New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-06-10
The EundinG Board.

DAG. but Governor Kellogg was absent Mr..
Baldwin presided.
The Sllcwins csfnin Unication was spEead
ak 3ks isi . ute book:
ATTORNEY GEEgRsLe OpPIc@ ,
state of Louisiana,
New Orleans, June D. 1875.
t. shs esressSs Board Of &iqAdstion, State q
aOuisisls
l;Es1ianEs-l have che honor % ac-
knowledge the receipt of q communication
~g XOUr secretary Transmitting me resOlu-
su.n of ysuE board requesting me to furnish
SsU with thy OpniOn whether or not the Su-
frsme Eonvt ot this State has, in decree or
decision Neve.OfoH rendered by that tri-
S4rNaL Sfir,rLe1 the validity of the bonds
knowD - hv.e 6oAds, issued under act of
March I. 1870, and also levee bOnds issued
andsr act No. il5 approved March 26, 1870,
o. any ether series OF bonds included in act
esfl, spprOved May IL, 1874 nov pending
on sppeaI before the Supreme Court, or ii
st~re are any heSetotHs rendered affecting
SiNIr sAlidHy.
4 have Suots3 she lsu bstancs OF your rese.
SStio0, and vDul1 remark il 10 rather diff
erIt &c sSIAaspstand what the board desired
SAd.,s the latfrS clause OF the resolution.
bat presume tha. they desired = full history
Of the axtion OF che Supreme Court in Iela-
sisn 10 all shs series of bonds that have
Aerstofvre been in contest before them.
yise law Of the last Legislature, called the
supplepeetal funding bill, has imposed
spofI me Il vast deal Of labor, and left no
siiscstn in your board in regard to the
Eunding - Z certain class of bonds, and eff.
tectnally enjoins you acting upon them un-
til they have been audorsed by the highest
court OF the State, and, therefore, for my
self, do NOS feel disposed to disregard the
requirements OF the Legislature as ex-
pressed in the act
The Supreme Court in the case of the
State of Louisiana We. the North Louisiana
and Texas Railroad Company, in q suit
brought to recover from the said company
che amount of bonds issued by the State for
she construction Of said road, amounting to
several hundred thousand dollars, which
will be found in % An. 6j, indorsed the
validity OF the bonds issued up to that time.
In the case No 1863 of the docket of the
Superior District Court, the State of Louis
lana vs. Charles Clinton and others, eDjOin-
ing the pay ment of the interest on certain
SOnds issued by the State, including the
interest on the levee bonds, issued under
act No. 81, approved March 81. 1870, upon
an injunction filed in said suit by George A.
Sheridan, claiming the interest on some
twenty bonds of said issue, was also de-
cided by the Supreme Court in 1874, after
full argument in favor of the validity of
said bonds, which decision will be found in
Twenty sixth Annual Reports, page SCI.
1t would seem, therefore, that unless the
Supreme Court should change their opinion
these series Of bonds above referred to
should be regarded as valid, although act
No. | of the last session of the Legislature
questions their validity and enjoins you
drOm funding them until another decision
e,f the Supreme Court endorsing their
Galidity.
The bonds referred TO IN your resolution
Ns having been issued under act No. lis,
approved March 26 1867, we're never seri-
o,usly questioned, and searched in vain to
find any defense that could be plausibly
urged by the State against the payment.
Under the same footing stands the class of
bonds issued before the war for the relief
OF the State treasury.
The bonds issued to the Opelousas and
o Great Western and the New Orleans, } ack-
son and Great Northern railroads have
never been disputed, and it would be a
waste of time and money to dispute their
yaidity in a court of justice. The small
slmouns of these bonds set forth in the sup-
elemental funding bill as having been pur-
chased by the State with the trust funds
ander this administration, and again sold
80 take up the obligations of the State, may
have been ill-advised and imprOvident, yet
eheIr validity could not be successfully at
sacked in the hands of the bona tide owners,
although it is made my duty, and intend
TO present the issue to the courts to deter
mine their validity.
The school bonds issued and sold under
fhe provisions of act No. 81 of 1872 stand
Oh the same footing, and nearly all OF these
have been funded, and l submit whether it
be fair and Just to fund the balance.
The 81, ,OOO. 900 of bonds issued for levee
purposes in 1865, called eight per cents, have
been and are now in controversy before the
courts, and their validity is doubtful, and
the Supreme Court will have to settle their
status.
The s.. 100000 of Chattanooga railroad
bonds, the Crocodile navigation bonds,
and the second mortgage bonds issued by
the New Orleans aud Texas railroad,
amounting to $S50,O00, are now pending in
tho Superior and Supreme Courts for their
decision, and l shall use every exertlOn to
procure final decision in all these cases at
the earliest period.
Since have been in office l have been
dilligent and unwesrying in my exertiOns.
with the aid of two prominent members OF
the bar, to scrutinize and attack all doubt
full obi cations of the State, and protect the
taxpayers against fraudulent and Invalid
claims against the State, and l fatter my
self the sequel will show that through these
exertlons saving to the State has been
made to the amount OF several millions OF
dollars.
la the case of Forstall VS.. Board of
Liquidation, now on appeal. the Supreme
Euurts at Monroe, which meets on the hrst
Monday in July, will settle by their decl-
siou the class of bonds embraced IN that
controversy.
l am, gentlemen, with highest respect,
ga1r Ote5h MT servant,
A. p. FIELD, Attorney General.
The State Auditor handed in statement
as follows:
Cash interest in hand at date, $5Oi, ,o24 80;
&otal new BINDS Issued to date, $685., 500;
au terest .irs Judy l, $llf,99s 80.
a SeQuest was inado and granted TO
awtboriza the Auditor aud the Treasurer to
begin paying the interest due on the first
Of July on COZ solidated bonds, on the
sNSnyieth instant. in New York and New
Orleans
Kopde and warrants ~ere funded - fol-
Sowe:
T. s. Hunt, seventeen bonds. oct OF
xpil 30. 1885, with coupons. ss7fo;
according TO acts Nos. 22S and 23i OF
1853. with coupons, &l0i3; acts Nos. III and
..3. OF 1858. with coupons, $1,000; acts Nos
So, asd 23f of 1853, with coupons. 5000; |
ects q. Eebruar, 81, $50, $l5,6o0'
j. Kendig & Co.. twelve warrants fof $ooo
eaSll, ast No. % Of 1872, $1,000.
=. p. Laftts & Co. thirtses Safsants,
Ess4 NJ. 81 .. 1870. $4,000.
THE application Of T. ). Wells, to fund hSe
Meu Orleans. jackson and Great Northern |
,afroad t,on.;-. act Of March Z, 1855, was
srY ctetr.