New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-11-14
THE BoEDHoIDERs vs.. TEE CITY.

THE BOKDH0LDERs rs. TIE CITY.
During the temporary lull in the discus
SIGN of the proposition to pledge the
credit Of the city for few millions more
to aid in building another railroad. We
desire 70 call up a case Of some interest,
which may possibly have some analogy to
the current project. We refer to the case
Of Ranger ct ais. vs.. the City. as princi-
pal, and the Jackson Railroad Company,
as indorser, now on trial in the Superior
District Court. Nearly the whole Of yes.
terday was taken up in the argument OF
counsel, and the end is not yet.
The issue presented, as nearly as We
could gather from the oral arguments. the
conversations between the attorneys and a
rather pointed intimation from Judge
Hawkins, is about this: The plaintiff is
the holder of Sl59,O0O or more Of the
bonded debt Of the city. The bonds were
issued in aid Of the jackson Railroad
Company. and were due last May. but not
paid. The plaintiff demands of the court
two separate remedies. I. A judgment on
his bonds. 2. An order setting aside the
special statute of 1870. forbidding the
seizure Of city property on execution.
The argument on the first point was not
important, as no new principle was
evolved. But the tug Of war is on the
second The counsel for plaintiffs con-
tend that the act referred 70 is unconsti-
tutional and void on various grounds.
The following is the material part Of the
act referred to. being section two Of act
No. 5. approved March II, 1870:
That hereafter no writ OF execution or
feri tacias shall issue from any of the
courts Of this State against the city OF New
Orleans to enforce the payment OF any judg-
ment for money agalns. the city OF New
Orleans.
The law then proceeds 70 provide in an
other manner for the satisfying Of judg-
ments. which is bu: little better than
leaving it to the discretion Of the auditing
officer of the city. The Controller (now
Administrator of Public Accounts) is re-
quired to register the judgment and give
a cash warrant in satisfaction; provided
there be money enough in the treasury to
pay the judgment specially set apart in
the annual budget for that purpose. This
remedy is SO vague as to amount to none
ut all. and counsel declare that judy
ment against the city under such circum.
stances would be useless to them.
There was grand argument, a regular
legal tournament upon this point. which
was highly interesting to the bystanders.
4 gentleman who was present at the time
informs us that Judge Hawkins, in the
course Of colloquy. intimate,i from the
bench that the position assumed by the
plaintiff is tenable. II this be the case.
and the court find; it necessary to set
aside this law, it win furnish property
owners a subject for consideration which
reaches far beyond the petty squabbles
for Office which have vexod the public ear
during the past year or two. At tie time
the bonds were issued. in 1854. there was
no such prohibition Of writ Of seizure.
This remedy then existed us legal
right. and was doubtless in contemplation
of both parties when the contract for
the loan was made. 1t is held that the
subsequent act Of the Legislature impairs
the obligation Of this contract by taking
away from the creditor the remedy upon
which he chiefly relied to compel pay
ment in case of neglect or refusal. 1t is
the province Of the attorneys to adduce
reasons to sustain their position. We
need only call attention to the matter for
the purpose Of reminding those who are
now trying to add two millions more to
the city debt that it will perhaps be as
we'll to wait awhile and see how Mr.. Ran
ger .cones out in his contest. If pay
day has really come a! last, and
the city bondholders are determined to
press matters, there will be precious little
money to spare for a new enterprise in
which the risk is quite as great as that of
any heretofore. We have heard it urged
that one great cause Of the failure of the
public ventures in the Jackson and Ope-
lousas railroads was the war, which inter-
rupted all business, and brought ruin to
SO many other interests. II we accept
this explanation, and it is certainly plausi-
bic. We must inquire. what guarantee can
anybody give that there will not be an
other war inaugurated to defeat a SINH.
lar enterprise in behalf Of the Texas
railroad: We already hear threats
every day that there will be trouble in
case certain persons are not permitted to
have their own way, and those who make
these threats do it in face OF the we'll
known fact that the United States troops
would be opposed to them in the proposed
conflict. There are as plain signs Of con-
fict now as there were in 1854. which
may or may not be verified. On the whole
we think it will be the safest plan to post.
pofe the Endorsement of the Texas bonds
until it is definitely settled that we are
no: compelled to pay MIR. Ranger.
1LLITERACY AND CRIME.
Some months ago when our friends Of !
the Picayre were prospecting the various
political lodes before putting their crush
ing machinery in permanent position for |
working the campaign, they made siren
uous opposition to the whole policy of |