The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-12-29
THE STATE CREDIT.


|
ON the state Credit.
The general meeting Of merchants. bankers
and citizens having at heart the interest OF the
State. held asession at the Stock Exchange res.
terday evening. at o'clock, pursuant to adj
journment
| There were very few gentlemen present, at
least not as many as on previous meetings.
The chairman, Mr.. James /. Day. called the
assembly to order and stated that the object OF
the meeting was to receive the report OF the
committee OF five appointed to confer with the
Fiscal Agent and ascertain from him II the sum
OF $4,000. either In cash or security would be
acceptable to him In aid OF the fund to pay the
January coupon. The committee had been
further instructed TO devise some plan whereby
the amount above mentioned could be raised.
! verbal report from the committee Of five
was made by Mr.. Bell. He said. in substance,
that the committee had been at work only for
two days. and that their labors were not yet
ended. The Fiscal Agent had been interviewed.
and gave for answer that he would accept cou.
pens to the amount of $4,000 as security. II he
paid the interest but on condition that he be al
lowed to hold them indefinitely. that Is until he
remburses himself. Several bank presidents
had been waited upon. and the almost invari-
abb answer was that meeting OF the board of
directors had to be called before the PROPOSE
ton Of the committee for loan OF cash or &C.
curities be considered. The committee ap-
preached some individuals on that subject with
some success. and concluded by asking for fur
Their time to complete lis work.
DISCUSSION
then took place upon the tenor OF the report.
It was the opinion OF many that the Fiscal
Agent could. II he would, pay the interest cou-
POI, on Or about the date Of fts maturity p de-
voting TO that object great part OF the funds
deposited or to BIZ deposited In his bank by the
SAID hDsy fs S lad ss Stated 0P e. sa
not possibly pay the. Interest coupon By using
promiscuously the funds Of the State. The
one purpose. pro rata, and he was powerless to
use the State funds TO pay the interest coupon
Except the sum laid sside especially f9r that
Even taking the ground that the State IL insoi.
vent. and cannot meet al OF its obligations in
the same way as individuals pay their debts.
mentioned that the Fiscal Agent was unwilling |
to trust to the collection OF taxes to reimburse
for least cart q lie osI 40 re
two days: this IS not time. enough for the work
sion Of discussion upon the subject until the |
committee submits full report.
n Mi s uap tt moyed that the meeting adjourn
Mr.. Leonard sewell asked permission to say |
carried. He understood that this was to be a |
meeting OF citizens Interested In the project OF |
sewing the credit Of the State and felt surprised
at the small number OF persons present. the |
majority OF whom belonged to the Stock Ex- |
Mr.. Bell interrupted the speaker and said
that II there was small number OF persons |
present It was owing to the announcement |
made BY himself to several persons during the |
" n mi nf
submit report as yet. and that therefore. ex-
pecting to hear no report. many absented them |
selves.
The motion to adjourn was again put. and
Mr.. Sewell begged leave to proceed with his re-
marks. He thought the motion to adjourn was /
cuss the State debt and allow any citizsn having
an interest IN the welfare OF Louisiana to ex-
Mr. Day answered that the meeting was held
only to receive the report Of the committee OF
Ave., That committee not being ready to make
discussion until the next meeting.
Motion was made to adjourn until Monday
requested the gentleman who moved the .ad-
io,u q, an to withdraw his motion and allow
The mover consented, and with the permits.
sion OF the chairman and the acquiescence OF
The assembly MIR. Sswell said: Gentlemen. this
very serious one. It Is not for committees or
ne stock Exchange to save the state credit
nQauGi6i |
managers are helpless to act.
Whether consols are quoted at sixty-nine or
seventy interests only few. meeting of citi-
he credit OF the State: the way to do it is not
and beg sum Of money from this and that
wise men. capitalists and legal lights. who would
tevise plan to save the credit OF the State by
sood IS L 70 me II hs
1y's hands,? You will never get your coupons I
pack. and think that bull movement is being
coupons until all the money Is collected
our expenditures exceed our collected taxes.
md not one dollar is allowed for non collection
IL taxes and casualties such as default OF col Il
ectors, etc. In 1877 the State started with de-
lett OF 5000 900. and is It now proposed to save
when not cent is left for casualties The
State credit cannot be saved by borrowing
money to pay the coupon.
lgency from one bank to the other. until the
asst one gets tired and positively refuses to ad-
REWRITING 70 the previous question. that Of the
redtt Of the State. hold that the State OF Lou
siana Is a defauter in more cases than in the I
viii the maturing warrants bs cashed7 The
Judges warrants are now quoted at 40 cents and
hose Of former years sell for 10 cents. Dis
'aper. except at q loss. Il is SO with all the
Employees OF the State-all are poorly paid. No ]
b1nds S5 is p1 but oT the WSv
VI
his great tenderness for consols? When war
ants are deprecated the credit Of the State is {
q much In danger as when coupons are on the
We OF not being paid. Consols will jump"
HERE MR.. sEwELL
vas interrupted by Mr.. Day. who reminded him
hat the object Of the committee Of five was I
yell known; 1t was to raise money to assist the
tate The speakers remarks may be correct, {
ut the question is whether the coupon could
% paid It would be better to defer discussion ,
!ntil Monday evening. when the committee OF +
I've Is to report.
Mr.. Bell assured Mr.. Sewell that he (BelD ,
vas a member CT that committee; that he was !
n it as simple citizen who tries to do his ut. ]
most to raise two-thirds Of the money need
lot. continued Mr. Bell. belong to the Stock Ex-
mango. and. therefore, it Is not the Stock Ex- 9
hange but the State wish to assist In doing
ny duty.
Mr.. Sewell said ne felt satisfied that the mo- e
Ives of the gentlemen of the Stock Exchange and
i the committee were good. but he only wished
0 give an expression of his opinion as citi-
en- upon questions OF such importance to his !
tate
Mr.. Sewell was assured that he could assist t
& the next meeting and olive hia npiniop AZ bo I