New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-14
S3,T2O,G90


These bonds are TO be issned on condi-
| tons which h.tvs not ye5 hal,,ened and are
| no. in the na ure OF contracts with the State
ANA tLc acis nlay De repealed either ex-
! pT"ssiy or by implication.
At the last session of the Legislature ia
| lS. !, the State was authorized to Issue it
! bonds as primary obligations for the follow
ing amounts:
| Act No of 1871 in favor of the Louis
lana Levee Company to bear eight per
Ssht ,g., =, ,
Committee. to bear eight ner cent in
trrest ..........e............... 400. .oCo
Act No. of is;l in favor Of the New oo.
Vrieahs anu 'ooile raiiroao''...'..'.. <''o"'ooo
Total. s4-syo VOC
Inc bohdeu deot proper of the State ls-
sued anu authorized 10 DC ISSUED, which
bears interest and Is to bear interest, sums
up as ioiio"s:
Amount issued ;...................S Sl6,3e3 800
Amount to be issued ed''.'...'.'.-........ S'z2SocO
Total 10. sos ,oo
r,: L. :,1 !,
@. o 80 NJ ',I oon"' Ia INC
ing
Trust funds to the amopnt NJ s,a,9 soo
Nor the bonds in favor of the prouerty
banks 4,S3S. .333
r, - ,co ooo
= " ''' ''''
On which the State pays no interest or
need not do so.
Under several acts of the Legislature, the
State has agreed to 1ndOrse the bonds of
several railroad eompanie>, mp,n the COM
pletlon of their roads in SECTIONS as pro-
vided for i'll the several acts, aud for other
companies under conditions expressed i'll
the acts, bat THUS far no such Endorsements
have been made as none of the conditions on
which such Endorsements were to he made
have happened. As these acte do not cr ate
contracts they may be repealed. If thought
advisable, and compliance with these acts,
it is believed, does not crea:e q debt of the
State, under the puryiew OF the constitu-
tional amendment limiting the State debt to
S2J,O0O,OOO, but If they are classed as debts
IN the purvlew OF the constitutional amend
ment they could only come in and rank from
the time the event happened III which they
are authorized to be given, and If the State
debt should be exceeded by thai time by the
issue OF bonds authorized By acts OF the
Legislature, whether OF anterior or subse-
quent dates such Endorsement would be cut
out.
BY act No. 5 of 1866 the Governor was
authorized to issue not exceeding two mil
lions of dollars of certificates of indebted
ness, in denominations and form to be de-
termined by the Governor, to be used in
paying the current expenses of the Statei in
conformity with appropriations made there
for The issue under this act was what was
known as State notes, and which were de-
signed to be used and were used as a circu-
lating medium, and in form and effect were
clearly ii violation of che constitution of
the United States. The Legislature author
lied these notes to be received in payment
of the one per cent tax of 1868. The Auditor
reports as yet outstanding $33,Sl5 of these
notes, and sets it down as a State indebted
ness. 1t is altogether probable that this
amount of those notes has been lost
or destroyed, and can never be pro,
duced; but if they could be, the State is IN
der no legal obligation to pay them, and in
estimating the debt Of the State under the
amendment to the constitution these notes
could not he properly included.
The $l79,9l9 IA received by the State
from the United States in 1895 or 1886, under