New Orleans Republican., 1875-12-02
THURSDAY, DECEMBER 2, 1875.

seeing to 1t that improper debts are nUs fn-
cluded; you are thus prevented from pay
ing what you honestly owe.n ......
such have been my convictions Of duty,
and upon them have acted; the records Of
the board, and the amount Of new bonds
issued. as we'll 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 give it as my
deliberate opinion that the president Of this
Exchange can. to a large degree. control
the action of this board in the right direc-
tion, and thus tighten the burden upon cur
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 summer, he did
not take his seat in the board for two rea-
sons: First because he did not think him
self legally member under the law;
second, that as the board was to have but
two meetings during my absence, and as he
was entirely unacguainted with the duties,
he did not think he could render any ser
vice. l can fully appreciate and approve
this determination.
Mr. Phelps continued by referring to the
constitution, making the board of directors
the controlling power, and the spirit which
was necessary to insure success. They re.
sigued their trust, assured that every de-
partment had proved ample for it's purpose.
He pictured q bright future, with the almost
assured removal of distractions at the
mouth of the river. He insisted the Ex
change should have building of it's own
He had consented on "unforseen emergen
cy" to "third term" but declined further
service, though he considered it greater
honor than any political Office. With thanks
to all gentlemen for courtesy and kindness
he declared that he retired as a private
ready at all times to work for the good oil
the Exchange, and aid IN restoring the for
tunes of the city and State.
At the close of Mr.. Phelps address &
vote of thanks was, on motion of Mr.. Nor
gan Cammack, rendered to him, and th'
address, with the reports of the commit
tees, was ordered to be spread upon tn,
minutes. When this stage of the proceed
ings was reached, MIR. Phelps suggested
that as there was no further business befor
| the meeting, motion to adjourn would b.
| in order. 1t transpired, however, that
| although not in regular order, there wa
| other business to be done, and business o
| a very pleasant nature. Instead of calling
for an adjournment, one of the members
| suggested that the president temporaril.
resign the chair to some other gentleman
This suggestion Mr.. Phelps acted upon, ant
abdicated in favor of Mr.. S. Simpson, who
when the cheering which greeted him ha,
subsided, made a neat speech, at the clos
of which he presented Mr.. Phelps, in tn
name of the members and employees of tn
Cotton Exchange, with valuable eilve
service, consisting of large silver platter
dinner and tea service, in black walnu
case, manufactured by the Gorham Manu-
featuring Company, of Providence, Rhod
Island, for Messrs. Griswold g. Co., of thi
city.
Evidently taken by surprise with thi
tribute of his fellows, Mr.. Phelps was, for
moment, at a loss how to reply, but he sooi
rallied, and returned bis thanks to the Ez
change in style and manner which showe
that had his lines been so cast he woul
have achieved as high reputation on tn
rostrum or in the forum as it is his prom
| privilege to hold in the world of commerce
At the close of Mr.. Phelps speech tn
meeting adjourned.