The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-05
THE FUNDING BOARD AND THE COT.
TON EXCHANGE.
To the Editor of the Bulletin

To the Editor Of the Bulletin:
think your correspondent, Exchange,
is both unjust and illogical in his reference te
the action of Mr.. Baldwin, a member of the
Funding Board, in inquiring whether the
signer of q certain letter denouncing the
course Of the board for issuing or funding
illegal bonds, or "bonds without considera
ton, was the same gentleman who applied
for the funding of certain bonds which are
regarded as among the most illegal and
inequitable that have heretofore been offered
It was due alike to both parties, that this
fact should be brought out; due to Mr.. Bald
win, as member of the board charged with
recognizing and legalizing illegal bonds, and
to Mr.. Lafitte, in or Ter that he might have
the opportunity of indicating himself, as
he has done. Mr.. Lafitte, in an ambitious,
ford and jealous letter, not combining him.
self to the presentation of his reasons for de-
elining the candidature for the Presidency Of
the Cotton Board, had assailed the action Of
the Funding Board in passing bonds of the
character of those which were funded on the
application of j. B. Laftte Il Co.
1t appears to me that the high standing Of
Mr. Laftte gave to this application a force
and endorsement, which would go far to
palliate the negligence" of the board in
funding these bonds. 1t could not be sus
pected that house Of such repute would pre-
sent either, as principals or manufactures, clearly
illegal and unfundable bonds. At least, q
large merchant like Mr.. Baldwin might be
excused for not indulging such suspicion.
Especially, too, would not gentleman dc
this, who refuses with 80 much earnestness to
act upon, or associate with the members of a
board to which he makes his application.
From patriotic considerations Mr.. Lafitte
refuses to act on the board as one of the
1.No~ - 49, &c Al~lH 1kN
Exchange; and he would certainly refuse to
be the mandatory of private individuals, non
residents, to elicit, assist or induce the COM
mission of what he regards fraud upon the
State If, as President of the Cotton B BARD,
he would refuse to connect himself with such
transactions as the funding Of these bonds,
would he not too, as merchant of high
standing, be expected to decline any agency
in procuring or asking such action on the
part of that board
How such a natural and logical course on
the part of Mr. Baldwin, in acting on those
Prescriptions, can be regarded as an unwar-
ranted assumption in attempting to "intiu-
ence the action of corporation which IS
non-political in character, and in compost
ton is so far above its self constituted Men,
tor" or as showing ga forgetfulness by Mr.
Baldwin of his identity with the business
interests of the city, or as lending himself to
an attempt to bring odium upon man who
bears so fair record" will excite the sur
prise of all common sense people. Whether
the course of Mr.. LATTE and the
tenor of his gratuitous assault upon the
patriotism, the wisdom and proper sense
of public duty, of sitting in board in which
Mr.. John Phelps now sits and has sat for the
last twelve months, is not much more logic
ally an attempt "to bring odium upon a man
who bears so fair a record, may be left to
the judgment of common minds. Doubtless
Mr.. Baldwin will be as prompt as Mr.. Lafitte
to Mr.. Phelps in disclaiming any such intent,
if such disclaimer can be logically regarded
as an antidote or armsthetic of the sting
embodied in his now famous letter.
COMMON SENSE.