New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-22

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that section fifteen was bad he desired 10
show the public that they mean: TO deal
fairly with The question. The eubstitute
seemed 20 be what the papers and the public
were e!auorinc for. lie was cory to see
this new spirit in she opposition. They had
proposed this substitute and nov desired to
withdraw il. They offered it 20 be :aken
and now sag they don't want 70 take it.
The situation reminded him Of the iuanner
of getting flock Of sheep off a steamboat.
One was taken and pitched overheard and
al! the :es, Jumped after. The move. o.
the substitute now desired TO withdraw it
aud al The S:he:s we're jumping overheard
after him.
Mr.. Heating said he had the same objec
ton 70 the substitute tha. re had 70 The
original fifteenth section. If there was a
lob in that there was in the substitute: they
both permit all warrants to be used in pay.
lnen. Of taxes. He certainly was in favor
of funding bill. though cory for :he
necessity Of it. He thought the warrants
were sufficiently provided for by bonding
them according to the third section. He
was rot willing the brokers should make
four OF five hundred thousand dollars in
this way. By bonding the warrants the
debt was decreased s6sO.o0O. and tha: he
thought just.
Mr.. Benham, IN favor of the substitute,
recapitulated his arguments of the previous
day, that it would reduce the debt 81 zoo, ,0O0,
and be benefit to the State and poor tax.
payer, while its rejection would increase
the debt by principal and interest $4,000, 600.
Mr. Devices called for the question, and
the committee decided by rising vote of
As to IL to adopt the substitute tor section
fifteen.
On motion Of Mr.. Mon .aldo section six
teen was adopted.
Sections seventeen and eighteen were
adopted without much opposition, and the
committee. on motion Of Mr.. Young, rose to
report to the House.
iSDeaker Lowell in the chair
Pending the reading of the bill as report
ed, and the amendments, Mr.. Sinms moved
to adjourn. which the House refused to do.
Mr. Devices moved that the Housse adopt
ali the amendments proposed by the com
nittee Of the whole, and called the previous
question. The amendments were adopted
and. On motion Of Mr.. Devices. the bill was
considered engrossed. and passed 10 its
third reading.
The yeas and nays were called on she
final passage. during which Messrs. Mar
tinet, Glichard and Williams desired to ex.
plain .heir votes, bu. the House refused
permission.
Mr.. Williams. Of Eas: Baton Rouge. voted
no.
The vote stood fer the bill. s.; against, 1.
No amendment to the bill was offered.
Mr.. Devices moved TO reconsider and to
lay that motion on the table. and the latter
wa. carried.
The following is the tex: Of the funding
bill ss !: passed the House:
An act TO provide for funding obligations
of the State by exchange for bonds: to
provide for principal and interest of said
bonds; 70 establish a board OF liquidation:
to authorize certain judicial proceedings
against IL, u utlut duO punish ' Nioidtiouo
of this act; to prohibit certain officers di-
yerting funds except as provided by law,
and to punish violations therefor; 70 levy
a continuing tax and provide d continu
ing appropriation for said bonds 10 make
a contrac. between the State and holders
Of said bonde; to prohibit injunctions in
certain cases; to limit The indebtedness
OF the State, and to limit State taxes; TO
annul certain grants OF State aid: TO pro-
hibit the modification, noyatlon or eXten.
sion Ot any contract heretofore made for
state aid to provide fog the receip: OF
certain warrants for certain taxes, an..
providing for the payment OF the war
rants OF the constitutional officers of the
State. and to repeal all conflicting laws.
SECTION l. Be it enacted by this Senate
and House Of Representatives OF the State
Of Louisiana in General Assembly con-
vened, That for the purpose OF consolidating
and reducing the floating and bonded debt
OF the State, the Governor, Lieutenant Gov
error. Auditor, Treasurer, Secretary Of
State, Speaker of the House OF Representa-
tives are hereby authorized to cause to be
prepared and to issue bonds, to be known
as "consoidated bonds of the State of Louis
;ana." IF the denominations Of one hundred,
five hundred and one thousand dollars, to the
amount Of fifteen millions of dollars, or SO
much thereof as may be necessary. al pay.
able forty years from the first day OF Jan.
uarv. 1874, and all to be mum bered cOnsec.
utively, and made payable to bearer, and
to bear interest at the rate OF seven per
cent per annum, payable semi-annuslly.
in the city of New York and city of New
Orleans, on the first day OF July and Jan
uary OF each year, and coupons for such in
terest shall be annexed thereto; said inter
est and principal to be payable IA lawful
money OF the United States.
SEC. 2 Be it further enacted. etc. That
the parties designated in the foregoing sec.
tlon shall constitute board OF liquidation.
and majority Of said board shal! elect .
fiscal agent for Che STATE.
SEC. ;. Be it further enacted, etc. That
the bonds authorized bv the section one
shall be signed by the Governor, Auditor
and Treasurer. and the coupons shall be
signed by the Auditor. Treasurer and Sec
retary of State; and when SO prepared said
bonds shall be exchanged by the board OF
liquidation for all valid outstanding bonds
cI the State and all valid warrants drawn
previous to the passage OF this act by the
Auditors of Puolic Accounts of
The STATE on the Ire easurer thereof. except
warrants issued by the Auditor in payment
cf :ne constitutional officer. of the State,
at :he rate Of sixty cents in consolidated
.onds 10: one dollar IN outstanding bonds
and all valid warrants: provided, that the
holder Of any bond or valid warrant re-
iected by majority Of said board may ap.
ply oy petition 20 the proper courfof re.
!i.f. and If final judgment, shall be rendered
IN hi. .avor against said board, it shall be
:he .!uty Of said board 20 fund his saG
81 iim il bonds at the rate provided by this
act: and provided further. that if any mem
Der Of said board OF liquidation shall know.
irglv audit and fund any illegal claim
agains, Che State he shall be deemed guilty
Of a misdeneanor. and shall on conviction.
be fined not less than five thousand dollars
and be imprisoned not less than two years
az the discretion OF .he court. And any
person knowingly procuring the same to De
lone shall be subject to The same penalty.
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