The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-05-19

relation thereto:
STATE OF LOUISIANA.
Executive Department
New Orleans, May II, 1875.
Hon. A. P. Field, Attorney General, Louisiana:
SRI have this day signed an act passed by
the Legislature at its recent extra session sup
Elemental to act No. 3 of 1874, known as the
Funding bill The first and third sections Of
this act carry into effect the recommendations
made by me to the Legislature with regard to
the constitution of the board aud the right of
every taxpayer to resist the funding of H.
legal obligations.
The Legislature has thought proper to at
tach another provision declaring some
eighteen different series of bonds "9ues-
toned and doubtful, and prohibiting the issue
of consolidated bonds in exchange for such OF
these bonds as may be still uuinnded until
their validity shall have been determined by
the courts.
This provision may work hardship to many
innocent holders Of valid bonds of the State
unless every f.cility is afforded them to estat-
fish the validity Of their oblg .tions in the
most expeditions manner therefore request
in the case OF each of the enumerated series
of bonds, unless the question has already
been decided by the court Of last resort, that
if possible you institute test case to bring
the legality of these obligations before the
courts, and that you afford every facility to
| any bondholder bringing suit, so that an early
decision may be arrived at.
Under the provisions Of section one I IN
dersand these suits VIII have precedence in
all courts over all other cases, and the ate liz
| required to pay the costs OF the litigation in
the event of the bonds being declared legal
presume that by agreement these cases, il
they cannot be decided at the present term of
the Supreme Court, can be taken to Opelou-
sas or Monroe, SO that there need be no con-
| siderable delay.
OF the series Of bonds named in this act
none Of the following have yet been funded
Mexican Gulf Railroad. ............... 5000
Levee Bonds, Act IS, 1865 ...:......:: l,OOoooo
1ss9 NEUTRALITY-SUSPICIOUS.. . 10000
1911 l. ..4......@..........'....... 4, 5oo,oos
Redemption Certificates of Indebted
ness Act ). 1866 .................. 10000
Beuf and Crocodile Navigation Comply. $4,000
| OF the other series named, the following
amounts have been funded up to date:
| N. o. aud Nashville Railroad -. $4,000
~ 70 road .......-........: -. 27s.Ooo
Vicksburg, Louisiana and Texas Rail
road .:..........."........ 5000
N. O.. Opelousas and Great Western
Railroad ......................... 10000
| Railroad ....... $4,000
Relief of State Treasury .............. 222, 600
Free School Fund. ................... $4,000
Levee Bonds, Act 115, 1857. ............ 265 600
Ievee Bonds, Act 80, 1870. .............. 273,00o
N. o.. NJ. and Chat. Railroad bonds on
COMPLETED portion Of road, deciced
| valid by courts. Observation-Disclosures. $4,000
North Louisiana and Texas Railroad :. 10000
Mississippi and Mexican Gulf SHY Canal
| Company .................... 220.o COO
Relief Of P. J. Kennedy. 1a3.00e
In the case OF the s765, 900 of North Lou
isiana and Texas Railr 1ad bonds, the board.
believe, acted upon the decision of the
Supreme Court already rendered aft rming
the validity of that issue.
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