The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-01-02
showing saving IN expenditures Of op.26s.sss ~
"a compared with the last three years Of tho pre-
v,ous administration.
TIE Supplemental Btll.


An not adopted during. the extra session Of
1875, known % tho supplemental funding act;
called In question several series OF bOnde, ana
provided tnst NO ont:tandns bonds OF these
the supreme Court OF the State. Suits hnve III
ready been dssSrmned ~ snat sr' y nal mmSs,
which levee bonds to the amOunNOf y ooo.OW were
issued, and act No. 80 Of 1870. under which levea
bombs to the amount of % 900 ono wero issued.
honda Of these tssues have. accordiugiy. beer
tundtd M far ms presented. The question vt the
VALIDITY or act No. 20 OF 1858. under which levG
honds to tho amount OF 81 O00,OOO wore Issued, is
now before the Supreme Court for detormlOa
ton. SUITE affecting the legality OF the G5o.O"
subsidy bonds. issned TO the Mobile and Chat
tanOoHR Railroad Company, under net NO 40
1909, the secGnd mort gage bonds provided for IN
the same act. and the 2,s0O 600 bonds II sued Z,
ss IN ~. mcs sCs 30 NJ
pany, under act No. 1t6 Of 1869. and The sso.0m
issued 10 the Bayou BTnf and Crocodile Nnviga
ion Company. under not No. lag OF 1870. are DOW
pending in the courts. The supplemental
funding act nlso called IN question v number OF
tree sc6oo, ana other bonds, not so much as benf
., a Ssn sa aSor Se
( not No. 81 OF 1879. / am OF opinion that Il
would have been better X these bonds had no
rne aot, however, provides that eli these cases
4hall he called up by preference, and u Is to be-
resumed that final decision with regard to
rnch IT. sue will be reached at an early day. Our
Mole debt will then be placed beyond question.
DOT only ssIhavipg been passed upon by the court
of last resort. and the legal obligations Of the
State absolutely and finally determined. bur the
provisions OF the fundiag bill and the constitu-
iionnl guarantees connected herewith will give
10 the creditors Of the state degree Of security
possessed by the bonds Of no other state.
The outstanding certificates Of iudebfedEoas
issued by Auditors Wicklffe AID Graham.
amounting to el01 G39 81. are not fundable. The
outstanding constit utiOnal warrants issued prior
to January 1, 1874. amounting 70 ee5tsS o.. are
not fundable, but will be absorbed by the delin-
quent taxes OF that year. The outstanding ware
rants of ls7A, not tuDdAble. and which Will be
absorbed by the delinquent taxes OF previous
heating Indebtedness fundable, el62.6S4 "a, of
which 90 900 are known as Weed warrants. ana
have been rejected by the Funding Board.
should every dollar OF old outstanding bonds
OF the state and all outstanding fundablelwar-
rants be funded, the consolidated debt OF the
State woult amount to but elt0lS.ls2 81. Thiss
the highest point that the debt Of the state can
reach in any contingency until 1914. or until tue
con sobdnted debt IL fully paid. Should any OF
tine outstanding bonds be declared invalid by the
courts the cons olidated debt Will be proper
tionately reduced.
security u the Copsolidsted Bonds.
PRINCIPAL and interest of the new consolidated
debt are guaranteed by y constitutional amend
ment. which provides that these bond SHAH
be ID valid Obligation of the State. in favor OF any
holder thereof, and no court shall tuJoin the
payment OF the principal or interest thereof. or
the levy aud collection OF the tax thereon. To
secure such levy, collection aud payment the
judicial power shall be exercised when necessa-
~. The tax required for the payment Of the