New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-01-11

have ,.e.. iessa: by those "trts--~. md u,i-
+: ;.exo,}I:... for. came al. :or t.i.. Yesterday.
: v her. after tie itcv were c!nlsnnrIed aIid
sworn. 'hs Cry Attorney, finding himself
; nnahl.- NIKE ori' :. c;.s.. moved diScon
tinuancc a. {" y +. Nandie!, and his ssruri-
! Ties. Or. Thomas, G. Mcu>. Wiu.A. H;.r;.
+, ". y. Roger ana TLon,:.- o'Ee:i.
! siupreu,.. Court Decisions.
! W. publish IL. ini! This nlorEin:. the
! Oyn."i. u; As-,> .a.- J;i-ti,A. 1aliat'rro. il.
; The .a--." ~: 4. +. Smi,l. W. iir c!ty "' New
!; Orleans. ..:,,ea: FROM ,Is >i.,. Hl-t,c.
! C..ur,:
d: The ,...;,;if' Institutes ,i:- -a;t .pon
! ;w"n:y-S. written or printed Instruments,
+: carI purlso: ling +, be an Ohi.gaiIoI OF the
! ely II New G:.can. IL pay the f~'arer a
| -nn ~: money. Twenty-Five of these ..c Tor
! the sim ~ lwcG v dollars c;pl.. an. one 1of'
{, III. .nm OF :. dollars. m..i.i,. ia III" whole
! l.. t,,n.!.e4; ard ,,'u dollars. and ~f that
: c!.,-. .: paper currency hnuw'. As "city
! m.orrN.' ~ t;r:l4 of these instruments. or
. bills j. ';!r .olowin. in.!-rs- Inent: This
Hn,. is s-,,.ri in exchange ior Hc;.-. OF the
. eli, II New trlear. q: sin..!.' sirn"inlEa.
iinrS. ,,..'y ard !.~ <ii-uf ~ ordinance No.
: 49, approved c.:.,brv ~. 1854, and is re-
. ...iv.Ihl 20. ~: debts due H.. city ~ New
: nrlc.u.. .,Ea for TIE RED. ,np:i"r ~ 'hc
. San. th. r".. estate. u: the j. Pledged.
, Iir plaintiff claims interest SIS" OR The
: :.,r:r-.:.l ~. ,,.M ,he irs, I. ": .I.:;.u,v.
=. i~t''
!tr aM-~.G. - he G.ic,.'.;i: rc!,...i'ai.s.
Mpo,. >.V"-:.: rounds. The instrument. -'r':
! up.,''. .,ns .cNl"- any iEdrt'.'.IW>- I" the
:. plaiu-t,. ;! declares 'i.s: 1h~ supposed
(; writir. obligatory wrIt n"T '."''lt'N by
+, the Defendant: thai II" a."l' ~ Tho '''
+, ;t,ldHH; No.s or heretofore ever mad the
. power .r r:ghl to .>t.u:. ii.W. ans; il!
hy- .tl.s
names :cc al N.I 4. ;!.c!r. suci. signing w:S
. .ns.,i.hoy:4..a.. iha, the defendant j. itself
. without prior ~ lega. righ: ~ issue III" III
: Sl:t!Ir"I,> Il. question. and q 'o|;to.. could
. En. .i.lg.,. such r;yh: ,r IT. officers or
4; a@.nt~: 'ha. ghss. Supposed obligations II"
in form bills %! credit. and null ;n'! void by
section. zen II the first article ~: tha "onst!
! III; .nn ~: Vie United States. " hi"!I declares.
:.,u"r.. :;.,. enumerated. prY... WITHHELD
: Ir",a III. >..ieS. thar nc SAFE shall coin
. money .,r emit bills Of credit. IT," answer
.irns- ,..:.i Defendant has been pat u. n.nr"
! by i demand ~; lsyine:,; ;-tv."g!- :" the
! sns,ilUI.n,l Al. tnI- -uI'.
: Til. plaintiff had .i'lG Gg,n'h: 60. -. aH"..rt
. c,finc;.. VIII. le-a! interest. from :hr irS,
: - .l.sis.Sy. i~!'. II" '.''.o.:aEt has ap-
. ;,e..N'.
A. l.. III. .su'i".;.y ~ ~. .:tyt" '-S,,'
f: H.. bill. .u question, VI I'm! :h.t the Le.i--
, ia,ilr.. ~. Il. stat. hv Al. az; approved
. February p. l>','. entitled Al. az. '"enahle
! III. -. -! New tr.".i,- /" i;.md its ilua;in.
. .lc:;i. ...,. :" .iau.iat. ~ Indebtedness.
: authorized: !.c city ;H i>>l' hon'i> (" Il"
: amount vi: ;i"" millions ~ dollars. I" a.
, :iv.,. exchange Il. pa; ,oy what j. known
.,."..;v Y..rS' I: tn. .erlur.!!l.n had no:
: r".n .tnpn". -ci by Legislative ella";in"n: :"
:>S.,.. '.-S. .i;v :.":e. i'v;"" ~ ;l:. date of
,i.-i. Issuance. VI" think .lis ~. "i F.h-
! .li",v =. iS,t' ratified H.. ...'.
:'.. principal inquiry in Ii, ".'. .-.:''
/: tie instrument. "n wh,r!: M. action j.
'",,'..!... bills o.. credit within III. ,.i'.iiin.
:r.; ini.rd,u,u. d! SCI, ,;or. ,"I. al '!c sir-I
..r,i.l. .: she constitution %: III: Kite.
States. an'i n. r. fore niil! ..''. >"iG
:. Recognised de- ni'i.is -: bills -. ""..I:.
rs II. ..ri,. us.L ir thr ."n~,.-U'.." -,
the i.;cd states. - I..f- :is.n: II" con.
.tifl.. :. h.' az c,.i, within IL" r".'>::'sf-
:iun. j. mus: 'c .S-u"d by, S."'c. "n :il.
. ait al :l,. S.a. auh b. d....u Il :".i". -
late q. ,uu1.v. !: must y" :. ;,;;I"- "i,ici:
.:rcu!;.t.. -. ~. .T..;i: OF IL" STATE. :li i,
80 y-.e'.,.. ..!,! used III The ~! !..'.r. hU>.
N.--..: ii,c. i Peters reports. pare il';.
tn. j, .:run.M:.- or bills il. .5.... .,'i. w.r"
r.ot i>sI,c. u. tA' >.at.. n"- on III ;a'h %.
IL. >;.:.. 70 Do! :!.gv circulate ~: the
cred; -. ~. State They w".',. ...m.
therefore. hu' 20 fulfil -" condition..
necessary q ..,y.. them tn" .t'rr.!"."I~'t bills
~ 'N'tls "StAil. siIe .It'A'.it'.it ~. ~ C'l!-
>t:tutio;.
W.. !,nag;n. :. !. w.G settle. ~. -" CON
s:itution does 20: prohibit pryar" i,ar-ors
or priva." partnerships "r ur:,"n corpora
,ioIl- from Issuing bills o. cr.,ii. ~ III"
language O: .!u,..e Story. The constitution
does Not rr"hihit the emission q: n! bill. ~!
credit. huI cnlv :he em!->ioi. "i bills "f
cre,ii: by .';.t". Zine right 20 ''i': bills "i
credit i conceded (" private corporations,
| III. I.f r,..
S'ric.ion-. which the state Legislator. have
a Wav- u. p"wCv ~ impose th" exercise %.
the RICH, may DE pscfii. in :acili,atir. tn.
hnsinc-s AFFAIR." ii the community. and can
never hr productive of permanent or Very
serious .niury. The States az. III" guards
over III. safety of the people aga;n-' the
perpetn.l,io,, ~ fraud Ivy perscE> nr 'orpo-
ration- they .nveSt with this power. But.
on the subject; %. currency. 4 Very grave
question presented itselI ~ The trainers Of
, the cons .,...inn. The sad eXncri"n". "f the
American le".,c tilrin. the c"t"uia. GOV
crnIueu.. .nG shortly after. ivs'jie,!
then. IN ;:.,uea'iny i'll the nlos: e:.rnc>,
manner ;or ;,rotectioI against ~" Un
limited uowc: possess by -. States over
tIlc .Ssrntia: matter Of r." currency. ::
pnver irari.ht with danger. =: ;lr rrost
trirltfn! character and tr",. III iIliT,ii.io,!.
.x. .rc.s,. o; wii.,!l :uin bad spread "."l the
land. {. ya- seen by the convention! that
while ro >.a:.s were '1,ll;:.-.nt within
their s.;,a''.. spheres .yci,'i>. u siuiary
control Over .'.c issue Of oils ~ credit by
corporations created bv them. still. .il.. III"
States .ncnlsc:.., should be r;..n"h in
hi. rc.psr. .rt,,n abuses which. :; w;li :ir
- oonc,uin. they would prevent rh" ;'ra,.
tee q :,y Others. Hcnc" II i h, :c or
ganr Law that 'he States may. within cir
cil!n>", i.n: limits. authorize III" ,fsu!ny NJ
bills ~! credit. While j: Is Incompetent for
them I. exercis: that power ~ :!!s:. own
names ..ilG on .heif own credit.
BIZ, !, Is rrrci by tn" couns.; ior :hc ';.-
:c, da,., tina. III" city Of New Orleans is IL
public corporation. holding fcrr.' 'oTiai iur:s
drtiol. over =. portion of the territory OF
the Stat" o. Louisiana. an. is .n integral
part o. the State: that il is vested by the
State viii. 4 portion o! its -oI.rci gnty. and
that j: is tv virtue Of :his derived sover-
cign1y that this public poli'ica! corpora
ton issued th. bill. of creti. for the pay.
mant OF which i; = now SIZED: ,ila; the iSsll-
ing OF these bills OF credit. being The cxcr-
else of sovereign power derived from the
State. the -: is null and void. for the
reason that the State. heing forbidden. to do
the act, "an re. delegate the power 70 tie
corporation on the principle THAT Ho one can
delegate greater powers than he possesses.
1t is not easy TO perceive distinction in
this respect between public and private cor
poIations. II corporations of limited pow
ers can exercise I. right prohibited by the
States. Why may not public corporations eX.
ercisc the same right when authorized by
the ac: Incorporating them: Instances in
which the power granted to public rorpora-
tions to issue bills of credit are freuuent
ard the legality OF their exercise O.. the