The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-09-20
SCIENCE AND AGRICULTURE.
sECOND DAYS SESSION OF THE BOARD
OF SUPERVISORS OF THE AG-
RICULTURAL COLLEGE.
They Will Apply to Have $l37 900 Trust
Fund Exchanged for COnsols.

They VIII Apply to Have sIa7 900 Trust
Fund Exchanged for COnsols.
The Board Of Supervisors OF the Louisiana
State University and Agricultural and Meohani-
| cal College meet at noon yesterday pursuant to
adjournment, at the Executive Office. Vice Presi-
dent J. II. Williams in the chair, and but Eve st-
pervisors {no quorum) present
| A recess was then taken, when one Of the MEM
bers repaired to the Executive Mansion and re-
| turned with the Governor, who was i'll, but who
left his bed that the business of the board might
| NOT BE DELAYED.
| quorum having been secured the board was
called to order by the Governor, who stated that,
in the matter of funding the seminary bonds
| (t137 0O0), there was one difficulty which might
arise If the board decided to fund them. and that
was, that the board did not have absolute posses
sion Of the bonds. They were in the joint Gus
tody of the Secretary OF State and State Treas
urer, who we're the depositaries, and were they
| to object to delivering them in case the board
| decided to fund them, there might be
difficulty. The question would be brought up to
test the sense Of the board upon the
| MATTER OF FUNDING,
|
DR.. Williams thereupon moved that the board
direct the Secretary Of State and State Treas
urer 10 present the bonds for funding to the State
Board of Liquidation.
| Gen. Brent remarked that the board needed
money to carry on the work they had undertaken.
The State, he said, had made no provision TO pay
| any money, as there had been no appropriation,
and the board was
WITHOUT ANY MONEY.
The State tax was outside Of that for school pur-
poses, only seven mills, and that not being suff-
cent TO provide funds for the institution if even
| the appropriation was made, he thought it better
! to fund the bonds now and then ask the Legjsla-
ture for the other ~ per cent Of the s137 1000 after
| they had been funded.
| The Governor inquired how far the legal estop-
pei operated upon the question.
Gen. Brent remarked that in his opinion it did
not cover it. The board were merely the trus
tees OF fund belonging to the children of the
| State, and could not be the benefciaries in any
manner.
/ Gov. Nichols was satisfied that there could be
| NO LEGAL OBJECTION
| to the funding as far as the United States gov
eminent was concerned the only question was
in regard to the estoppel.
Then the Legislature might say, if the bonds
we're funded. that the board had agreed to
waive all clsim to the 40 per cent additional at.
ter the bonds had been funded at 60 per cent, &C.
| cordipg to the funding law, He indorsed Gen.
| Brent's idea that this was trust fund and that
| the Legislature ought to make ii good.
DR.. Ryland stated that the Legislature would
| recognize it as q trust fund.
The Governor did not believe that the Legsls-
I'm tra any, mn IN Ytu1a
| they were funded.
| DR.. Ryapd was of the opinion that ii the board
| had no need for the money until the meeting CT
| Legislature, the
| BOARD MIGHT WAIT
until then, and If the school could not be opened
| until October the money would not be needed.
DR.. Williams seemed to think that the board
had better take the necessary steps to get funds
| 80 it could start the school.
Some discussion followed over the probability
OF securing the interest on the past due coupons
of the new consols, should the bonds be funded
/ DIR. RylaBd suggested that II money was not
needed until the Legislature met, the better plan
would be to wait and 60 to the Legislature for it,
The motion was then put and carried, DIR. Ry-
land voting in the negative and explaining that
| he was in favor Of me funding, but not at pres
ent, or not until the board had
| ASKED THE LEGISLATURE
| for assistance.
Gen. Brent offered the following resolutions,
| which were adopted:
Resolred, That the Secretary OF State and State
Treasurer be instructed to present for exchange
the $137, 600 of State bonds issued in pursuance
Of act Of Congress No. 6l5. approved March 8,
1927, and constituting part of the seminary
| fund Of which they are the depositaries, for the
consolidated bonds of the State provided for by
act No. 8, approved January "a, 1874, and for the
| above purpose the said depositares are directed
and are authorized to deliver the above described
| bonds to the
BOARD OF LIQUIDATION.
provided for under act No 8, aud to receive from
| 1t cons dated bonds in lieu thereof, and which
| said consolidated bonds are to be held by the
depositaries on the like conditions as the said
| first described bonds are now held.
| Resoiued, That the said Board of Liquidation
be requested to write or stamp across the face of
the consolidated bonds exchanged as aforesaid
| the words belonging to the fund of the Louisi-
ana State University and Agricultural and Me-
| chancal College, and not transferable
Res0lued, That In case the Secretary Of State
and State Treasurer should fail to present for ex
change the State bonds now held by them, and be.
longing to the Louisiana state University and Ag-
rcultural and Mechanical College, for CONSOLIDATE
| ed State bonds, as requested this dav by resolu-
| ton Of the board, the president of the board be
authorized to take legal steps to oblige them to
make such exchange, and
TO EMPLOY COUNSEL
for that purpose.
DR.. Williams offered the following, which was
Whereas, the State of Louisiana received
patents for two townships Of public lands in pur-
susnce Of acts Of Congress, approved in 1906 1911
and 1927, ana
Whereas, said lands were donated by Congress
and accepted by the State in trust for the estab-
lishment OF q seminary Of learning, which said
trust the State proceeded to execute by selling
the said lands, revertng the proceeds into its
treasury. and by issuing therefor $4,000 OF it's
bonds in pursuance of act No. 1872 of 1857, which
said bonds, representing the money so received
in trust as aforesaid, with six per cent interest
per annum, was declared by law to constitute the
fund for the establishment of
SEMINARY OF LEARNING,
the interest thereof to be paid semiannually; and
Whereas, since the LIST of January, 1874. the
said State has failed to pay the interest said
trust fund, or to make any provision for such pay
ment, except such provision as may be found in
| act No. 8, approved January "a, 1874 whereby it
is provided that all bonds Of the State must be
exchanged for new bonds called consolidated
bonds, at the rate Of sixty cents of consolidated