The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-12-27
THE JANUARY INTEREST
MEETING OF THE COMMITTEE OF MER-
CHANTS AT THE STOCK EXCHANGE.
They Appoint n Committee Of Five to Con-
fer with h Fiscal Agent and Raise

Tney appoint q OF Five 10 Con-
fer with the Fiscal Agent and Raise
the Contribution Required by Him.
The meeting Of bankers, insurance men and
citizens generally was held at the Stock Ex-
change yesterday at 7 o'clock D. m, pursuant to
adjournment.
Mr.. James ]. Day. the chairman. stated that
the object of the present session was to discuss
the resolution presented by the committee Of
fifteen at the last meeting. If any gentleman
present was inclined to speak, the field was
open for discussion. The secretary was re-
auested to read the resolution presented by the
committee OF fifteen.
Mr.. l.. E. LEMARIE,
taking the floor. said: The only remarks /
have to make are that Mr.. Kennedy Is reported
70 nave h SAD That II siso, ooo is a rdtya ne would
rer's report shows that 1926 900 or $3.50. 900 & orb
OF taxes would be in the treasury by the end Of
to the Fiscal Agent. be would be short only
100000. which amount he says he will make
good; NOW, y would o. well to know IL Mr.
is willing. then some means could bs devised to
secure that amount
The Cbairman-The committee waited upen
every bank, and none would make any propo-
sltion. In our last meeting 1t was reported TINT
two or three banks would make propositions to
to do SO. but none have yet come forward.
Mr.. Lemarie-The Fiscal Agent could help to
save the credit OF the state, because his bank
has received tho deposits OF the tax collectors.
who are by law required to make their deposits
with the Fiscal Agent. The money Is there to
the credit of the State, though all OF It Is not ex-
actly to the credit OF the interest fund. but a
greht part OF 1t is.
Mr.. W. H. Lymen-As II member OF the COM
mittee Of fifteen j Y would say that the committee
the committee had. the Interest Of the State at
II it is the wish OF the meeting. the committee
could furnish data. but l do not think 1t would
Mr.. \. B~onis.-PuttIng aside all questions as
to who would accept the fiscal agency or advance
the money. to pay the interest coupon, / would
only ask this. which Is a point to be borne in
mind: whether there cannot be found now.
In this time of calamity. when the. credit
Of the State is jeopardized, some bankers or
needed to save the honor OF the State OF Louis
lana; has the committee OF fifteen tried to raise
among the business, men Of this city money
maintain the credit Of the State In this city. II
they cannot raise the needed, amount. II will
then be said that tho State will have to be- In do
fault for The sum OF $3.50. 600. If the people are
regulators. let that be known openly butt am
sure that an amount sufficient to cover MIR;
Kennedy's proposition could be raised, and
even enough might be raised to pay the entire
interest.
floor had assisted at our last meeting. when the
committee received its instructions, he could
have known that the business Of the committee
was to find out If the fiscal agency could be
placed In the hands Of some bank. but that the
committee was not instructed or authorized to
solicit advances.
Mr.. Bonis-I then move. If such be the case.
that o committee OF six be- appointed to find
out II any banker, corporation or business man
i willing to advance the amour asked by Mr..
Kennedy to cover the deficit in the fund to pay
the January interest.
Mr.. w. {. O. Claiborne. Jr.-As n member Of
the committee OF fifteen. / would say that the
committee Of six was not empowered to borrow
money. l think a committee Of six ought to
be appointed to wait upon banks, insurance
~ M nn n tnn bt1n n nnn rpnu AZ for thn nf1rnn
Of trying to secure the loan OF $3.50, 900. and turn
1t over to the Fiscal Agent. The old committee
hq Mr. n9 B q Fe IT, 90 In 1as m Situation Of the State
credit liz, indeed, lamentable. A bank official
stated to me his day that he had no proposition
to make and could not transfer the States
credit. He could have. he said, no authority TO
give security for the amount asked.
Here Is the Funding Board and the Governor,
who say that their hands are tied and that they
cannot do anything. nor move q peg to save the
credit OF the State; but some legal gentlemen
could help the State Ia this emergency. aud that
their hands are not tied. They ought to assist
US. and they say the State cannot borrow money,
This announcement has created distrust and
an unwillingness among capitalists to act. IL
the interest coupon Is not paid In time the
damage done the State, Its and its
credit will be greater than the harm done by
the late epidemic.
We ought TO appoint a committee OF six to
raise the money Tor the payment OF the interest
our State officials that their hands are not tied.
Mr., G. TownsendmWhen the Fiscal Agent
s seo' So 6ls sn odn last tn ,gn, S'd tbe w faser n e eonpon G mar
turing at month came very, near not being
paid. The fault In our law relative to collection
Of taxes and the disposition OF money. ts that
all taxes ought to be paid by the first OF July.
New Orleans pays fve,eighths Of the taxes, and
the country ought to BE- pushed more actively
pei its collectors TO make their reports by the
10th Of December. and there Will BE- no more
trouble about the payment q me coupon: ado b.
one Of the gentlemen who have spoken already.
that the committee OF six ought to have soil
to make a statement 70 show that the commit
tee, in whom all confidence was put. has truly
and conseientiously done is duty.
ident and laid before him the proposition as
embodied In the resolution, Il 1t was not &C.
cepted; the commit e had Z, no 2 authority di1in to 81 make MlSe
Orleans are willing to ythe interest; 50 much
the better. but the Funding Board. State au-
hand and help the State in this stress by help
Mr.. Bonis-I did not wish to speak against
the committee Of six. but / imply stated that a
committee of six. be 1t the old committee or a
new one. be authorized to raise. in some way.
the s15o. 900 to be deposited in the hands OF the
Mr.. Lyman-There are several delicate points
In this matter we are discussing that ought to
State policy and State finance. The $4,000 is a
sine qua non with the Fiscal Agent. In answer
to Mr.. Feinour's hints i would state that there
was this evening on hand to the credit of the
fund of 1878. to meet the January coupon.
ss4s2 80. The whole amount deposited by tax
collectors. taking every cent in the bank to their
credit, is only SI25, 900 more for the interest &C.
count Of all years. and the, whole sum ready to
meet the interest coupon Is $4,000. Mr.; Eel
nour says that the hands of the State officials
are. not tied. but / will show him how they are
tied. When the. committee went to Mr.. j. H..
oglesby to ask him to. accept the fiscal agency.
the question agitated in the interview brought
out the fact that the situation would be simple
if only the January coupon had to be paid; but
pay it, and still the trouble is lust as great. Any
credit of toe State, to pay the January coupon.
will the July coupon, and tho coupon OF the
January following, be also paid in ttme?
The trouble. also, is that no one l. wiling to
contract is not yet expired. Who would borrow
Of a man at s per cent and assure him that all
mittee Of six is appointed it must consider the
question of State finances in all its lights. The
Fiscal Agent says that, at most. 5000, 900 will be
collected to the credit Of the interest fund; if
the $3.50 600 be forthcoming, there will still be a
r.