Inability to get in the taxes, resulted, naturally, in inability on the part of the State to meet its obligations. It had been found necessary in September, 1868, to levy a special one per cent tax to provide for the payment of the past due coupons on the bonds of the State, outstanding warrants, certificates of indebtedness, and convention warrants.[50] It was not even able to pay the interest on current debts and so it was necessary for the legislature early in 1869 to empower the governor and treasurer to negotiate a loan to meet such approaching obligations.[51] Of course, credit had suffered in consequence until by October, 1868, bonds were selling in the market at forty-seven cents on the dollar. Certain levee bonds had sunk so low at one time as to be sold for thirty and even twenty-five cents.[52] A motion offered in the House in the session of 1869 that not less than fifty cents be accepted is sufficiently illuminating.[53] Many State officials were paid by warrants and suffered, except where the Assembly favored the recipient, as in the case of the executive and its own members, the loss of the difference between their face value and the market value. Loans were negotiated only with the greatest difficulty and on exceedingly hard terms. On November 1, 1868, the interest on $2,000,000 of levee bonds was to fall due without means to meet it. Hence, a new loan of $100,000 was necessary, but it was secured only for the short period of ninety days at seven per cent with the privilege of the purchase of one hundred of these bonds at sixty cents by the loaner. At about the same time a commission was sent to New York to sell 1300 State bonds. They found a general distrust of all Southern securities, but especially of those of Louisiana. Its bonds were not quoted on the stock exchange, and the only offer on the street was of a lot at fifty-two cents which found no buyers. The commission at last had to accept fifty-one and one quarter cents and, as a preliminary condition, had to agree that provision should be made for the payment of interest on all bonds due in January and February of 1869.[54] Naturally, such loans were secured only at great additional expense. The ninety-day loan cost over $3700, while the sale of the 3100 bonds mounted up to $2213, $1000 of which went to pay the cost of the trip of the three commissioners.[55] The necessity of paying by warrant involved a loss to the State not only directly,[56] but in the depression of State credit.