New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-01-05
upon the exmditures of 1873, and $l'4lo'-
1888 90 upon 10 expenditures of 1872.
Tho expenditures during the three years

!oIU....''''' ''''''''' 7s7a1a7 81
1871 .......'...'. 100 40
1919. .........'''' 1'O
Total $50, OOO.2l3 ID
The expenditures during the three years
of my adminilration have been as follows:
1873. ......" ..............eoo' rs 'nI 90
ID. ..."..........'..'.S S'o o9e cI ne
1875, to Decemer Co.,. 2,9oo,o4o 10
Total. ........,.......$9,7 2O, 10y Il
Showing saug in expenditures OF 9,2o9'-
553 "a as comared with the last three
years of the p,vious administration.
THE SUPPLEMENTAL FUNDING BILL.
An act adop,d during the extra session
of 1875, known.s the supplemental funding
act. called inquestion several series OF
bonds. and prcided that no outstanding
bonds of these cries should be funded I'M
til the validity hereof had first been passed
upon by tin decree OF the Supreme
Court of tho tate. Suits have already
been determine, by that tribunal affirming
the validity ofact No. lis Of 1867, under
which levee onds to the amount OF
$4,000 900 wereissued, and act No. 81 OF
1870. under whiQ levee bonds to the amount
of s., 900, 600 we issued. Bonds OF these
issues have, accordingly. been funded as tar
as presented. he question OF the validity
of act No. 50 1865, under which levee
bonds to the aount of 100000 were
issued, is now bore the Supreme Court for
determination. u,ts affecting the legality
of the $4,000 sbsidy bonds, issued to the
Mobile and Chattanooga Railroad Com
pany, under act 70. 90 of 1869, the second
mortgage bonds provided for in the same
act, and the g., 81, 5000 bonds issued to the
same company, uher act No. 95 of 1871; the
$4SO,O0O issued tdhe Mexican Gulf Canal
Company, under ct No. ZIG of 1869, and
the $50, 900 issuedto the BayO Bout and
Crocodile Nayigapn Company, under act
No. LAG of 1870, &c Low pending in the
courts. The supplemental funding act also
called in question: number OF free school
and other bonds, not 30 much as being
of doubtful validy, but on the ground
that they had oeen improperly sold
under the provision of act No. 81 of 1872. l
am of opinion that would have been bet
ter if these bonds hid not been included in
the supplemental inding act. The act,
however, provides tat all these cases shall
be called up by preference, and it is to be
presumed that fins decision with regard
to each issue will reached at An early
bo1o mill tbop no y,1oaaH
beyond question. no only as having been
passed upon by the curt of last resort, and
the legal obligationDf the State absolutely
and finally determined, but the provisions
of the funding bill md the constitutional
guarantees conneete Herewith will give to
the creditors of the State a degree of Sc
curity possessed blythe bonds of no other
State.
The outstanding certificates of indebted
ness issued by Auditors Wicklitfo and era
ham, amounting to sol 500 50, are not fund
able. The outstanding constitutional war
rants issued prior to January l. 1874
amounting to $S5,4S o., are not fundable
but will be absorbed by the delinquen'
taxes of that year. The outstanding wal
rants of 1874. not fudable, and which wi
be absorbed by the delinquent taxes Of pr
vious years. amount to S242, 4i2 o.. Let
ing of present floating Indebtedness fu-
able, $l62. GA -, Of which $4,000
known as Weed warrants. and have h
rejected by the Funding Board.
Should every dollar of cid outs aDlg
bonds of the State and all outstang
fundable warrants be funded. the cc)il-
dated debt of the Safe would amO 10
but $l4,0l5, 1872 81. This is the pest
point that the debt of the State can r'h IN
any contingency until 1914, or UT the
consolidated debt is fully paid. Sho any
of the outstanding bonds be decld IN
valid by the courts, the consolidat oeot
will be proportionatelv reduced.
SECURITY OF THE CoNsoLIDATEDSDs.
Principal and interest of the neonsoh
dated debt are guaranteed by pnstltu'
tional amendment, which provide'at these
bonds shall be valid obligation ne State,
in favor of any holder thereof, ano court
shall injoin the payment of tprincipal
or interest thereof, or the levnd collec-
ton of the tax thereon. To 'ure such
levy. collection and paymente judicial
power snail be exercised unnecessary.
The tax required for theayment OF
the principal and inter OF SAID
bonds shall be assessed collected
each and every year I'm the bonds
shall be paid, principal al interest,
and the proceeds shall bpaid by the
Treasurer of the State to folders OF said
bonds as the principal apnterest OF the
same shall fall due, and nhrther legisla-
ton or appropriation shale requisite Tor
the said assessment and cotton, and tor
such payment from the tury" The same
constitutional amendmeiimits the debt
of the State to $4,000, or the lowest
point reached after the 4 Is funded. The
State tax for all purp. is by the same
amendment limited to I've and a half mills,
except for school purr (now two mllls).
The revenues of eacear are restricted
solely to the expensof that year, and
any surplus is directe retiring the pub
lie debt; all appropIons and claims IN
excess of revenue sdeclared null and
void. These consfional amendments
we're adopted at tibet general election by
a large and undised majority of the
popular vote of theate.
The consolidatebonds have of late
rapidly advanced 'alue, and it is believed
that when their ure is better known to
the financial worlhey will appreciate to
par. The abilityshe State to pay the in
terest on these br is already placed be-
yond any continfy.