New Orleans Republican., 1875-12-02


ten Exchavss-AdAress Of Mr.. Phelps.
Last night, at half past seven o'clock, the
annual meeting of the Cotton Exchange
was held at its rooms on Gravier street.
Mr.. John Phelps, president OF the Ex-
change, on taking the chair directed the
secretary to read the annual reports of the
sever oil committees and officers, all of which
were adopted without opposition.
Mr.. Phelps then delivered an elaborate
address. He began with brief review of
the history of the Exchange. The first
step was at the Life Association of America,
January II, 1871. On the twenty-fourth
the constitution was adopted. February
the officers we're elected, and business
opened February 20. There were about
fifty members. The reports of committees
leave little to do on this point. The com
mittee on arbitration has left the board of
appeal without a single case. The finances
of the Exchange show probable balance
on hand of $4,000, and an adding of $4,000
yearly to the reserve. The finance commit.
tee, Messrs. Hardie, Buckner and Wolstie,
| is entitled to thanks. The labors of the
treasurer have been increased ten fold, and
the disbursements reach sS5,o19. Levee
inspection was commenced Il October, the
monthly expense being $500, lae annual
expense VIII DC s'ooo' anu 1ne department
| will prove great advantage. Great praise
is accorded to the department of super
vision, organized by the efforts of Vice Pres
ident Lafitte, and Messrs. Glenny, Nugent,
Jurey and Hunt, his associates on the origi-
M, comm;ttee pronar ansorcameut of tho
No. o .. s-ro ono VI 'no
regulations "ouiu save e'oo'ooo 10 tne cot
ton trade, according to the original esti
mate. Int this was largely under the mark
T,a IN sna..;.. ' 49,; .s 49,. ."..o. - -, 10 .a
the 4uanei'y VI iooso oo''oh snouiu 10 re-
duced. The annual expenditure will prob
| ably he S4S 900. Five cents ia tn be maid
.ooh b.,. h,r ~. fao,ou ,,,h;oh r,;,h
w oeon '"o ~ 'uo 1"o'oi' "n.on, WIZ
0OO bales, gives an income of $6O, 900.
| The deficit is now only $1,000. An assistant
.rnarv;sor ia in aac,, nress fbiaf srna-.
sup. ~ 90 o, oupo'
VISOR L. ". Snily 10 nighiy compilmented.
The remarks of Mr.. Phelps concerning his
dnties as a member of tbe funding hoard
s
the subject, given in full:
Wbether IL ia the duty of the president of
the Exchange to aet as a member of the
fnndino hoard as IL ia GENERALLY termed. has
been the subject of much discussion for
some days. Ishall Give Won nv views unon
this subject as a maifer Of daty to you. and
of Justice to myself. / shall consider it
SOLELY from a financial standpoint. and. 40
far as am able' nrartcallv- and with nlain
common sense. With politieaI onestions we
have nothing tn do. and tina ia nor the
proper place for their discussion. So far as
we are concerned this ouestion ia NOT no.
I,tical. INIT eminantiy practical. ~
In order to consider this subject properly
brief statement of the history of this act
and the constitnt;cnal Amendments will he
necessary. What ia Generally known as
tha fnndinu ACT WAS nrenared under the
direction of tba Cbamhar Of Commerce. and
was psssed by the Leeislature at the ses.
sion of 1874. with this act we're counled
tbrae amarIments 4" tho const;trt;op of
I people at the election in lS74. and were
adopted. The frat amendment ia az fol.
lows. "Tbe issne Of consolidated bonds an.
thorized nv the General Assemble of the
State at its re pular session in the wear 1874
ia hereby declared to create valid CON,
holder of saia honda which the state shaIl
/ hv no means and in no wise imnair, The
said honda shall he a valid ohligat;on
of the State in favor of anv holder
tberaof and no conrt sbaiI an;o;n tba
payment of the nrincinsl or interest
thereof. or the Ieyv and collection of the
tax therefor: tn secnre snch levy collection
and payment, the judicial powers shall be
exercised when necessary. The tax re-
quired for the payment of the principal and
interest of said bonds shall be assessed and
collected each and every year until the
bonds shall be paid, principal and interest
and the proceeds shall be paid by the treas
urer of the State to the holders of said
bonds as the principal and interest of the
same shall fall due, and no further legsla
ton or appropriation shall be requisite for
the said assessment and collection, and for
such payment from the treasury"
do not propose to discuss the merits OF
this act; that l leave TO the Chamber OF
Commerce, where, as have said, it origin
ated, and to the Legislature who made il
law: nay more, to the people who have
given it constitutional confirmation. pro
pose to treat it simply as an accomplished
act; an existing fact, which we, as members
of this Exchange, have no power to alter OF
change in any manner.
The Legislature at the extra session oi
1875, after the reorganization of the lower
lower house, passed an act supplementary
to this act, BY which the president of the
Board of Trade, when chartered, and the
president of the Cotton Exchange were
made members of the Board of Liquida
tion. 10 this board is intrusted the duty
of funding the floating and bonded debt Of
J the State and issuing the new consolidated
, bonds therefor.
The importanee of tb;s duty can hardly
be oyerestimated. and it is not properjy
anpreciated bv our neonle. In the orieinal
ucf tbora ia mt q al, clo xyor6 mand tow, to