The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-11-26
THE FUNDING BOARD.

4
member of the Cotton Exchange yesterday
and as it is of public interest We publish it
although it was intended for the use of mem
bers only:
NEW ORLEANS, Nov "a, 1875.
To the Members OF the New Orleans Cotton Elk
change:
Genhemen-I regret that sense of the dut,
L owe to you, as well as to myself, renders i
necessary that l should thus address yor
in reference to the approaching election OF
officers of the Exchange
You are aware that have been requested
to allow my name to be put forward as a can
didate for the Office of President. You are
also aware that after some hesitation con.
sented to become candidate, with the dis.
tinct understanding that, if elected, should
decline to serve as an eX-otticio member OF
the Funding Board. By many members of
the Exchange it is regarded as a matter Ct
paramount Importance, that its President
should act as a member of that Board.
Several personal friends, members of the
Exchange, have urged ne to modify
that determination. if only to the ex-
tent of saying that 1 would, if elected,
do all in my power to serve the State. This
| can not do, as the natural inference would
be that might reconsider my determinations,
whereas my resolution was formed after ma.
| ture deliberaton, and is final and irrevoca b!e
L am, however, unwilling to occupy posi-
ton which might, by any course of reas oning,
be construed as placing me in antagonism to
| the true interests of the community in which
l live, and whose welfare | claim to have as
i much at heart as any man within its borders
1t therefore becomes my imperative duty to
define my position so clearly that it can not
| possibly be misunderstood. Before entering
~ Ic To, 70, hoe
| as soon as found that SO much importance
was attached to my serving upon the Funding
Board, L at once proposed to withdraw my
name, but this was objected to by several of
those who had first urged me to allow nav
name to be put forward
At the outset | must say that, had my de-
termination not to serve upon the Funding
Board been based solely upon personal con-
siderations, | should not have felt at liberty
to allow my name TO be brought forward, but
should have at once positively and perempto-
rliy declined becoming candidate; for 1
claim that 40 man has a right to allow mere
personal considerations to contravene public
good. In such a case he should step aside
and make way for others to serve the S ate
My obj ectlon rests upon higher grounds, and
l shall now proceed to state them clearly
frankly and without reserve, though not with
out regret if il doing so l should give offense
TO any member OF this Exchange
l shall pass over the fact that my business
occupations, and particularly as they atfrc.
the Interests OF others, would serve to deiar
NE from attendance at the board, as this
might be classed as personal consideration
My objections are, therefore first. that do
not feel competent to sit as member of the
board; my acquaintance with the various
classes of State securities not being sufficient
ly intimate to enable me to act advisedlv upon
all questions submitted to the board. This of
Itself would, to my mind, be sufficient rea- |
son tor my determination, as | can never al |
low myself to occupy any position of honor or |
profit, whose duties | do not feel fully compe- |
tent to discharge Upon this point many of |
my friends differ from me; whilst I thank |
the for their overeshmate OF my poor abili-
ties, must in matter of this nature claim
to De the sole judge and arbiter.
My second objection lies deeper, as it ap-
plies to the funding act itself. think I but
echo the sentiment of nineteen -twentieths of
5he honest intelligence of this community,
when | say that the act was conceived in
fraud and brought forth in iniquity. Its real
object was to give the sanction of a constitu-
lonal act, to validate certain bonds issued
without consideration, to so consolidate them
hat their identity could never be traced or
heir binding obligation upon the State ques-
toned. Further, by virtually repndiatipg
our-tenths Of the valued and uuauestioned
pledges of the State, for which dollar for
iollar had been paid into the treasury. the
7alue OF the Furious bonds was to be further
Enhanced The provisions of the act
provide that all bonds, when funded, shall
re destroyed, rendering it impossible
0 trace back the history of any Of the new
onsols to their corrupt source. The smoke
which at this very hour curls up from the
urnace of the State House, fed by the flames
# six millions of bonds, watts upon the air t
louble pollution, that of honest obligations ,
epudiated, to the extent of fourth.tenths of ,
heir face value, and Of illegal bonds re-issued
n the same ratio as honest and binding obi
ations of the State. To my mind the clause ]
q the act, which constitutes the President of l
he Cotton Exchange, an "ex-offi cio' men,
er of the board, is but another evidence of ]
he designing skill of its authors. The /
resence of q man occupying the highest /
position in this city was, unless a
am greatly mistaken, intended mainly to
i've an air of honesty and character to the t
roceedings of the board. S
1t will no doubt be urged, and urged truth /
ally, that the present honored President of [
he Exchange has rendered signal service to {
be State by serving upon the board. No q
ne can admit this fact more freely and fully,
No no one awards to him higher need of
raise than 1 do. l say this emphatically i
nd without reservation; but can his success
Or hope to be equally fortunate? The most A
'auduient of all the issues had been funded, A
efore he took his seat at the board, the act S
as passed specially for their benefit, and
aey were rushed through without oppos- j
on. Gorged with their ill-gotten gains, the +
ormorants who have preyed upon the vitals
the State can well afford to grant their d
anting victim brief respite. That they will s.
sturn to the charge is certain, and the Presi- 4
ent of the Exchange, aided by hopeless E
linority, may battle with them for time, C
at in the end their success is certain, unless d
le Legislature should intervene, and, by {
construction of the board, secure the State W
ON further plunderings. II
have not come to my present determine s.
on without calm deliberation. have pic t.
lred myself at that board, bound down by Il
le terms OF the act, have in my minds eve j