New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-05

va VIC AOOI tO"uby WIZ u0uSIos1uup sAO
exact modus operdndi by which this large
interest has been sacrificed. l think,
therefore, that it is the duty of the Gen
eral Assembly to find out how it was done,
and whether there exists any chance to
recover any of this interest the object of
the resolution is very plain one and
needs no discussion.
Mr.. Ray: Mr. President, would inquire
whether it is not to the Senator's personal
knowledge that there was sNit instituted
in the United States Court to toreclose the
mortgage On the road, and can any pro-
ceediDgs be had TO set aside the decree Of
that court?
Mr.. Lynch: II seems to me, Mr.. Presi-
dent, we are not confined to the State
Courts or the United States Court. know
that the city and State had large interest
in this road. and by what proceedings the
State lost her interest. l do not know, but
would like to find out. | should be IN IA
| vor of having the resolution coupled With
some provision for compensation, so as to
authorize an investig alton to take place,
| in order to ascertain how the State lost her
| interest, and, If it is found Necessary, that
| attorneys should be employed. 1t seems
to me no harm can be done by it. and
| there certainly has been some hocus-pocus
| by which even in the United States Court
this property has disappeared. and if there
| be any remedy let The State nave il.
Mr.. Braughn: Mr.. President, l renew
my resolution TO suspend the rules, and
pass he resolution to its second reading.
Mr. Bacon: Mr.. President, it is known
| to all who understand the subject at all
that upon the mortgage bonds Of this road
suit was instituted, and a decree Of sale
was ordered IN the Unitea States Circuit
Cou.t, and this property was pat up at
public sale. 1t was appraised by APP
praisers appointed by the managers o. the
Opolousas Railroad Company, and the
| President Of that company. It was ap-
| praised at 1900 900; the properly was
put up and solicitor 81 100000; the prop
erty cost more. but, during the long
period of time while it was out OF the pos
session of the company, it became
seriously dilapidated, worn and injured,
and the appraisers, who were creditors of
the company for large amounts, were
| urged to take the road for their debt. and,
after thorough examination. it was ascer-
tanned that the property WAS not worth
| more than $4,000, 600, if as much as that,
| and majority of the creditors refused to
make this sacrifice. One of the creditors
then proposed to pay 50 $50, 900 fer the
| road. Whether that sale was regular or
| not. l do not know, but the only question
| in the case is this: whether that creditor.
who is so generally successful IN al he
undertakes. could have instituted this
suit in the United States Circuit Courr,
| and upon that presentation the case has
gone to the Supreme Court Of the United
States, and that is the only question:
mere technical objection, and some Of the
ablest lawyers We have got are employed
as counsel to present that proposition
| they are attending to their business, and
| question very much whether any legislative
committee or any persons that the Gov
ernor may appoint, can attend to this any
better than Messrs. Campbell, Spofford K
Campbell. These distinguished g4ntle-
men are employed TO present the case to
the United States Supreme Court, and
other and able counsel are employed on
the same side. Now, sir, this resolution
can only effect this purpose; that it will
| give additional employment to other at
| torneys, and here we are day after day
| called upon to act upon bill after bill
| dertaken to employ half dozen lawyers
| to do what one lawyer should have done
and we are called upon to pay
for what the Attorney General Or
the District Attorney should have done,
as if any one lawyer could not
| do this alone, without having half dozen,
! and We must pay them all. Now, as to
the position which | have taken in regard
to this railroad company, 1t is sustained by
men OF the highest capacity, character and
ability in every respect, who understand
the matter thoroughly, and have investi-
| gated it thoroughly, and it is simply an
act Of super0rogation to interlere--it will
| be giving away just SO much Of the State
| funds. | say that itmeans simply toemploy
| additional lawyers and counsel in the case
| which has already gone to the Supreme
| Court, where if new suit is instituted. If
| will be the same precisely as that. The
Senator from Carroll, Mr.. Lynch. says, that
| we are not confined to the United States
| Courts, but we are, and can not question
the authority of the United States Court
| and must abide by its DEGREES. For these
reasons, think it very unwise to pass this
bill
Mr.. Blackman: Mr.. President, I must
say that can not see what effect theresa
luton will have; if the State has so deep an
interest in the railroad already sold by de-
cree of the United States Courts to Mr..
Morgan, who was also interested, and
there are a number of persons as deeply
interested as the State can be. interests
that would force them to take the proper
action, if any frald or discrimination had
been practiced, by which the property
had been taken out Of the hands of the
stockholders, these private individuals who
have this pecuniary interest would have
brought the matter forward long before,
and hold by the passage of this resolu-
ZION you only incur additional expense.
Legislative committees are not famous for
their powers of investigation into legal
technicalities or matters requiring re-
search into the laws of the United States.
1t strikes me, therefore, that no legislative
committee can be found that would inves-
tigate this matter more thoroughly than
the parties pecuniarly Interested. If there
had been any defect in the decree they
would have long since brought it before
the courts, and if the courts had decided
it was issued in error, it would have been
set aside. But, sir, what is the effect of
this resolution? That railroad, which I
hope will be built; which | hope Mr. Nor
gan will push forward to completion, you
surround with barriers, authorizing addi-
tional litigation. empowering the Cover
nor to employ counsel, and you stop the
means by which it can be built, and throw
difficulties in the way. Now, sir, do not
know what other objects it will have, or
how any Legislative committee can pro-
tect the interests of the property any more
than private lawyers. l do not believe
that any legislative committee can be
10 haro thof onit1r