The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-03
THE COTTON EXCHANGE AND THE
FUNDING BOARD.

for re-elt ction as President OF the sew Or
leans Cotton Exchange. AS there IS col
lateral issue, involving State pohty, 1t brings
the question within the limits OF discussion,
as affecting the community at large; and
while this may afford pretext for the e& ira
ordinary action Of the board IN presumln8 70
suggest to the members OF the Exchange
what should be their action in the premises
it iustnes some inquiry on the part OF the
pugljc into the cause and effect OF that action.
This shall be our excuse for touching upon
the affairs Of 4 corporation which thus finds
itself unwii!ingly thrust into political attl-
tude.
No man ia the community enjoys more
exalted commercial position than Mr.. Phelps.
His reelection as President of our own tx
change, and his choice for the same office III
the National Cotton Exchange are but the
opponents Of the high personal consideration
in which he is held, and Of the appreciation
of his well-known ability and integrity IN bus
mess, an appreciation not confined to our city
or our 5 ate. II has not been questioned that
when called without his solicitation 70 take an
&c otFciO seat at the Funding Board he assumed
the duties thus imposed with determination
to eliminate any repugnance ne may nat
uraly have felt at the associations tnefeoy
thrown about him, and TO sacrlhce his per-
sonal preference in an effort to suDserVe gen.
eral interests. Nor IS it supposed that he mas
in that connection coIniyed at any OBJECTION
able action which he and other Well-dlspo'ed
members were poweress to prevent by reason
Of their conspicuous minority IN that most
Objectionable body.
The public has accepted IN good part his
desire to serve the common veal, and have
only regretted thsra We're not other mem oerS
such as he. Ia this he has not needed the
approval of Kellogg and his other enforced
associates. So far from this, we doubt II he
has a friend or an admrer who does not re-
gret that he has been thus unfortunately
lauded by men who are held IN contempt and
detestation by the good people OF our State.
Indeed, it would seem that no more untlmely
occurrence could have botallen Mr. Phelps at
the time of his retiring from the Presidency
Of the body which he has so long and SO cred
itably directed. 1t may well be regarded by
himself as q most inappropriate effort to en-
nance his reputation and to add to his we'll
earned esteem, that OF all men W. L. Kellogg
should take ii upon himself to propose an Ill
dorsement Of his services in defense OF the
rights of those taxpayers whom Kellogg and his
congeners have done 50 much to Outrage and
defraud. We sympathi5e most deeply With
Mr.. Phelps in this iLhlction, fearing he may
realize anything but that influence It seems
intended to have with his tellow-merchants
house OF his friends, however little OF his
choosing.
1t was natural enough, in double connec-
ton, that at the same meeting of the Funding
board, the same Mephistophelean Governor
should take occasion to asperse the fair name
of a gentleman, who has been prominently
mentioned as the successor OF Mr.. Phelps,
in his official and CT oticio positions. And just
as his Endorsement will prove damaging to
Mr.. Phelps, SO we take 1t, his condemnation
of MIR. LATTE, as concurred in by the board,
Will inure to this gentleman's credit, rather
than to his injury. Mr.. LATTE, though almost
unanimously preferred as MIR. Phelps'5 sue
cessor in the presidency had declined a can
didacy, because it would involve his sitting
with the Funding Board. Pressed by numerous
solicitations 10 waive personal considerations,
in Justice to himself, he conceived IL neces
sary to define in a circular letter to the
members of the Exchange, the grounds OF
his objection.
While this involve telling arraignment
of the Board his reasons were such as COM
manded appreciation, and filed with encour-
agement the minds of those who would strive
to maintain integrity IN public affairs, when,
unfortunately, the tide sets so strongly against
honest endeayor. Thereby Mr.. Latitte placed
himself in lofty attitude, and won, We be-
lieye, name that could not be enhanced by
mere position or preferment. 1t there be
any feature of his Justification that may be
considered lntXpedlent 1t Is that 1t may De
construed as an implied censure OF Mr..
Phelps's previous service as q member of the
Funding Board, though his own emphatic
disclaimer, and his character as straight
forward gentleman, would seem to acqult him
of such Interior. design; nor does it neces-
ssrily follow that his reasons, which are per-
q al 6prDUp-
tory to Mr.. Phelps when acting Ill his official
capacity.
After this letter bad found its way into the
daily Journals, il Is not surprising that men,
Der OF the Funding Board should seek way
in which to attack its author; and the fund
ing of certain bonds by the house of }. b.
Lafilte Il Co. affords the preteXt. OF the
particulars of this We are not advised further
than is indicated by the statement OF Dir.
Clinton in answer to inquiry made by Mr..
Baldwin, though we can understand that IN
the course of business house may have from
correspondents bonds to be funded without
knowledge OF the consideration TOR which they
may have been issued, or sympathy with the
parties Interested.
We do not know Mr.. Lafittes defense, but
the community will scarcely condemn hun
upon this charge until he has been heard IN
explanation, as he will doubtless be heard.
In any event it may be questioned whether
he suffers any stain when the character of his
accusers is known. But the public will not
lightly Judge Mr.. Baldwin when, forgetting
his identity with the business interests of the
CITY, he lends himself to an attempt to bring
odium upon man who bears SO ialr a record.
We may be pardoned for thus speaking at
length upon this matter when we feel that we
express the sentiments OF very large pro-
portion Of our people. We desire to put in
Its proper light this efJrt of the Funding
Board 10 irjure one who has so frankly de-
nounced its inlquties, and at the same time
to show its unwarrlnted assumption in at
tempting to il huence the action OF corpora
ton which is n-political in character, and
in composition is so far above its self-const-
tuted mentor. And we feel sure that the
Cotton Exchange, which as We write is en-.
gagged in off ring merlted tribute to its able
President, viii give timely rebuketo this eX-
traordinary interference III Its atflrs and vim
dictate the gentleman who has been thus CO.
verify assaiied. EXCHANGE.
A dispatch from Washington 10 the New
York Herald says that the President and
~ -. .u;I pp,an5 IN TapuraSS a traa