New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-01-04

l0IU, un0ef which loveo DOnoStO tno Smoun'
of 81, $50, 900 were issued. Bonds OF these
issues have, accordingly. been funded a. tar
as presented. The question of the validity
of act No. IS of 1865, under which levee
bonds to the amount of 100000 were
issued, is now before the Supreme Court for
determination. Suits affecting the legality
of the $4,000 subsidy bonds, issued to the
Mobile and Chattanooga Railroad Com
pany, under act No. &c of 1869, the second
mortgage bonds provided for in the same
act, and the 81, soc, 10000 bonds issued to the
same company, under act No. 95 Of 1871; the
$3.50 900 issued to tho Mexican Gulf Canal
Company, under act No. ll6 of 1869, and
the $50, 900 issued to the Bayou BGuf and
Crocodile Navigation Company, under act
No. lag of 1870, are now pending in the
courts. The supplemental funding act also
called in question a number Of free school
and other bonds, not so much as being
of doubtful validity, but on the ground
that they had been improperly sold
under the provisions OF act No. 81 of 1872. l
am of opinion that it would have been bet
ter if these bonds had not been included in
the supplemental funding act. The act,
however, provides that all these cases shall
be called up by preference, and it is to be
presumed that final decision with regard
to each issue will be reached at an early
day. Our whole debt will then be placed
beyond question, not only as having been
passed upon by the court of last resort, ana
the legal obligations of the State absolutely |
and finally determined, but the provisvns |
of the funding bill and the constitutional
guarantees connected Herewith will gle to
the creditors of the State a degreed Sc
curity possessed by the bonds of NJ other
State.
The outstanding certificates ofhdeoted-
ness issued by Auditors Wicklif anu dra-
ham, amounting to $lOl ,639 So 40 no1 'ond-
able. The outstanding COM nai war
rants issued prior to Jay = lo,4'
amounting to ss5,4s5 OF, wv lunuao'e
but will be absorbed o,,.t..s: nq 0en'
taxes of that year. H. and rh;eh " ~;n
rants of 1874, not fur ,nusn, +o~a. " w..
be absorbed by theto sa42, 44s o.. Leav-
viens years ing indebtedness fund. I
ing OF present of which $4,000 are Z
aole' sloS warrants, and have been
known as WFunding Board.
fe]ec'eo oyry dollar of old outstanding t
0nouia ae State and all outstanding n
JULIUS Variants be funded, the CONSOLE t,
iunoabt of the Safe would amount to v
atee0l5,l 1872 81. This is the highest "
out that the debt of the State can reach in I,
p'contingency until 1914, or until the b
solidated debt is fully paid. Should any f,
the outstanding bonds be declared in Ii
lid by the courts, the consolidated debt Is
II be proportionately reduced. Il
SECURITY OF THE CONSOLIDATED BONDS. s.
Principal and interest of the new consoli- III
ted debt are guaranteed by q constitu. 81,
nal amendment, which provides that these s,
nds shall be valid obligation of the State, NJ
favor OF any holder thereof, and no court IA
III injoin the payment of the principal "s
interest thereof, or the levy and collec- sc
q OF the tax thereon. To secure such an
Y, collection and payment the judicial be
wer shall be exercised when necessary. prf
Q tax required for the payment of VII
principal and interest of said an,
ads shall be assessed and collected 70,
h and every year until the bonds am
III be paid, principal and interest. wo
the proceeds shall be paid BY the on
,asurer Of the State to the holders of said ;,,,
ads as the principal and interest of the +.n
ne shall fall due. and no further legisla- carr
q or appropriation shall be requisite for The
said assessment and collection, and for ..vs
b payment from the treasury" The same time
=, amouument limits the debt patel
mo 0'a'o " ''o,oVV'ooo' or the lowest the =
~ Ae"oAo" "A''' 'n0 oeot Is FUNDED. The tax.
to tax for az purposes is by the same until
limited to twelve and half mills temn]
ept for school purposes (now two mills, mall
revenues " o"on year are restricted year,
ny 10 tnoe4penses OF that year, and they
surplus directed to retiring the pub- The
oeo'' all appropriations and claims in pany,
ess of re'enue are declared mil and MOVIE,
l. lnes o'nstl1utionai amendments their
Q adoptl at the last general election by the le
arge an undisputed majority of the them
ular Wy " 'no o.aee. do 60.
10 ooY'''0s'eo oonos lave Of late they '
dly adfnced in value, and it sbelieyed ther I,
, whertheir nature is better known to Of all
nnsnq1 . "oiio, 'ney VIII appreciate to Comp,
Th9oillty of the State topay the in sure1s
st on 'ese bonds is ALREADY placed be- passed
d any ontingency. comma
STEN|cE AND CONTROL oF1HE LEyEEs. condit
no c'struction and maintenance of a taxpay
nan9 system of leveesa the Missis. levied
i rif is one of the most important When
cs IT can engage JOUR attention. approx
'celsnother question bars so directly benefit
he fure prosperity ofdle State. Com. would
Of the gelral government, taxatio
id detailed to invutigate into this possible
II compute that n efficient levee could e,
dwould bring intesafe cultivation in their lie
fse OF feg yeau 1000, 900 acres of | even su
est cotton land capable of pro- liabilitie
gone bale to th acre, and $500, 900 The teri
d sugar lnds Of proportionate fer suggest
interest SO nst, extending over istence (
It StatesAnd Mecting so vitality the State an
'ity of ne Whole country, pass be- work c.
he douain Of State regulation and come 81
tit subjects for national legislation. out cert,
years tgo John C. Calhoun, the chief to receiv
ut of ate lights and the necessity cubic yal
let obstruction Of the federal con. tic act, q
q, ntde exception in favor of the missone