New Orleans Republican., 1877-05-19
NC FIsnAl. AaRNnY.

After much deliberation the Board of
Liquidation being in doubt on the sub
ject Of fiscal agent between Messrs. J.
H. Oglesby, president Of the Louisiana
National Bank, probably the strongest
financial agent in the South, and s. H.
Kennedy, president of the State National
Bank, submitted the following conditions
by resolutions of Wednesday:
It is the sense of this board, and il is
now resolved that arrangements be made
with the fiscal agent to be elected, on the
following basis, viz;
l. To conform to existing laws and such
as may hereafter be passed relative to the
agency, with the right of resigning should
any laws hereafter passed be not accept
able, including the advance provided for
by section two of act No. So of the regular
session of 1877, approved March IL, 1877,
beginning January1, 1878, and continu-
ing until the successor of the present Gov
ernor, F. 7. Nichols, is indqcted and in
stalled into ofice;-i. e., at least until
March l, 1881, up to which time the ten
ure of the fiscal agent shall continue un-
less legally removed for cause, or until
resignation is made as above provided.
2. To pay and disburse pro rata the
funds now on hand, and which may here
after be collected, to pay the interest ac-
crued on the bonds and claims to be.
funded from the Grst of January, 1874, to
and including the first of July, 1876; on.
in other words, pro rata on the coupons
of the first of July, 1874, and the first of
January, 1875, out of the taxes of the year
1874, on the coupons of the first of July,
| 1875, and the first of January, 1875, out
OF the taxes Of the year 1875, and on the
coupons of the frst of July, 1876, out of
the taxes of the year 1876, as they are col
lected forth said years respectively, until
all the interest for each year is paid, when
the surplus of any year shall be applied,
according to the laws of 1877, to the years
| yet uncovered pro rata and in conformity
| to said laws
| 8. To. provide the means necessary to
| protect the credit of the State in case of
deficit in past, present or future collec-
tions, to meet the entire interest, accrued
and to accrue, on the funded and unfund-
ed bonds and warrants, converted and to
be converted into consolidated bonds,
without defalcation or delay, from and
including coupons of interest due Janu-
ary /, 1877, to and including January l,
1873, on the claims and warrants already
funded, and those which may hereafter be
funded, and for that purpose to advance
whatever money may be needed whenever
required by the board.
4. To enter into a contract concerning
the foregoing contemplated arrangement
The respective candidates had forward
ed the following communications, dated
the previous day:
NEW ORLEANS, May Is, 1877.
To the Board of Liquidation State of Louisiana:
1 beg reference to the application al
ready made to you by this bank for tn,
position of fiscal agent of the State o
Louisiana, and having had the honor of q
visit from your committee, beg, in re
sponse 10 their request, to state more il
detail what obligations this bank woulC
assume in the event of being elected
fiscal agent. 1 am directed by the boart
of directors to state as follows:
l. The bank will provide means to pa,
the coupons of interest on the new con
soils, now issued or that may be issued
and maturing on the first CT July next
and the first of January, 1878; also, Janu
ary l, 1877.
2. The bank will comply with the pre-
visions of section four, act No. So, al
proved March II, 1877, as also all otht
provisions of that act, and the supple
mental act, No. n, approved April Il
1877, as applying to the duties Of the fl
cal agent.
g. In relation to the payment Of pai
: due coupons when new consols are issue
! under the orders of your board, 1 beg
say that the board of directors can hardl,
at the moment speak definitely, as the
are not fully aware of your wishes
: or of the precise condition of the funC
now in the hands of the Treasurer, G
that may be paid in taxes unpaid in th
past three years. am, however, instruc
ed, and have pleasure in conveying
you the sense of the board, which is thu
they have entire confidence in the wisdoi
and integrity of you, gentlemen, in re
gard to this matter, and that you will M
! require anything that thig bank can nc
!. fully grant as fiscal agent. beg to sa
: that your views and wishes can be met
! this particular.
= In conclusion beg to congratulate 20
upon the already high credit our Stat
securities have attained under the preser
State government, and in the encouraG
ing prospects that they will be still fu
ther advanced. This bank will be eve
ready at all times and in every prope
manner, as far as lies in her power,
maintain and protect this good work.
In behalf Of the board of directors,
remain, very respectfully, yours,
SAM. 81. KENNEDY,
President State National Bank.