The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-26
OUR TRADE.
DISCUSSION AT THE COTTON Ex-
CHANGE ABOUT THE NEW or
LEANS PACIFIC RAILWAY.

They Are Willing 10 Help the Enterprise,
Rut do Not Think themselves Author.
lied to Direct Thereto the Funds OF the
Association.
An adjourned meeting OF the Cotton Tx
change was held yesterday to receive and
consider the resolutions prepared by the conn
mittee appointed Thursday evening, relative
TO the New Orleans Pacific Railway.
The meeting being called to order, with
President Nugent In the chair, q quorum was
found to be present.
Secretary Hester then proceeded to read a
lengthy preamble and set of resolutions
signed by four members Of the committee.
The preamble sets forth the paramount neces-
sity Of railroad to Texas, and the expediency
Of pushing forward to an early completion the
Pacific Railway. 1t reviewed infinitely the
present business status of New Orleans, call
ing attention to the large amount OF cotton d.
yerted from our port by the railroad facilities
of powerful rivals Why is it that so many Of
our offices, warehouses and dwelling places
are vacant and tenantless Is it because Of
the decrease in our commerce Citizens once
wealthy in our community are now content to
seek means Of living by taking salaried
posts in the employment OF others.
1t has been said that railroad investments
never or seldom paid That is true OF certain
sections of this country. SO many competing
lines Of railway have been established In the
Eastern States that they have brought ruin to
themselves and to their projectors. Tort-
natRly New Orleans does not suffer ON that
score What has proved q severe lesson 10
other communities may be the means of
awakening us to the reality that the river
| which once served our purposes commercially
| can no longer compete with more rapid transit.
| The preamble went ON to call attention to
the large surplus Of idle population in this city,
and, while advocating immigration 10 the
country parishes, could not see the sxpedien-
cy Of holding out anticipations Of prosper
| nm pDTutuprgjnl with the rFncnut draw
| backs to our commerce. The committee could
not help paying. glowing. tribute to Capt.
| EadS for the work accomplished ut the mouth
Of the Mississippi and closed by apologizing
| for taking no 50 much time in reviewing d
subject worthy all the eloquence 1t could eoIn-
| mand.
The resolutions set forth the necessity OF
assisting financially the railroad, and called
upon the members Of the Cotton Exchange to
vote an appropriation Of $4,000 TO the bonds
or capital stock Of the Pacific Railway, out OF
| the funds OF the association, and also to me-
moraze the Legislature for an appropria&
ton Of 100000 when assured that all neees-
| sary funds to complete the grading and cross
tieing have been subscribed
Immediately after Mr. Hester, the secretary
| Of the Exchange, had finished reading the
preamble and resolutions, Mr.. Chaffe moved
an amendment to that portion Of the docu-
ment relative to an increase OF our popula-
ton He did not approve OF any opposition
Of any kind to immigration.
The chair ruled this out Of order, as there
port had not been received.
Mr. Black moved to receive the report Of the
com nittee Carried.
Mr. LabOuiSSe moved to adopt the same.
An amendment to Mr.. Labouisse's motion,
to the effect that the preamble and resolutions
be acted Oh separately, was accepted by Mr..
LabOuisse, and the chair decided that the re-
port Of the committee was now before the
neeling and declared discussion on the pre-
anbe to be in order.
Mr. Chaffe Withdrew his resolution being
satisfied that he had msconstrued the lam
gusge OF the report.
Mr.. CahlmacR then introduced motion to
strike out that portion OF the preamble rela-
tive to the Impoverished condition OF our
city, as he deemed 1t inexpedient to inform
other communities of the true condition Df
our affairs.
Mr. r. r. Buckner, q member Of the conn
mittee, who had not signed the document,
stated that he did not approve OF it as IT.
stood
The question being called, the motion of
Mr.. Canmack was carried.
This settled all discussion as to the pre-
amble, the gist of the document not being &C
ceptable to The members of the Exchange.
Discussion Of the resolutions being In order,
Mr.. Claiborne claimed the floor. He SAID he
had come there to discuss this railroad
press press his views. He did not approve
Of appropriating $4,000 from the funds OF
the Exchange to any enterprise. The Ex-
change was stock company, and it would
| lttb uO W EtuHCe tn5 NHlhe VI tIe stJ6hs ~ =.
Claiborne could not see that, even II the $4,000
was subscribed to the bonds or stock OF the
Pacific Railway, any guarantee was given
that sum sufficient to complete the road
would be raised.
, Mr. John Phelps and Mr.. Cammack also OPP
posed appropriating the funds OF the Ex-
change
A motion was made to appropriate the
$4,000 out of the fund Of q special committees.
This motion was tabled.
Mr.. Labouisse moved to adopt the resolution
SIS reported by the committee. Lost
The president then ordered the reading OF
the second resolution, In the midst OF which
motion N adjourn nreygiie1.