New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1862-02-05

We J.
whence are The supplies of coal to come for next
year,s consumption? True, there is good stock
on hand but not srficient for cold season. Is it
nat about time for our citizens to think OF the
| nnaobita coal mines and prepare to obtain sup
NV rom them at the low price of thrty-ve cents
ner barrel delivered at our leyee. Who will move
l in the matter ? Is 1t not worthy of attention?
f577 5E ~ >~----. t.S' Y
Important Law. 90 r75
q 80
AN ACTte Raise Money for the State Treasury.
L Whereas, The State of Louisiana has expended
large sums of money, drawn from the treasury
for military purposes in the prosecution OF the ex,
listing war, and has also borrowed large sums OF
money for the same purposes, and eontempiates
further expenses therefor: and whereas, the state
has assumed towards the Confederate Government
the payment Of the Confederate war .as, tne Ivy
yiaiona Congress, approved me lsth aay q Az
gust, 1861; and whereas, during the existing STATE
Of affairs, the collection of taxes cannot, with
sufficient certainty, be relied upon 70 meet the ae-
cumulated wants Of the Treasury; therefore,
SEorIoN l. Be il enacted by the Senate and House
Of Representatives of the State Of Louisiana. in
General Assembly convened, That it shall be the
duty of the Governor, and ne Is hereby empowered
to borrow on behalf Of the State, from time to
time, as the wants Of the Treasury may require,
sum not exceeding seven millions OF dollars,
(s70Oe0GO) either by the issue of bonds orof
Treasury notes of the State or of both, provided
coed the sum of TIVE millions OF dollars. g l&
SEC. D. Be it further enacted, That the bonds
which may be issued under this act and coupons
| attached shall be made payable to bearer, the
bonds shall bear interest as4fate not exceeding
per cent per annun payable annually, and snail
be payable at the expiration of not less than three
nor more than ten years, at the discreuon Oh the
SEC. 81 Be il further enacted, That said bonds
and coupons shall be printed, Autographed or en-
Egraved under the direction OF the Governor; the
No cuH
tersigned, numbered and registered by the Au-3
dftor and Treasurer, and shall be for amounts not
less than one hundred nor more than one thousand
dollars, as the Governor may direct; the interest
coupons shall be signed by the Treasurer alone
Il SEC, 4, Be it further enacted, ETC., That said
bonds shall not be sold under par,bpt may be sold
for the notes Of the banks Of New Orleans, or for
the Treasury notes of the Confederate States The
proceeds Of the sale Of said bonds shall be depos-
tied in the Treasury Of the State, to the credit Of
the general fund.- provided that il any Of said bonds
be purchased by any Of the banks Of New Orleans,
the proceeds of the same shall remain on deposit
| in the banks so purchasing and shall be drawn
| from said banks as the same may be needed, in
like manner as if they constituted part OF the
general funds On deposit in the State Treasury.
Sec. S. Be it further enacted. That the Governor
shall determine the denominations and form OF the
Treasury notes to be issued under the act, and
they shall be Autographed, engraved or stamped
under his direction and control; they shall be
signed by the Auditor and Treasurer, or by per-
purpose. The said Treasury notes shall bear no
interest, and shall be deposited with the State
Treasurer, who shall receipt therefor to the Audi
tor and the amount SO deposited shall be credited
to the military fund which is hereby created, and
which shall be used exclusively for military pur-
poses, and to pay the debts contracted by theov-
ernor for military purposes.
SEC. 6. Be it further enacted, That said notes
shall be receivable in payment Of State taxes, and
all other public dues, as well as for the sale of
public lands, and shall be redeemabe twelve
months after definite treaty o. peace between
SEC. 7. Be it further enacted, That the Cover !
norris hereby authorized to exchange said Freasu- /
ny notes for bank notes Of the banks Of New Or |
leans, or for Treasury notes of the Confederate |
Statea, in which case the amount so, exchanged I
shall be depostedi in the Treasury to the credit of
the Military Fund. -
SEC. 8. Be it further enacted, etc, That for the
payment of the current interest that may accrue |
upon the bonds to be issued under this act, and of
the principal Of the bonds as the same mature it
shall be the duty OF the Auditor of Public Ac- |
counts within thirty days after he shall have
received the assessment rolls from the several |
parishes and municipal corporations--lst, To de.
terrnine, By accurate calculation, what rate of
taxation on the total assessed value Of all the !
movable and immoYable property, and other OBJ
jects Of taxation in the State will be sufficient to
extinguish the interest due and payable during the
ensuing year, also the principal of said bonds as
they become due; Provided, that such assessment
shall not be less than ten CENTS nor more than |
twenty cents per annum on the one hundred dol |
lars Of assessed valuation of taxable property. 3D.
10 notify the several Sherifs and Tax Collectors of
the rate of taxation ascertained and fixed by |
the said Auditor for the payment of said current
interest and principal Said rate of taxation shall
be designated and known as the war tax and said
war tax, as annually ascertained and fixed, is
hereby levied upon all the movable and immovable
property that may be annually assessed in this
State, and it shall be the duty of the several
Sherffs and Tax Collectors to collect the said war
tax, and the collection Of the same shall be en-
fprnn IarVy EnV hnpnn ffatrt
provide, for the collection of other taxes.
SEC. 8. Be it further enacted, That to pay the
current interest the bonds issued under this act
maturing in 1868, a tax Of one-tenth Of one per
valuation Of taxable property, according to the
assessment rolls of 1861, and the Auditor Of Pub
lie Accounts is hereby directed to notify the sew.
eral sherts and collectors of the fact and it shall
be their duty to collect the same as is now or may
be hereafter provided by law for the collection Of
other taxes; provided however, that if the amount
50 raised shall exceed the amount Of interest due
in 1868 on the bonds aforesaid such excess shall
be retained in the treasury as special fund, and
shall form part of the amount necessary for the
payment Of the next years. interest.
Sec 10. BE it further enacted, etc., That the
as may be necessary, be and the same is hereby
appropriated for the payment of additional clerks
to be employed by the Auditor and Treasurer, to
sign said treasury notes. ,lt.
Sec. IL. Be it further enacted ETC., That the sum
OF thirty thousand dollars, or SO much thereof as
may be necessary, be and the same is hereby ap-
propriated to pay the expenses of printing, litho
graphing or engraving the bonds and coupons, and
of engraving, lithographing stamping said trea-
Ssury notes. to be paid in the usual manner, on the
warrant of the Governor.
SEC. 12 Be it further enacted ETC., That this act
shall go into effect from and after its passage ex-
cept that provision which authorizes the issue of
treasury notes, which shall take effect on the 22d
of February, 1862. 4s
(Signed) ADOLPHUS OLIVIER,
g. Speaker of the House of Representatives.
q HENRY NJ HYAMs,
Lient.. Governor and President Of The Senate.
Approved January %, 1862.
Z y ts-c, THOMAS o. MOORE,
5E Governor OF the State of Louisiana.
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