure a meeting of the board,
proceedings in the nature of mandamus
lave been served, requiring the board to fund
,onds of a series not included in the unques-
Toned list mentioned by you. Under ali the
therefore, venture to hope
hat neither the interests of the bondholders
Tor of the State will suffer by the postpone
nent Of the meeting of the board.
l may add that should there be an un-
loubted prospect of full meeting before the
ate to which the board has adjourned, have
% doubt special meeting could be con-
ened to act upon the bonds held by you
Very respectfully, your obedient servant,
~ q n ANroYNr