Year: 1877

no means with which to buy even a
postage stamp or a sheet of paper.
This circumstance II mentioned,
not for the purpose ol complaining
OF any omission Of the Legislature,
rs amy such complaint would proba-
bly, he unjust to a body that had
many other things to look after, and
would certainly be useless; but it is
referred 10 in order to show that if
the legal powers of the Board were
quite AS large as could be desired, it
was otherwise very much limited
in its sphere Of action. AS the Gov
ernor could not well leave the State
frequently, or for any considerable
period, and the services of the other
members of the Board were gratui-
tous, we do not suppose that it was
contemplated that the Board should
make advertisements, Or employ
agents, or that any member of it
should travel about for the purpose
Of communing with bondholders.
Vet it was obviously necessary that
some communicates should be had
with them, or else nothing could be
done.


While matters were in this pos
ture Messrs. John d. Adams and j.
Il. Redfield made proposal for the
settlement of the State debt. After
some modification at the instance
of the Board, ii was assented to in
the form in which it has been pub
lished, the Board indorsAng on the
written proposition statement that
they would recommend it to the
Legislature.


We shall endeavor to set forth
what we understand by this propo-
sition, and what we believe it is
understood to mean, by the makers
Of it.


/. In the first place we would say,
then, that Messrs. Adams and Red
field are not agents of the State in
any sense. Their acts in no man
ner bind the State in any respect.
The State has had no financial agent
since the resignation OF Messrs. Lat
ham, Alexander 4 Co. was ac-
cepted.


2. There is no consent on the part
OF the State to pay one cent for
either the railroad, levee, or excess
of the Holford, bonds. The amount
of new bonds proposed to be issued
is what is due, dollar for dollar,
on that part of the debt which has
never been disputed by any one, and
no more.


8. AS the proposal of Messrs.
Adams and Redtield comprehends
the bringing in of all of the dis
puted debt, it was OF course neces-
sary for holders of the undisputed
debt to make some arrangement
with the holders of the disputed
debt. That was their own business,
with which the Board has had moth
to do, and of which we know moth
ing except from published state
ments made by Mr.. Adams. We
have given that matter no official
attention, As it is obvious that the
State would neither gain nor lose a
cent by any arrangement thatmight
be made by the bondholders as to
their participation i'll the definite
number OF new bonds to be issued.


4. The proposition is not to issue
81, 900 900 new bonds. Weare happy
to be able to state that the amount
of the new bonds will fall far short
of that sum. 1t is true that in the
proposition as made by Messrs.
Adams and Redfield the sum of
"a ,00O,0 900 is mentioned in round
numbers as IL basis of the statement
of the proposed settlement; but it is
shown in the latter part of the
proposition that the new bonds are
to represent the exact amount of
the undisputed debt, whatever that
may be found to be, counting the
now bonds as six per cent bonds