New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-09-18
The Funding Board.

uC hcclluE u but DUdIu Ol
Liquidation was to have been held yester-
day at II A. NJ, but no quorum appeared.
Present-Lieutena Governor Antoine,
Secretary of State Deslonde, Treasurer
Dubuclet and Auditor Clinton.
Absent-Governor Kellogg Speaker Es-
Phelps, president of the Cotton Exchange.
The board adjourned to October l3, unless
sooner convened by the president.
The. board having been unable to secure
quorum for several days, the following
communication was addressed to the Gov
ernor:
New ORLEANS, September II, 1870
To his excelleuey. the Governor of the State of
Louisiana, eXoificio President of the BJard of
LIQUIDATION, present:
SIR-As holders of a large amount of old
State bonds ready for conversion under the
provisions of act No. , OF 1874, as repIesen-
tives of the owners of same. as citizens of
the State OF Louisiana, as merchants of the
city of New Orleans, We respectfully pro
test against the non-action OF your board,
and the injury done to our constituents by
the unnecessary delay in the conversion of
their Old securities Tor new seven per cent
consolidated State bonds.
No rational reason has been given Us for
the persistent non action of your board.
while sutfcien, number OF members to
form a quorum are known to have been in
this city for the past fifteen days; or, at
least since your first call Tor meeting on
the eighth of the present month
The bonds we hold are such as your board
have been continually acting upon when all
members were present, and declared by the
Supreme Court valid obligations of the
State to wit:
Levee six per cent bonds, act No. ll5 of
1867; levee eight per cent bonds, act No. 3
of 1870: redback bonds, act No. Is OF 1866;
Nashville Railroad bonds. act approved
March IL, 1887; Opelousas Railroad bonds,
act No. 23l ot lSj3 toa ing debt bonds act
No 69 of 1870; peniteptiary bonds, act No.
10 of 1863.
We contend, therefore, that the plea of
danger OF new issues being presented while
a full board is not present, is no excuse for
the breaking up of quorum, to tine dc tri-
ment of the conversion of the above speci-
fed series of obligations. Moreover, at the
adjournment meeting, some two months
ago, resolution was passed that until the
whole board would have returned strict
quorum would not act upon warrants or
any new issue, but would restrict them
selves to the conversion of such bonds as
had been passed upon by the Supreme
Court, or had never been questioned, which
resolution is binding upon the members now
here until the presence of a full board.
Hoping you will leave nothing undone to
give us proper and early relief, granting
unto us for our constituents all that the
law entities them to, and with our thanks
TO those members who have endeavored by
their presence TO do us Justice, we remain.
respectfully. your obedient servants,
EDWIN HARRIS.
EUGENE II LEVY.
TOWNSEND Il LYMAN,
CHARLES l.. DUPUY,
Cashier State National Bank.
L, j. FORSTALL & SONS,
NJ. M SIMPSON,
Vice President Union Bank
GEORGE JONAS,
President Canal Bank.
HELLWEGE 81 SCHAEFFER
In answer to this, acting Governor Az
tome made the following reply:
STATE OF LOUISIANA )
Executive Department.
New Orleans, September H. 1875.
To Messrs Edmund }. Forstall Il Sons, Edwin Har.
ris, George Jonas, Eugene H. Levy and others:
GENTLEMEN-A communication signed by
you and other prominent bankers, etc, pro-
testing against the non action of the fund
ing board in regard to the conversion of
certain old securities OF undisputed validi-
ty, held by you, into the new consolidated
ST ate bonds, has Just been received.
The Board of Liquidation, as you know,
is composed Of the Governor, Lieutenant
Governor, Speaker, Auditor, Treasurer.
Secretary of State, Fiscal agent and pre-
sident of the Cotton Exchange, five mem.
bers constituting quorum. While share
your regret that all the efforts made within
the last few days to secure the attendance
OF quorum have been IN tfectual, permit
me to remind you that all the officers of the
State government, now in the city, entitled
to take part in the proceedings of the board
have been in attendance on each occasion
when meeting was convened, and that the
board has no power to compel the attend
ance of absent members.
1 have every reason to believe the thir-
teenth of October, to which date the board
now stands adjourned, there will be full
attendance of the members, and trust the
only injury which your constituents will
sustain will be the inconvenience occasion
ed by this unavoidable postponement
may mention that since the effort was
made to-day to secure a meeting of the
board proceedings in the nature of man
damus have been served requiring the board
to fund bonds of series not included in the
unquestloned list mentioned by you. Under
all the circumstances, therefore, venture
to hope that neither the interests of the
bond holders nor of the State will suffer hy
the postponement Of the meeting of the
board.
l may add that should there be an un-
doubted prospect of a full meeting before
the date to which the board has adjourned.
have no doubt speciai meeting could be
convened to act upon the bonds held by
you.
Very respectfully, your obedient servant,
e. e. ANTOINE.