New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-05-23
ACT NUMBER EIGHTY-ONE.

rbe &c. Itself. pcr tie war" which has bar
| riIy resulted :r It's overthrow. WI be :ul,y
| cour-eter need with aut fuller kLow.edg e
| OF IL nany extraordinary provisions. The
"mors::us!.y' ehouli be seen a: ierg:h il
o;t.r 20 be appr: cia:ed-as ye'. :he pnt.it
have Only caugh: an occasional glimpse o1
liz spots. We therefore invite especial s.:
.en,.op 20 toe following briet tyrors:s and
| review cf tie law ani is ccns ecnences:
| Stc::,r ore makes i Inc 6a.y ct the I.ea
! sure. 20 register a.! unpaid warrants and
certificates II Indebtedness which weIe pay
; able cu. Of the general :nDds. II the NIGeI
| Of .L.!: 1resen:a.:on ard such wa-!su's
and certificates shall lie transferable by
| ne:e delivery ard payable 20 bearer. and
sha!. be paid 20 ,he holder ty :be State
! T.easu!er, IN the ORDER Of tier reg stered
r,mbeIs. the lowest numbers tc te PAID
first, and !; a ;ighe: number is preseD.td d
| before a lower one. the Treasurer must re-
ssrre sLough funds 10 pay the :o;iae:. be-
lcre paying the latter"
Section Two atolistes the Redemption OF
the State deb: fund" shat IS The fnLd FOR
the raynen: of the State bonds and interest
thereon, and apples '' all the money. bonds
ard o.Ler assets belonging TO said fund 70
a !rrt i~G !ie payment OF the above men,
toned registered warrants and certificates
OF Indebtedness. 20 be known as tie fund
for the redemption Of the floating deb: CT
the S:ate:" tut in popular language briefly
and accurately described as the ''brckers
fund
Section :irte atu:i-tes :he "!ree schoc!
fund.-" and APPLIES ali the "moneys. bonds
aud assets of said fund" to the "b!okers
fund" for the payment Of reei tered war
rants and certificates and IN lieu OF :he
sclool fund. provides that a spec;n' cdai-
:iona! H.. shall be levied and collected in
order 10 pay 20 the parishes the Gums they
would have otherwise received from che
echooi fund.
|, should he remembered in :his ccrnec-
ton tia: this fund fer the supper: OF tree
schools IS declared by the constitution and
previous Jaws 70 be sacred and inviO!able.
never 70 be diverted 20 any other purpose.
Bat by this section 0. &C: 40. 81. the fund
was swep: away. and its Cow accunula-
tons. amounting 20 more than ha,f NIL
Lon Ie,iars in bonds. were sold a. public
auction. ard tie proceeds turned into This
registered war:an: fund. And now. as one
CT the results Of this tinaGc;ering, the State
paws dcut!e :n.eIes: cn these bonds-:hat
is, paws :he Interest coupons 20 the bond
holders. and tie sane inte:es: 20 the par.
'shes for their schools. the latter being
constitutional obligation which the State
can no: escape.
S.e':vn four provides that all taxes and
licenses. Tor any purpose whatever. which
were due the State rrlor 20 JaEuaay J,
1872. hu: not collected when this act shall
90 .uso etec. In o:her words. all tel;rquen:
taxes. for interest, school fund. and every
other purpose: also az moneys paid Into
the treasury for the redemption Of lands
forfeited 20 the State for nor-payment of
taxes. due prior TO January ], 1873 shall be
placed 20 the credit of the special fund
created ty this ac:. viz: 20 the registered
warTar: !und.
S.c.i.n SIX provides that within zen days
frcni the passage Of the act, it shall be the
duty of the Auditor and Treasurer, Jointly.
to advertise all the bonds transferred from
the free school fund ard the redemption Of
the State deb: fund to the registered war.
rant fund. 20 be sold d: some conspicuous
place IL the city Of New Orle ans. payment
TO be IL naie in United States CURRENCY. G. in
Auditors warrants or certificate OF indeb!.
edness. registered according to tie require
merts Of this act, at the rate Of sixty-fve
cents in warrants or certificates for one do.
lar G: State bonds, or eighty cents in war
iants CIR certificates for one dollar Of con.
solidated cit = bonds. And under this sec.
:on the bolIs belonging to the school fund
were sod. and the proceeds GeyOu:ed by
this cmLiverous broke rs fund.
Section seven provides tha: if any Of the
above mentioned bonds were no. made ne.
go:iatlc by law. the State Treasurer shall
cause 20 be written or stamped on each of
said bonds tie words: This bond is hereby
made payable TO bearer by delivery"
Section eigh: supplements all this eiaho.
VIZ LSsS ASi sAS tich'Ac "
ing that wien all the moneys. assets and
bonds belonging - other funds and ali
the delinquent taxes are absorbed. If any
warrants or certificates are yet
unpaid. special additional tax OF one mill
shall be levied on all the taxable property
u the State and paid into the fund created
oy this ae:.
Section nine provides sha: all warrants
ard certificates Of Indebtedness registered
lnder hi. act shall bear ;pteres: a: the rate
II six per cent.
Section ten provides tina: the State Treas.
lrer shall be liable to damages in full for
my refusal to comply with the provisions
i this act.
These are the .alien. points ard contain
he gist Of this infamous bill. The details |
ire woven in with artistic unity of design, |
md the whole structure is q fine illustra. |
ion of the ingenuity with which human :!
-oracity seeks 20 cover itself with the garb !;
Vi law. J. requires no nice legal discern.
nent 10 comprehe nd the purposes and |
laturai results @. the act. IT was an as.
ault upon the credit and trust funds of the
state 20 pay the mere chooses in action |
some OF them illegal, Of street brokers. !
t iuaugurated q scramble to the Treasur.
RS office: he who should get there frs: TO
ave his certificate registered and paid |
rst. 1t made those certificates bills of !
redit contrary to the constitution of the
United States: the certificates themselves
eing violation of the constitution of this
tate 1t abolished and misapplied fund