The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-05-05
THE FUNDING hoard.

The action taken by the new Funding
Board at its first meeting yesterday
was such as to make US realize most
wildly the great change which has
come over the affairs of this State. and
Ia do strong an earnest as we could de-
sire oil the faithful, honest and efficient
manner In which the fiscal affairs of
Louisiana will be managed In the
future. Upon the motion OF Lieu
tenant Governor Wiltz 1t was de-
termined that hereafter, before
any outstanding unconverted bonds
shall be funded. the applicant shall file
with the Auditor d full des oription OF
he bonds which he claims the right to
nave converted, and that the Auditor
shall give public notice for eight days
Ut the application thus made. ;s.
The object OF this requirement Ia, no
doubt, to make every applicant show
his hand and proclaim TO the world the
nature OF his claim against the State.
II this policy had been pursued during
the Kellogg regime, instead OF the Star
Chamber methods and processes which
characterized the Funding Board OF
that period, we should never have seen
the name and credit Of this State
brought into disrepute by such infa-
nous proceedings as the secret funding
OF fraudulent claims by o majority OF
the board In q distant city, and the bur-
den OF debt now resting upon us would
be less by several hundred thousand
dollars. Henceforth everything Is to
be done In the broad glare
of publicity, and no citizen need
fear that the fraudulent bonds,
which even Kellogg's act No. II
OF 1875, commonly called the Supple
mental Funding ACT, declared to be OF
doubtful legality. will safely pass the
ordeal of the keen and jealous scrutiny
to which they will be subjected by the
present board and the Supreme Court OF
the State. The debt Of the State will
not exceed the sum of Gil 1867, 155 IL.
Another resolution. introduced by Mr..
Wilt, provides that on the 10th OF May
the board will proceed to the election
OF d Fiscal Agent OF the State, and a
committee. consisting OF Messrs. Wiltz,
Bush and Hack, was appointed to call
on the various candidates for the posi-
ton and ascertain from them what pro-
positions they would make for the pro-
lection OF the credit OF the State. Every
one understands that the object OF this
committee Is to secure the payment oil
all Of the interest which will fall due In
July next, and In every subsequent Jan
uary and July, upon all OF the indebt
edness Of the State which win then
have been funded. The whole com.
mercial and financial community knows
that an active competition has been 60.
ing on for some time between certain
banking institutions Of this city for the
honor and emoluments OF the Fiscal
Agency. and that this very rivalry at.
fords the strongest assurance that
heneeforth every dollar OF interest on
the funded debt will be punctually paid
ms 1t falls due.
IL Is most gratifying to US to note the
MANY favorable comments with which
the question of Louisiana finances and
resources has been treated OF late In
the Northern press, but we venture tc
saw that nothing will contribute s.
much to the rapid restoration OF the
credit OF this State to the proud emf
nence which it had attained before the
war As the fact that within few briel
weeks after our release from corrupt