New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-02-05

actment Of the bill Reserving any pei
sonal opinions, of course, as to the me
tives which inspired the act, the Be
accepts it on behalf of the taxpayers
The review says the face debt and liabil
tiles Of the State was $50, 621, 545. 1t ha
been reduced to S15,OO0,00O. There ha
been thus clearing off Of S38, G21, 545
with possibly a further reduction by judi
cial annulment of some part of the bonded
and warrant debt. We prefer the state
ment of the Bee to our own. It says:
The funding bill has anuulled thirty mil
hons OF debts or obligations, void by lille
gality or tainted with fraud and it has sub
Jected the twenty three millions assuming
and constituting the State debt capitalized
and bearing interest. to discount fixed
and az a uniform rate, estimated according
to lis true value in che opinion Of the sap!
talists themselves.
With such limitations we have looked
to the P!coy,ss as the only daily journal
which could have been referred to by the
Bee. The frs: suggestion that the
Picdyn1'. acted as If it were the bond.
holders organ. is stated with sufficient
dlst.nctness. OF the last imputation o:
Inconsistency we are somewha: doubtful.
HE reference ''to men who for four years
past have prayed loudly against the ac
cumulatiOn of fraudulent debt created
under the administration of Warmoth,
does not apparently apply to the present
conductors of the Picayune, who when
furnishing call the talent" Of the Times.
were among the most strenuous advocates
of the Warmoth Fusion movement. Upon
this count of the indictment therefore, we
could not certainly say the P;ccyua. was
alluded to.
Bat upon the other and perhaps more
serious intimation Of Che Bee, that the
P.cay'n. appeared to be the organ of the
creditors. the symptoms would seem
somewhat more significant.
!. II appears that the renonstrance
O: certain bordholders was committed to
the Picayuae. and found its way TO the au-
thorities TO whom it was addressed
through the columns of that paper sxclu-
sively. This gave color to the intimation
that the Picoyuae had been chosen as
1.-THE organ OF some creditors of the
State. as suggested by the Bee some days
before.
The ia.es: comment o: the Picoy,n2.
upon the funding bill is conveyed in its
article Of Yesterday morning. ], quotes
the president OF the Louisiana National
Bank" as having said .ha: 1.-THE opposition TO
The funding bill proceeded. chiefly. in the
proportion o: eighty per cen. from the
holders OF the fraudulent and tainte,. bonds
known as the Chattanooga bonds
Upon diligent inquiry, tie 1.ca,,le is
enabled to state that
Ihc holders o! "..au!u'er: and .,in.ed
bonds to which be refers are 'hc nulv par.
les who are quite well satisfied WIZ. the
provisions Of this bill. They are secured a
very good substitute for bond. which have
peeh for some time yaiueiess. 1t il thcs. !
holders OF ,lepreeia'ed bonds who have
Judgments OF courts in favor of the validity !
II their bonds who arc really the Scne. !
iciaries OF this funding act. They are
'!aced beyond the possibility .:,cp.di
Although this opinion is announced |
With almos: judicial dosmat;sm. j: con-
aims ial!acy Of which we :rus: the hold ;
~ and advocates o: 'the tainted and |
bonds" will be:nade consc:ou,
y the auditing authorities O: the State.
The funding bill. section two. directs
he board Ok debt liquidation .1o ex.
hangc the new bonds 70. all raid out.
landing bonds Of the State and all yal.l
jarrants drawn previous 70 the passage
f: this &C: by the auditors" etc. ezcep:
$ hereinafter excepted; bu: it provides
TIA: the holder Of any bend OK .a';i
arran: reiecte! by u majority Of said
GARD may apply By proper petition to
le proper cour: COX relief. and If final
ldgment shall be rendered! in Lis favor.
,ainss said board. it shal! be the duty Of
i'd board 20 fund his said claim: in bonds
s"i' A"NC SAo'4tCup &c
We have ;talic:sed the word 'val:a.'
nee upon tia: word depends the question
he:aer the bad bonds shall be paid or
=. Who is TO decide whether these
'nds are valid: Evidently the board Of
Iu!dation. There must be q Tower Of
Tutiny where there is nigh. o: appeal.
Under our construction of the law, We
aim that the board has power TO deter
inc on the validity of all bonds or war;
nts presented 70, exchange. /: i. APP
ar, even. that q judicial decree. estab-
hing the validity of a bond. had been
ndeged upon false statements. or by ,
rrupt completely Of the court. tie board
~. under the words OF the law, pro.
unce i: VOID, and the holde: may ap-
al. ! readjudicatien in favor Of its
lid'ty makes it q legal tender for ey-
ange in despite Of tie board. We do J..
{ argue the constitutional over OF the
gislature to annul Judicial decree.
ch plea may. and no doubt will. be
I'd by the holder Of '.frauduien: and ! {
nted bonds" The plea may be sus. t
ned by the appellate tribunals. It is t
estion we leave to the lawyers. The il
t Of the funding act IS drawn as we 4
;e It. and can neither be ..ca:leJ of s.
r ridiculed of until teste! at law. 4
L. then. 'depreciated'' OK '.lraudUien. I
! tainted bonds" which have been. as e