00 State of Louisiana Bond Signed by Jailbird Governor Richard Leche

Description

00 State of Louisiana Bond Signed by Jailbird Governor Richard Leche
Offered for your consideration is a 00 bond issued by the state of Louisiana in mid-1938, signed at the conclusion by one of the more interesting and controversial of the governors. The central vignette features an adaptation of the state seal depicting a mother pelican with her three young chicks in a nest, with “
UNION JUSTICE AND CONFIDENCE
” below. Headlined “
STATE OF LOUISIANA
”, this “
3½ % REFUNDING BOND
” features a lengthy financial obligation, printed in a lovely italic script. This obligation states (in part) that “
The State of Louisiana acknowledges itself indebted, and for value received hereby promises to pay to the bearer … on the first day of August, 1960, the sum of ONE THOUSAND DOLLARS with interest thereon … payable in lawful money of the United States of America at the American Bank & Trust Co., in the City of New Orleans, Louisiana …
”.
It further indicates that “
… This bond is one of an issue of bonds issued for the purpose of refunding valid outstanding bonded indebtedness of the State of Louisiana … in full compliance with the Constitution and statutes of the State of Louisiana … duly adopted and taken by the Board of Liquidation of the State Debt of the State of Louisiana …
”. The concluding paragraph guarantees that “
… the State of Louisiana, by action of its Board of Liquidation of the State Debt, has caused this bond to be signed by the Governor and countersigned by the Auditor and Treasurer of the State of Louisiana … to be dated the first day of August, 1938.
”. This is followed by four signatures (the three mentioned above, as well as the Secretary of State), executed in dark brown ink. A bright orange medallion bearing the denomination dominates the center, with two additional ones at the upper left and right. All of the foregoing material is enclosed within a rectangular border, presented in the same bright orange ink as the medallions. The back side features a recap of the principal highlights, as well a geometric design and numerous spaces for the document to be registered. An attractive and interesting document, perfect for framing with a portrait of Governor Leche.
Richard Webster Leche
was born in New Orleans, Louisiana, on May 17, 1898, and was educated in local schools. He was a law student at Tulane University when America entered the First World War. He volunteered for military service, but contracted influenza during training. By the time he had recovered, the war in Europe was practically over, after which he entered Loyola Law School. He received his LL.B. degree and began to practice law in New Orleans. In 1922 he became legal advisor to Governor Oscar K. Allen and in 1934 he was appointed to the Court of Appeals in New Orleans. He was elected governor of Louisiana in 1936, and served in that capacity until his resignation in June, 1939. Leche was convicted the following May in a federal court on the charge of misuse of federal funds in connection with the sale of trucks to the Louisiana State Highway Commission while he was governor. He received a ten-year sentence in the Atlanta federal penitentiary (the stiffest for any similar offense), but was paroled in 1945. In total, Leche defrauded the state of approximately ,000.00 on the truck sales agreement. He received a presidential pardon from Harry S. Truman in 1953, thereby restoring all of his civil rights, after which he returned to the practice of law. Richard W. Leche died on February 22, 1965 in New Orleans, Louisiana, and was buried in that city’s Metairie Cemetery.
The currently offered specimen is above average for the type, with sharp contrast and nice eye appeal. Light toning is present across the entire surface, imparting to the paper a light beige appearance. One darker mark is noted at the upper right, looking very similar to tape or glue residue. Three horizontal storage folds are present, with some wrinkling noted at the upper and lower left. Two lines of punch cancellations cross the bottom, affecting only small parts of three of the four signatures (generally, these signatures are much more seriously damaged by the cancellations). It is also interesting to note that the only signature completely unaffected is that of Governor Leche (this is highly unusual). All of these signatures are sharp and bold, wonderfully highlighted by the lighter background. Sadly, this bond, in common with all others of this type seen by the seller, has been trimmed into the decorative border, removing all of the selvage usually present on stocks and bonds. This trimming is uneven, though enough remains that it would look sharp if matted and framed. Measuring approximately 9½ x 13⅝ inches, this colorful piece would make a great addition to any gubernatorial or government related bond collections.
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Buy or Bid with Confidence – American Coins & Collectibles President Richie Self has worked 6 years as a paper money grader/authenticator. He has contributed to numerous reference books within the industry, as well as being a co-author of “The Comprehensive Catalog and History of Confederate Bonds, 2
nd
Edition” with Douglas B. Ball, Ph.D., Henry F. Simmons, M.D., Ph.D. and James R. Desabaye. Mr. Self is a life member of the American Numismatic Association, the Society of Paper Money Collectors, as well as numerous regional numismatic associations. He is an authorized submitter to NGC, PCGS, and PMG, a diamond founding member of Coin Dealers Helping Coin Dealers and a supporter of the Industry Council for Tangible Assets. American Coins and Collectibles can be found at many of the state and local coin shows.
American Coins and Collectibles
Shreveport, LA