The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-05-17
THE FISCAL AGENCY.

The Funding Board met yesterday
for the purpose Of eIeoting Fiscal
Agent for the State, all the members
being present. After the meeting was
called to order, Hon. Louis Bush,
speaker OF the House OF Representa-
tives, referring TO the business before
the board. offered a resolution the sub
atanee of which ia that the basis upon
which the election Of Fiscal Agent
he held ehall be that the Fiscal Agent
he required to advance the money
neeessary TO pay the January and July
interest on the debt funded and to be
funded: the interest which will be due
in January, 1873, and to advance three
hundred thousand dollars TO meet the
expenses Of the next session OF the
Legislature. And further, that he shall
pay half OF the back interest now In
default out of tho money now In the
treasury. about 100000, or fully sixty
per cent Of the sum due, leaving the
remaining forty or fifty per cent to be
met as provided in the funding act.
Lieut.. Gov. Wilt seconded the reso-
luton OF Speaker Bush, and 1t was
unanimously adopted. Immediately
after the adoption Of this resolution the
board appointed a committee to wait on
Messrs. J. II. Oglesby and y. II. Ken
nedy, who arc candidates, and learn II
they would accept the agency on this
basis. Mr.. Kennedy promptly accepted
the terms proposed, but Mr.. Oglesby re-
uuested that he be permitted to defer
his answer until three o'clock. The
board assembled at three o'clock. but
Mr.. Oglesby requested further time for
consideration. whereupon the board ad-
iourned until IL m. to-day. ut which
hour 1t will meet. and on receiving Mr..
Oglesby's reply proceed to an election.
The resolution Of Mr.. Bush was a very
wise and proper one. and 1t places the
State In very dignitied position. 1t
would scarcely have been becoming in
the board to huokster this high and re-
sponsible position off to the highest
bidder" The necessities of the State
demand that the Fiscal Agent shall as
sumo certain specified responsibilities
necessary to maintain the public credit
and protect the creditors Of tho State,
The public interest requires nothing
more; and IL was, Therefore. proper in
the board to define the requirements OF
the State-nothing more and nothing
less-as a basis Of choice and it may
now proceed to select, upon the simple
question of merit. Fiscal Agent from
among those candidates who are ready
to accept the position upon the terms
stipulated.
The action of the board yesterday
will Immediately give to State Consols
a solid and permanent value. Weeks
nay. months ago. when our contempt.
raries were In agonies Of anxiety as to
how tho Nichols government was going
to meet this interest question, we bade
them soothe their perturbed spirits. fol
that when the question became an ag
gressive one, there would be no diff
Guilty in finding men who would bt
deeply enough interested to be ready tc
advance means to meet this difficulty
and sustain the credit Of the State. The
basis OF election Of Fiscal Agent, laid
down In Mr.. Bush's resolution, and
which one wealthy and responsible
banker has already expressed his readi
ness to accept, settles the whole diff
culty