New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-05-17
TaE NEW LOUISIANA CONsOLs.
Victorious Issue Of Governor AeiIess's
Mission.


Victorious Issue of Governor AelIesss
Mission.
Letters and dispatches received at the
State House yesterday from Governor Aei
loeg contain the gratifying information
that after strong and bitter fight the new
consolidated bonds of tho State Of Louisi-
ana, issued. under the funding law, have
been admitted upon the New York Stock
Exchange, and will hereafter be quotable
n all the leading financial markets of the
world.
Governor Kellogg carried with him to
New York an authentic statement of the
bonds which had been funded under the
provisions of the funding law, showing that
nearly all the ante bellum issues of bonds
had already been absorbed in the funding
plan, and he also had an official statement
of the amount of interest collections in the
hands OF the Fiscal Agent. which showed
that there was already collected more than
sufficient interest to pay the July coupons
on the bonds funded, with one-quarter's
collections still to be received, and that the
rate of taxation for interest purposes fixed
by the constitutional amendment recon-
meuded by him and adopted in 1874, name
", Eve and . half mills on the dollar, would
be more than sufficient to place the halt
yearly payment of tho interest on the Few
bonds beyond possibility of doubt in future.
This statement was submitted early in
May to the subcommittee Of the New York
Stock Exchange who, after full investigar
ton, reported in favor of placing the new
Louisiana consols on the quotations of the
Stock Board. This report came before tho
governing committee for action, and they
desired to hear and examine for themselves
the statements made. Monday, May Is,
was fixed for this purpose. Governor kel-
logg appeared before the committee, which
consisted of forty members, and made his
statement, which was fortified by official
extracts from the books of the Funding
Board, the Auditor, Treasurer and Fiscal
Agent. At the conclusion of the Govern
or's argument q number of holders of the
s., 500, 900 bonds issued to the Mobile and
Chattanooga railroad, which Governor
Kellogg IN his inaugural address declared
to be, in his judgment, fraudulent, and
which the Supreme Court of the State has
since declared to have been issued IN fraud
aud without consideration, desired to be
heard in opposition to the admission OF the
new consols on the Stock Exchange.
The governing committee granted their
request, and yesterday these gentlemen,
who comprise some of the most influential
bankers of New York, many of them in
nocent holders of the Chattanooga bonds,
were heard by the whole committee in op'
position to the funding law, and the ad'
mission of the consols emitted Hereunder.
Governor Kellogg was given the privilege
of reply, and the result is thus announced
in dispatch received from the Governor:
NEW YORK, May l6, OILS P. NJ.
The committee of Chattanooga bond.
holders were heard in opposition. replied
to them, and when the vote was reached
we got three-fourths vote in favor Of put.
ting our bonds on the Stock Exchange
They are now 0. X. the world over.
WIN. p. KELLOGG.