New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-02-27

80 HOW many plantations are now unOeT
pledge to the bank for stock, aud what Is
! their value!
Answer-There are about 600 stockhOld-
ers, one-half Of them residents OF the city.
About 800 plantations are in pledge and are
} estimated of a value OF $5,0O0,O00.
SO. Does the bank pay money to any
school or college in this State!
Answer-It does rot, because nothing is
due the State until the expiration Of the
bank charter.
81. Does the bank pay taxes now upon
the property held by III
Answer-It does both State and parish.
80. Under the charter was not the mort
gagged property pledged to the State for its
bonds instead of to the bank, and would
net law and justice give the same to the
State.
Answer-NO: the property is still under
pledge to the GOndhOIders
80. 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-The mortgages were deubie;
the lands were 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
80. How much cash has the State real
lied from her guarantee Of 100000 of
bonds issued in favor OF the bank!
| AEswer-The State has gained, mp 20
date, nothing in cash on account OF her
| guarantee OF the bonds!
| Al. Do you think that the State will
ever IT ceive ore dollar from the corpora
ton known as the Citizens Bank OF Lou
| isiana.
Answer-It is impossible for me to say.
| AZ. 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 s. 600 0G0 State bonds
issued to the banki
ADswer-Only y! 900 shares were SO for
feited. Those of 800 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 1899 Zone lear
after the two years had expired), have
| retroactive effect!
Answer-This is a question of law which
am entirely unable to answer; should
| Judge, however, that the intention was
simply to allow a longer time for the sale of
| the bonds.
By Senator Greene:
II. How stands the account between the
bank and the State'
| Answer-State owes the bank 5000 200,
i loaned to pay the Legislature three years
ago; $1,000 loaned to rebuild the Bonnet
| Care levee and 1900 cash advanced Oh
coupon account.
IS. If the bank were wound up, how
much would be due the State on account of
profits!
Answer-Nothinc, because none appear. |
49, Do you think the assets of the bank |
sufficient to guarantee the State against |
loss on her bonds,
Auswer-l do.
Il. Is there any question OF the entire |
sOlvencv of the bank If nothing unforeseen |
happens
Auswer-No sir, the arrangements made |
with the holders of the bonds during the |
past summer. have been very favorable,
and all the bonds have been extended Tor
twenty-five years.
DOCUMENT b.
STATE LOUISIANA
Auditor Office, }
New Orleans, February "a, 1875. }
Hon. J H. Alexander, Chairman Senate Committee
on Banks ana Banking
In reply 10 your communication of the
twenty second instant | have the honor to
state that the records of this office DO not
show any issue OF bonds by the State to the
Citizens Bank.
Reference to the Auditors reports tor past
years, say for 1873, page thirty six, will show
among the various items of contingent La
bilities of the State, one for ''lIability of the
State upon bonds loaned to the Citizens
Bank viz: Sl,265777 - due February |,
1876. $l,26l,SS 50 due February |. 1877,
S'VOfOop |
due February ], 1896, but beyond this no
record exists showing any liability on the
part OF the State, actual or contingent, on
account OF bonds issued to said Citizens
Bank.
Respectfully,
CHARLES CLINTON.
Auditor.
Lies over
INTRODUCTION OF ELLIS
BY Mr. Sypher:
a bill to be entitled an act to repeal and
re enact section eight Of the act entitled
''aE act to incorporate the Crescent City
Gaslisht Company,'a approved May 81, 1870.
The bill was read the first time.
The constitutional rule was suspended by
a fourliiths vote, the bill read the second
time and referred to the Committee Ga
Corporations and Parochial Affairs.
By Mr.. Sypher:
a bill to be entitled an act to grant the
right of way fer street passenger and
freight railroad, commencing at the upper
line and Fifth street. in the Seventh Dis
tcict, and Levee, near the river, passing ,
through certain streets. and entering Canal
street through Dryades. along the trunk
|
place Of departure, and to authorize the
issue of bonds.
The bill was read the first time.
The constitutions rule was suspended by
i Gourifths voee, the bill was read the see
ond time and referred to the Committee on l
Railroads and Internal improvements.
BY Mr.. Mascot:
A bill TO be entitled an act to amend and !
ce-enact an act entitled IAN act to estab- !
ish q metropolitan Police District, and to c
provide Tor the government thereof, APP
proved September 4, 1863" approved March
3, 1869; to amend and reenact sections
5wo, three, four, twenty-seven, forty eight c
orty-nine and ttty-five of said act; to
'epeal sections thirteen, thirty-nine and
orty.two of said act; providing for the !
lime and manner of holding elections for L
Police Commissioners: max
ng metropolitan Police warrants receivable
Il payment of all taxes, both State and
,ity; prohibiting the use of the Metropolitan a
Police force as militia under any pretext; t
prohibiting the Governor OF the State from
n any manner interfering with or directing t
he disposition, management or control of t
he Metropolitan Police force. 0
The bill was read the first time. p
The constitutional rule was suspended by a
four-ffths vote, the bill was read the Il
econd time and referred to the Committee a
n metropolitan Police.
By Mr. Ola. j,