The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-07-17
THE LEVEE BONDS.

| The following dispatch was received here
yesterday:
| MONROE. La, July Is, 1877.
| OF. Forstall, ESQ.,:
| As instructed by Mr.. Flanagan, send copy
Of decree. 1t Is ordered, adjudged and decreed
| that tho judgment OF the lower court is
affirmed. which refuses to make the man
damus obtained by relator peremptory be-
cause of the decree of this court rendered in
suit No. 556; and 1t is further decreed that tho
bonds set forth In the REALTORS petition are
now declared to be legal and valid obligations
Of tho State OF Louisiana, and they were IS
sued In strict conformity to law, and not In
| States or Of this State, and for a valid eonsld-
| GRAFTON; it Is further ordered that the reIator
| pay costs of both courts. Judgment In Math-
or S case same in effect
TALBOT STIIIMAN,
Clerk Supreme Court.
The decisions referred to In the foregoing
dispatch relate to the convertibility OF the
levee bonds issued under acts No. So OF 1865,
No. 115 of 1867, and No. 80 of 1870. These is
sues are decreed to be valid obligations of the
State and consequently ehtitled to be funded.
We may sincerely congratulate upon the re-
suit of the litigation thus brought to o close,
not only the parties directly Interested and
their persevering and energetic attorney, but
also the Board of Liquidation and the State
itself. Our new Funding Board, which Is COM
posed Of gentlemen who have the interests Of
the State as much at heart as any other patri-
otto citizens, very reluctantly refused to fund
the outstanding bonds Of the above mentioned
issues, because their oath of Office required OF
them to obey tho strict letter Of the law ap-
plicable to the case. They never for moment
denied the right of the holders of these bonds
to have them funded. They simply required
that these holders should obtain and present
to them decision of the Supreme Court af-
iirming the validity Of their bonds. That de-
cision has now been obtained, and 1t cannot
fail to give entire satisfaction to all parties
concerned.
But the board and the holders Of the bonds
are not the only persons interested In this
matter. The decision rendered yesterday at
Monroe will produce more beneficial effect
upon the credit Of Louisiana in foreign mar
kets than perhaps any act of our State gov
eminent could have done. European holders
of our bonds will feel that we intend to act
towards them in the utmost good faith by
honorngall of the obligations of the State
for which they have paid and we re-
ttiseu % NtIu eouSiuolut'oi, any W. dlo
fully persuaded that before long the
credit Of Louisiana will stand as high In New
York, London, Paris and Amsterdam as that
of any State of this Union. The seven per
cent. bonds Of Georgia now rule ct about 1903;
the six per cents of Missouri at about 106, and
II will be the aim Of our present government
Of reform to SO manage the fiscal affairs of
this State that the seven per cent. bonds of
Louisiana will soon command an equally high
priee-the more SO that their probable total
amount Qess than $l2, 900, 900 after the funding
of all convertible bonds) will be mere baga-
telle for o State so rich In resources as ours.