The governor, the mayor, presidents of banks, committees of commercial exchanges, the president of the Public Belt Railroad, the president of the Levee Board, newspaper publishers, labor leaders and prominent business men were invited. Likewise, a general call was made to the community at large to express an opinion as to finishing the Canal.
At the meeting of October 17 the city made its answer.
President Hudson outlined the attitude of the Dock Board as follows:
"The board has no feeling of prejudice against the completion of the Canal. We are in favor of it. We are anxious to complete it. It was fostered by the citizens of New Orleans.
"The floating of the bond issue is a simple matter, if you men think we ought to do it; but where is the money for meeting the interest to come from? The $600,000 interest on bonds now outstanding is being paid, $550,000 by the Levee Board, and $50,000 by the Public Belt Railroad. The Public Belt's share is paid from its earnings; but the Levee Board's share is being paid by direct taxation on the citizens of New Orleans. Must we increase that tax? I personally won't object to any taxation as a citizen to pay my part towards financing the Canal."
"I want to see the canal completed," said Governor Pleasant. "But it is up to the people of New Orleans to say whether they are willing to assume the added obligation."
R. S. Hecht, president of the Hibernia Bank, and a recognized financial leader in New Orleans, then arose.
"I feel," he said, "that all who have the future of New Orleans at heart must agree that we are here to discuss not whether the Canal is to be finished, but how.
"Finished it must be, or our commercial future will be doomed for many years. If the Dock Board were to stop the work, it would forever kill its credit for any other bond issue that might be proposed for wharf development, new warehouses, or anything else.
"The cost of the canal is a surprise to everybody. I was present when the cost was originally estimated at $3,500,000 with a leeway of $1,000,000. I said then, and I repeat now, that the canal could be financed if the people of New Orleans stood squarely behind it.