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

bonded debt OF the State, and issuing the
new consolidated bonds therefor.
The importance OF this duty can hardly he
be over-estimated, and it is not properly APP
preciated by our people. In the original act
there is not single word mandatory to what
shall or shall not be funded, beyond the gen.
eral terms "ali valid outstanding bonds of
the State, and all valid warrants drawn pre-
vious to the passage OF this &C by the respec-
tive Auditors of Public Accounts of The State
on the Treasurer thereof" The board was left
perfectly free to Judge of what were valid bonds
and valid warrants; their decision is sub
ject to revision by the Supreme Court of the
State alone; under the supplemental act, the
board is prohibited from funding several diff
ferent issues of bonds, until they have been
passed upon by the courts; this list includes
nearly all of the questionable bonds.
Taking into consideration the vast
amount of outstanding obligations of
the State, the fruits of the corrupt and
reckless government with which Louisiana
has been cursed; the fact that when the form
Of this debt is once changed into the new
bonds, its validity can not be questioned. no
matter how worthless the original bond or
warrant, you can have some idea of how i'm
portant it is to the tax-pay ers of the State, as
we'll as to the holder of its valid obligations,
that the work should be honestly and intelli-
gently performed. Impressed with the i'm
portance of this duty, | did not hesitate,
when, as your representative, l was made a
member of the Board of Liquidation, to take
my seat, and have attended every meeting
when was in the city.
| The duty is not a pleasing one to me per-
sonally, but l do not think have any right
to allow personal considerations to influence
me in the performance of duties imposed
upon me while holding the position of Presi-
dent of this Exchange. In this matter, l be-
lieved that had the opportunity to render an
important service to the over-burdened tax
payers, and also to the holders of the legiti-
mate bonds of the State and l have done ii
to the best of my ability
1t is as important to the holders OF legal
bonds as it is to the taxpayer that this work
should be properly performed, and | utterly
fail to see how they could be benefited by
my refusing to act.
Could not the foreign bondholder we'll say,
81 bought the bonds OF your State IN good
faith, and now, when considering your i'm
poverished condition, I propose to compro-
mise my claim and to take new obligation
for six-tenths OF the old one, the President
of your leading commercial institution re-
fuses to protect my interest by seeing to it
that improper debts are not included; you are
thus prevented from paying what you honest
ly owe"
Such have been my convictions of duty,
and upon them l have acted. The records OF
the board and the amount OF new bonds
issued, as well as the balance to the credit OF
interest fund in the treasury OF the State, will
prove that my action has not been without its
fruits. And I gave it as my deliberate opin-
| ion that the President of this Exchange can,
to large degree, control the action of this
board in the right direction, and thus Tighten
the burden upon our people, and at the same
time add value to the honest obligations OF
the State. take pleasure in complying with
the request of Mr.. A. H. May in stating that
when acting President during the past sum.
mer he did not take his seat in the board for
two reasons:
| First, because he did not think himself le-
gally member under the law.
| Second, that as the board was to have but
two meetings during my absence, and as he
was entirely unacquainted with the duties, he
did not think he could render any service.
can fully appreciate and approve this de-
| termination.
The constitution and bylaws wisely place
the management of the affairs of the Exchange
largely under the control of the
BOARD OF DIRECTORS.
To the board with whom | have had the
pleasure of serving during the past year you
are indebted for the wise and prudent man
agement as shown in the present condition of
the institution. The success of an institu-
ton of this character depends to large de-
gree on the spirit with which it is conducted.
Its rules and regulations must be founded on
principles of equity and justice; any attempt
to use the power of the Exchange to promote
one interest at the expense of another is GER
tain to result in common injury.
r.. &c he T fbinlk T aar nv
With truth that we resign our trust and de-
liver the Exchange in financial position
beyond question thoroughly organized in
every department; its power to correct abuses
has been fully tested and has proved ample
for that purpose.
With the almost assured removal of the
distractions at the mouth of our great river,
and the extension of our railroad communica-
tions with the interior, bright future opens
to the
COTTON TRADE OF NEW ORLEANS.
l firmly believe the day Is not distant when
YOU will again handle one-half of the entire
crop of the United States. You have every
facility for doing this in ample room for
storage; you have long experience and a
thorough knowledge of the great staple; in
your Elk change you offer to both planter and
buyer system of protection more perfect
than has hitherto been attempted. But we
should not stop here. l am sure give ex-
preston to the general sentiment when l say
we should have building of our own.
1t should be centrally located, with ample
room for our present and prospective wants;
it should have a general exchange room
twice the size of the one we now occupy;
larger offices for the superintendent and bis
asslstants ample room for the telegraph with
separate office for receiving and sending
private messages, and an office for the Chief
| Supervisor and Levee Inspector. 1t should
have large reading-room, well supplied with
books and papers, to which our clerks should
be admitted, upon the payment OF moderate
fee. This would afford them pleasant and
agreeable place OF resort, bring them in con
tact with those of long experience IN bust
ness and fit them for the position of princi
pals in the cotton trade, which must always
be the leading interest in this city.
CLOSING.
At the last annual meeting stated that
was not candidate for "third term" bu
in YOUR opinion the unforeseen emergency
which President Grant fears may force ths
cares of office upon him for four years more
had come, aud you again elected me to thi