New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-12-02
The Funding Board.

dOVernOr ANTOINE, speaker Estllette, Audi
tor Clinton, Treasurer Dubuclet, Secretary
of State Deslonde and Fiscal Agent Bald
win.
Absent-John Phelps, Esq, president of
the Cotton Exchange.
Governor Kellogg offered the following,
which were unanimously adopted:
Resolved by the Board of Liquidation of
the State of Louisiana, That the board has
learned with regret that Mr.. John Phelps,
ton Exchange, has acted as an ex-officio
member of the funding board for some
months past, has declined to allow his
name to be proposed for denomination to
the position so leng and 80 honorably filled
as head OF one of the most important COM
mercial bodies OF this city and State.
ReS0lred, That by his services in this con-
nection with the funding of the State debt,
rendered often at great personal inconve-
nience and sacrifice of valuable time, and
by the close scrutiny he has given to every
obligation presented for funding, and his
Jealous watchfulness over the interests of
the State, Mr.. Phelps has emitted himself to
the thanks of every taxpayer in the State,
and that the board trusts that he will re.
consider his determination not to permit
his name to be used for reelection as presi-
dent of the Cotton Exchange, and that this
board and the State at large may continue
to have the advantage of his experience and
aid as member of the Board of Liquida-
ton.
RESOLVED, That copy of these resolutions
be furnished the secretary OF the Cotton
Exchange.
Governor Kellogg referred to the letter
of Mr.. ]. B. LATTE declining to be candi-
date for president of the Cotton Exchange.
He denied certain statements, presented
statement OF bonds funded, and said that
those who had failed to have their bonds
funded had condemned the board.
Fiscal Agent Baldwin desired to know if
Mr.. LATTE had presented any fraudulent
bonds.
Auditor Clinton referred to some of the
New Orleans, Mobile and Chattanooga rail
road, and said they were passed by error.
This error was corrected in his office.
The minutes of March 26, 1875, showed
The application of John B. LATTE for the
funding Of 1872 subsidy bonds, which were
funded.
Mr.. Clinton stated that thirty-two of these
were found to be of the $2,500,000 issue of
the Chattanooga railroad; that new bonds
were refused and the old ones returned.
The following letter of the Attorney Gen.
eral was received:
ArroRslY GENERALS OFFICE, ,
State of Louisiana, )
New Orleans. November "a, 1875. }
To the honorable the President and Members of
the Board Of Liquidation;
GENTLEMEN-A communication has been
transmitted to me through your secretary,
asking my written opinion whether certain
warrants issued by the late Auditor Ora
ham to M. A. DeLizardi in July, 1870, are
legal and can be funded. Before proceed
to answer your communication, 1 would
most respectfully remark that all the in.
formation sought to be derived through
this Office, could readily and more appro-
pristely have been obtained through the
Auditors Office, showing under what ap-
preparations and out of what fund theee
warrants were to be paid.
This office is not an accounting or audit
thing office, and in the nature of things, can
not tell whether warrants have been issued
according to law, unless the warrants are
before me in order to ascertain upon what
appropriations they have been drawn.
Your board can not be Ignorant Of the
fact that the one hundred and fourth article
of the constitution declares that no money
shall be drawn from the treasury, but in
pursuance of specified appropriations in
pursuance of law" and as you have two
eminent lawyers upon your board they
would be able, without much trouble, to
determine in all cases of warrants whether
they had been issued in accordance with
this clause of the constitution, particularly |
90 when the warrants must specify under |
what appropriation they were drawn. From
the letter Of your board, unacoonpanied |
by the warrants, it was impossible for me
to tell whether they were legally issued |
without first obtaining copies of the war |
rants, and then making an examination
into the history and laws under which bonds |
had been issued 70 the Mexican Gulf rail- |
road, when they were due, how many had
been redeemed, how paid and how many
l do NOT wish your board to |
understand that object 70 giving you any
in all cass1, where he came |
psspscly pertains 70 my ofice apd Eelases 70
Qusatisas of law.
1he copies Of the warrants vhieh I have
obtained md which ! herewith ineaeee, Ne
fSs1 enes foe &2Go IS, vaa issne4 = paY-
naa1 - No ben1s Of $1,000 eaeA ~ ineie
~ n gat = funds realised - = t1ed
~ - 49, i.le1 gedaR aet 10. - e
f5S6 IN ~ ~ - ~ q |