New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-09-05
NEW ORLEANS THURSDAY SEPTEMBER 1872

sirable ends. 1t means a triumph Of Bour-
| bon Democracy, tearing through the de-
partments of government like bun
through a china shop, eager to destroy the
fabrics Of its predecessor, but unable to re-
place them with better ones.
Liberal Democrats and Liberal Repub
licans are in a dilemma from which only.
prompt action can rescue them, ands an in
dependent Reform convention IS the only,
consistent avenue through which they can
escape. Let the people of Louisiana once
give tie political schemers who constantly
thwart their wishes lesson by rebellirg to
man from the base imposition about to be
thrust upon them, called fusion, and the
consequences of that rebellion, if not sure
victory, will be lasting confidence be-
tween the whites and blacks-a bond and
deed that patriotism and justice shall be
paramount to prejudice. When that point
shall be reached the executive, legislative
and Judicial departments OF the govern
ment may be speedily cleared Of their.
stains, and ignorance will abide by the rule
Of Intelligence, the State debt viii vanish,
and the State bonds be quoted at par. Let
the smack of reputation given by the
Bourbons be approved by the success of
fusion, and Carondelet street will be the
first to writhe under it.
IN every ward and every parish the inde-.
pendent movement should be at least at
tempted. Let the public pulse be felt, All
great parties have begun in opposition to
power and in the midst of apparently in
surmountabIe difficulties. A spark viii
kindle fame. A movement honestly in
augurated, for honorable purposes, can not
fail to awaken a degree of enthusiasm.
Very respectfully,
EMERSON BENTLEY.
The North Louisiana and Texas Railroad.
Attorney General Belden has prepared
petition which he proposes to file immedi-
ately in the court at Monroe, and which he
promises to press vigorously through to
decision.
He recapitulates the provisions of the
act of the Legislature Of September &C.
1868, which provides that upon the compile
ton of every five miles Of this railroad the
Governor shall cause to be issued to- the
company bonds Of the State to the amount
Of $4,000 per mile until the railroad is COM
pleted that the fixtures and appurtenanees
of the railroad shall be mortgaged to the
State for the payment of the bonds so is
sued and eight per cent interest thereon;
that the railroad company shall deposit
funds with the State Treasurer to meet the
payment Of these interest coupons, and in
case Of failure the State shall have the right
to foreclose said mortgage,
The Attorney General then goes on to
show that the Governor has issued to the
company, at various dates from the twenty
eighth of May, 1869, to the thirtieth of
July, 1870, $40 $1,000 bonds Of the State,
bearing interest coupons of $40 each.
Since the issuing of said bonds, 1890 Of
said coupons have fallen due, but up to the
present time no deposit has been made by
the railroad company to meet them, except
the sum of $31 ,440, but that they have been
taken up and paid by the State Treasurer,
notwithstanding That these coupons, paid
or fun due, amount to $I12,600, winch the
State has paid out, less the amount stts.ed
above, $3l, ,44O, which reduces the amount
to$9I,360, ...
1t is represented that the company has
been repeatedly called upon TO make the
deposit required of them by law, which
it has failed and refused to Go, and it has
been duly and legally put in default there
for. ..1
T7ho+ +I,a C+o+o &c or+;+fo5 70 n -oo,+rocro
on said railroad, and to foreclosure Of
said mortgage, for the payment of the
amount Of coupons paid and for the whole
amount Of the principal Of all the bonds
$546, ,000-the whole having become exigible
in consequence of the failure of the com
pany to comply with its agreement.
The Attorney General states in his peti-
tion that the law provides that in case the
company fail to make the deposits required
for the payment OF the coupons, mo further
issue Of bonds shall be made to said rail
road company" yet, notwithstanding this
stipulation, 100000 Of bonds have been
issued to the company since their failure to
make the requisite deposit.
The petitioner, therefore, in the name Of
the State of Louisiana, prays that judgment
be had against said company in the SUM of
$I12, $780, with interest thereon from their
respective dates of issuance, subject to the
credit Of $3l, ,44O, as above stated.
Also, that the State be decreed to have
special mortgage Oh said railroad, all it's
rolling stock and appurtenances, for the
payment and reimbursement of the amount
of the interest coupons. which were taken
up and paid by petitioner as aforesaid, and
also for the whole amount ofs sthe principal
of said bonds issued to said company as
aforesaid, to wit the sum of $546, 600;
That judgment be rendered against the
company for the amount of the first issue Of
bonds under the.act-$246, ,00O-with inter
est, unless said bonds are delivered up.
That the special mortgage be recognized
and ordered enforced for the payment of
all the aforesaid amounts.
That the 100000 Illegally issued after
October l, 1869, be. declared null and void
And, finally, the petitioner further prays
that the said railroad, with all its fixtures,
rolling stock and appurtenances be ordered
and decreed to be seized and sold by the
sheriff, according to law, for the payment Of
each and all of said amounts OF principal
and interest, as above set forth, with legal
interest on each amount, as above claimed.
The school Board.
Last evening was the regular monthly
meeting nightof the school board, and in