The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-02-24


thus extended. ......................... $4,000
to tho McDonogh and Fink funds. sold
as above stated by Thomas Layton.
ESQ. under authority Of the city gov
eminent. like all other city bonds. af-
terward given In payment to said
funds ........................ 612.OO0
Total ........................... .@193.V0
These items are said to be necessarily beyond
any question even II the clause of the act of 1862
receives the scope contended for by the majority
Of the committee. because the municipality
ES@ s h we're e 3 sess t Wss
works bonds. although issued in 1869. were
authorized by the act No. 10 Of 1889 because the
issued In 1854 were submitted, by the provisions
Of the acts authorizing their issue. to vote of
tho people and because the gold consolidated
which they were issued; because the Carrollton
and jefferson city bonds result from debts con
tracted BY them respectively. and not BY the CITY
Of New Orleans. and because the Fink and Nc
Donogh funds, as we'll as tho bonds held BY said
funds. represent an obligation due by the CITY
under the condition Of The legaces eonstt y,
even granting the correctness Of the legal views
Of tho committee, they have actually recon-
ss anH as 81 ~ SIX
/ the payment Of which last the committee seems
to think Imperative.
Your. minority, however, cannot agree with
the majority In their construction Of the net Of
1859. and while differing he docs not desire to
express settled opinions on Q matter which he
q sGs' by
I. That the restriction IN tho net Of 1852 forms
no part Of the consolidated bonds, and was sim
ply . restriction on the power Of the city. which
The Legislature WIS competent to remove and
did remove by subsequent acts.
Q. That although tho consolidated bonds wore
necessarily contracts M regards tho provisions
for their payment. the restraining clause In the
net was limitation on the city which sngcn,
the ssss ered5rs thst regard gar i''
3. That tho limitation In its terms was applica-
BILE only to bonds issued by the city Of New Or
loans under her own authority. and not under
the authority Of Legislative acts.
This view Of tho matter WIS certainly the one
entertained contemporaneously with the pass
consolidated bondholders themselves. We have
already shown TINT the issue Of 1869 was made
by the Southern BANK itself large holder Of
the impression that n recent decision Of Judge
are mistaken: The suit q which t1s decroe WIS
the recognition Of the. consolidated ,credi-
to tors rS credit to Of s" tho interest," on due @epos
the consolidated bonds. Before judgment
all but, the right. to claim the interest
was withdrawn Thy th9 plaintiffs u.s.: and z decree
soldated creditors to the interest fund deposited
70 their credit, Me iudgo expi essly saying that
e so nf nter or ST was conrac I we
m rp Mi ewpression az opini%p nn thy by
ca,ae in Tho net now rci;nd On anH cia, y" We ~,
tha Committee IN hive ican dcdoI d'"'I IL ,t, ~
cor nentinn the mn"ritv decms II we'll - s SOU
tbat in arSe n,,,nher ~ smits inatit,s,s v shn
ctv a~ainst tnxpavars tbe d"9ansa fHst ~ ~ t t
to pay interest was legal oxospt The nteres s tax
on pcnnsolidaf"d hnnds fas been exprcsslv neea.
lived nv The surname Court If lie State -. 6"t
,udDmenta have kcen rcndered against n. III
nn ether than consnlid"tcd hon1a 18th ' l., ~
Circmit Court Of the Tinted States and In nc
state conrts tn n large nmonnf "O ~ '''e
's Vn, ,ninnritu has axn'ni.d .h;, .a.,.
umniv hncause ~ What hn daa,an 'a $1,000 ,.'u,,
Views "a nressed bv the mainrtv ~ The ao,n,n;t
tao n rnntins, Mi tha cnnr,,sX - Y la, Unit
to nv the maoritv fhev fmrnsh ne uo icy J3ne
lion tn Tho net kccansa IL prnrcaa. ~ naveo ~
raatcr Snnct;on r. nv ~ H. ,Ct'Hc ~ 4tso NO
6as The Debt being already dI nov
were not suhm;tttd to v, x ~ tuR,s.nye acts
he auIaI,v a. II trans -. .V ueope VIII
hili Thns f5e a'f vii aV' W., uiuor .ie pIoposed
from too great tMxnfinn nng H. i; ,o people
;Sin r an y. inpairing any defense ex-
~ tbs o c nitttao 49, y. eAlStm4 Inc majority
bnt nrednatn tbeir nho y" ain. INV proposition
,nnpt viii c"ntina ~ on ahe Ia1 mat pay
m;nn, hond act Mi, ~ ie unaer inc pre-
TONED nav have si'h been o dee;da o. ay 4aes