New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-02-28

| | uO,UUO OF mOrtgage0 property as eecurl
for these bonds, and drew 81, 200, 600
stock, on which they drew fifty per cent
cash out of the proceeds Of the s., 000, 600
State bonds, what right have the stoc
holders to complain, or to call upon Il
State for leniency in any shape!
Answer-They had no right, but exte
sion was the interest of all concerned.
32. How many plantations are now owne
by the banks
Answer-Nearly eighty.
| 81. At how much are these valued!
Answer-Estimated at 81 100000.
-. How much is the yearly rental!
Answer-Do not know what the aggr
gate amount Is; rentals of places vary frol
$500 to $4,000 each.
3D. How many plantations are now undo
pledge to the bank for stock; aud what
their value?
| Answer-There are about 600 stockhol(
ers, one-half OF them residents OF the city
About 800 plantations are in pledge and az
| estimated of a val,te OF S., 100000
SO. Does the bank pay money to an
school or college in this State!
Answer-1t does not. because nothing
due the State until the expiration of To
| bank charter.
81. Does the bank pay taxes now upol
the property held by II!
| Answer-It does; both State and parish
| ,jS Under the charter was not the mort
| gagged property pledged to the State for IT
| bonds instead of to the bank, and would
not law and justice give the same to I'll.
State9
Answer-No: the property is still under
pledge TO the bondholders.
-. Did the bank take lien on the stock
or did the stockholders take new mortgages
for the payment OF the fifty per cent loan
on stock!
Answer-Tae mortgages were double;
the lands We're mortgaged to secure the
stock, the stock was pledged for the loan.
Those few who took no loans, of course,
owe nothing on that account
40. How much cash has the State real.
lied from her guarantee of $4,000 900 of
bonds issued in favor of the bank.
Arswer-The State has gained, 10 to
date, nothing in cash on account OF her
guarantee OF the bonds!
IL. Do yol think that the State will
ever receive one dollar from the corpora
ton known as the Citizens Bank Of Lou
isiana9
ADswer-It is impossible for me to say.
y. Were not most Of the original stock
holders compelled to surrender their stock
to the bank on account Of their inability
to pay the fifty per cent loan made from
the proceeds of the 100000 State bonds
issued to the bank!
Answer-Only ~. 900 shares were so for
feited. Those of 500 each
43. Now, as the act OF 1886 makes the
stock and bonds null and void, unless
negotiated within two years at par value
does not repeal by act of 1889 lone year
after the two years had expired, have
retroactive effect
Answer-Ihis is question of law which
am entirely unable to answer; should
Judge, however, that the intention was
simply to allow longer time for the sale CT
the bonds.
BY Senator Greene:
II. How stands the accour. between the
bank and the STATED
Answer-State owes the bank $oO0, 900.
loaned to pay the Legislature three years
ago: 81 900 loaned to rebuild the Bonnet
Care levee, and $l4 600 cash advanced on
coupon account.
40. IT the bank were wound I'D. how
much would be due the State on account of
profits!
Answer-Eothing, because none appear.
40. Do you think the assets OF the bank |
sufficient 10 guarantee the State against |
oss on her bonGsl
Answer do.
u. Is there any question Of the entire |
oivency OF the bank il nothing unforeseen |
happens!
Answer-No sir, the arrangements made
With the holders OF the bonds during the |
asst summer, have been very favorable,
nd all the bonds have been extended for
twenty-five years.
DOCUMENT Z.
STATR OF LOUISIANA
Auditor Office, ; |
New Orleans. February "a, 1859
on. J. H. alexander, Chairman Senate Committee
on Banks ana Banking:
In reply 10 your communication of the |
Wenfv SarCn3 instant hoya tho bonor RI |
tate that the records Of this office do not
how any issue OF bonds BIZ the State to the
itizens' Bank
Reference TO the Auditors reports for past
ears, say Tor 1873, page thirty six. will show
mopg the various items of contingent liza
llities OF the State, one for Ella ility of the
tate upon bonds loaned to the Citizens
ank,n viz 81, 265,7T7 - due February |,
So, sl,264, $50 50 due February |. 1877,
)oo.0C0 due February l, 1891, 81 ,2CG 666 g.
ue February ], 1856, but beyond this no
cord exists showing any liability or the
art OF the State, actual or contingent. on |
count of bonds issued TO said Citizens
ank.
Respectfully.
CHARLES CLINTON.
Auditor
Les over.
INTRODUCTION OF Bills.
By NJ. Svpher:
bill to be entitled an act to repeal and
enact section eight Of the act entitled
n act to incorporate the Crescent City
'slisht Company" approved May 81, 1870.
The bill was read the first time.
The constitutional rule was suspended by
our-tifths vote, the bill read the second
ne and referred to the Committee on
operations and Parochlal Affairs.
By Mr.. Sypher:
\ bill to be entitled an act TO grant the
hit o. way for 4 street passenger and
light railroad, commencing at the upper I
e and Fifth street, in the Seventh Dis.
CT, and Levee, near the river, passing
'ough certain streets, and entering Canal =
eet through Dryades, along the trunk !
I'd Of Canal street, and returning to the
zee of departure, and to Authorize the
ue of bonds.
The bill was read the first time.
The constitutional rule was suspended by =
our Htths vote, the bill was read the sec.
l time and referred to the Committee on :.
ilroads and Internal improvements.
'y Mr.. Mascot:
bill to be entitled an act to amend and u
enact an act entitled ian act to estab- .
/ Metropolitan Police District, and to y
vide Tor the government thereof, ap. q
we'd September II, 1885," approved March p
1869; to amend and re-enact sections c
}, three, four, tTenty-seven, forty eight,
.y-nine and ftty-tive OF said act; to o.
cal sections thirteen, thirty-nine and
'y-two Of said act; providing for the
e and manner of holding elections for l.
tropolitan Police Commissioners; max III