, 1874-02-02

SUPPLEMENTAL GRAB-LAW.
On Friday thoro WAS most inaidiouB bill in
troduccl in tho Legislature which ought to be
closely watched. We have already called atten-
tion to tho fact that, under the infamous law Of
1860, S13 500 600 Of debt has been contracted by
various municipal corporations in the State,
and TINT under that law, and nder tile opera
tions Of the State Auditors office, tho payment
Of tho principal and 1nterost Of TINT debt has
boon transferred to the other parts Of tho State
owing mono Of tho debt. Tho State officers,
undor this not Of 1862 havo been made brokers
betweon the principals in tho bonds and tho
bondho1dors. As from ono-tenth to ono-twelft|a
Of the principal Of these bonds will be collected
in tho shapo Of State taxation this yoar,
in addition to tho interest, there ia
scramble anon; the parties aB to tho disposition
to be made of 1t. The Treasurer, under the law
Of 1860, is authorized to purchase these bonds at
not over par; tho bondholders, considering that
q majority of tho bonds arc fraudulent, will
gladly accept that sum, and will probably bo
willing to allow handsome commieBion for the
purchase. Some Of the county officers, however,
have dosire to handle this money, and there.
fore they insist that 1t shall remain in the
Treasury subject to their order, to be expended
they may direct. Tor illHtancu, II Tho guror-
vieorB, or county bosses, can purchase some
Of these bonds at 40 to GO cents on tho dollar
then thoy Gun direct the Treasurer to purchaao
those particular bonds at par, and the County
Ring may aharo tho profits of tho transaction.
Tho hill introduced On Friday by MIR. Glenn pro-
poacH to offer tho funds raised by taxes each year
for this purpose at auction; that is to say, tho
state Treasurer shall sell the samo to whoever
will ofror tue highest amount in bonds therefor.
The objection to this bill ia that it recognizes
tho validity of and ro-enacts tho law Of 1869.
It makes the State officers tho agent for tho
collection Of principal and interest Of every
swindling bond stolen from the people Of oyory
villngo and town In the State. It has mover been
pretended that the law Of 1869 waa sanctioned
by the Constitution of 1870; on the contrary
that Constitution 4, In varous clauses, puts veto
upon tho fraud. This bill, therefore, by impli-
cation, proposes to ro-onact the law Of 18G9
assumption that it WIS "contract lawful ut
TINT time. II this bill can DO lawfully passed.
then the next thing will 10 an act extending tho
act OF 1869 for ton or twenty years after its
expiration.
Waving all question rs to the validity Of tho
act Of 1860 under any Constitution, nil proceed
ings by the 8tnto officers in paying out any
money received from taxes for State purposes
for any other purpose, or without an express ap-
preparation by law s prohibited. Hero ia what
tho Constitution says:
The State shall never pay, assume or become re-
hponsbo for tho debta liabilities Of, III uny
ner give loan, oxpend s credit TO- In aid of any
public other corporation, association, individual
{scc 20. Art. ~
The General Assembly Blall have power to release
discharge any county, city, toWnsllp town dis
trict whatever the Inhabitants thereof tho prop
crty hezen from their Its proportionato ehare Of
ta1cs TO DO lowed for state purposes nor shall con-
mutation for taxcs bc authorized III any form what
ever. t8oc. Q, Art. o.
AL taxes levied for Btate purposes shall 10 paid Into
tho stato Treasury. tsec. Z, Art. o.
No money shall 10 drawn from the Treasury except
In pursuance Of an appropriation mao by Law, and
the presentation Of warrunt issued by the Auditor
thereon. {6ec. IT, Art. ~
Tho Legislature OF 1874 has nothing to do
with tho dead acts Of it's predecessors, except to
ropeal them. 1t has no power under the Con-
stitation to direct the Troasuror to pay any
monoy out Of tho State Treasury, collected as
State taxes, to pay any debt savo debt due by
tho State. We trust that there IL respect enough
left for the Constitution to let the law of 1860
stand as it is before the courts, without attompt-
Ing to givo 1t now nto against the prohibitions
Of the Constitution,