New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-15
xHc House. Funding ISiIf.

4 bill which is designed TO take the place
Of the funding bill! which recently passed
the Senate. is now pending in tho House.
1t differs in some particulars from the one
it is intended II superse1e. and is, IN Ous
judgment, preferable to it.
The proposed bill! authorize. the Issue Of
bonds in denominations Of one hundred. five
hundred, and thousand dollars, to the
amount OF fifteen millions, to be exchanged
for old bonds only. at The rate Of sixty dol
lars for one hundred. The bonds to be
made payable in forty years from the frs.
day Of January. 1874. The Senate provi.
sion to include warrants and certificate. @:
indebtedness was stricken out.
These bonds are only to be exchanged for
old ones at the rate specified. 1t is made Il
felony 70 sell or pledge them. The ex.
change may be made in New York or New
Orleans. They are to beag seven per cent
interest.
The board of liquidation. 10 be com posed
IS provided by the Senate. will nave au'
thority to cejec: any old bond they may
deem to have been illegally issued. but the
holder may apply to the proper court for
relief. In case final Judgment be given
agains. the board. it will be their duty to
comply.
The levy Of an annual tax Of i've ana a
half mills is provided for. The amount
thus raised is to be set apart specially for
the payment of the interest on the bonds
authorized by the act. Any surplus re-
naming after all the coupons for the year
are paid is to be used for buying consoli.
dated bonds a: the lowest offers. This levy
and this purchase OF bonds TO continue
until all are redeemed and paid. both prin.
cipal and interest.
The old bonds shall be cancelled and de,
stroyed as fast as they are received in ex.
change for consolidated bonds. Also the
latter are to be in like manner DESTROYED as
fast as they are bought in by money spared
from the sinking fund.
Each provision OF the &C. is declared to
be a contract between the State and the
holders of the consolidated bonds. ANY in.
junction Of the payment of principal or IN.
terest is prohibited. Cities and towns are
forbidden TO increase their indebtedness.
After the first day of April, next, no war.
rrant shall be issued by the Auditor unless
there is cash actually in the treasury to pay
It.
All grants of State aid Of every desc,ip.
ton which have lapsed or been forfeited.
are declared repealed and annulled. The
entire State debt shall not exceed ST.. 600.
600 for forty years.
All outstanding valid Auditors Warrants. |
issued prior to January 1, 1874, may be re.
ceived up to the first of July, 1874, for all
back taxes and penalties due prior to the
first day Of this month.
Three proposed amendments to the conc |
stitution accompany the bill. The first rat |
ities the funding bill, and makes it a part |
of the organic law. The second limits the
State debt to the lowest limit it can be re- |
from time to time, until it reaches
fifteen million dollars, and taxation, except
tor school purposes, to twelve and a half
The third devotes the revenue of
each year to the expenses of the same, ex
ceg: IN sass of a surplus. which shall be |
to the sinking fund. This last
named amendment we regard as unyise |
and really unnecessary. j.!
Such are the provisions Of this really ex !
eeiient bill. With a few important modif. ]
cations. it can be made. we believe, to !
eties; immense relief to the people, and /
the credit Of the State upon III excel. !
eIt and satisfactory basis. !