The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-09-08
THE STATE FUNDING BOARD
DECLARES THAT NO OLD TRASHY
WARRANTS Or CERTIFATEs
WILL BE FUNDED
Until the Courts Have Passed Upon Them
what the Courts May save to the state.

Until the Courts Have FasscO upon Inem.
what the Courts May save to the state.
The STATE Board of Liquidation met on Thurs.
tlay at noon, and was called to order by Gov.
Nichols, there being present the Lieutenant
Governor, Auditor, Speaker Of the House and
Treasurer.
It was suggested that the Board decide upon
the question OF funding warrants, but owning to
the absence OF Mr.. Black, action was postponed,
and the Board proceeded to pass upon and
FUND OLD INDEBTEDNESS.
MIR. Black appeared, however, before the first
application was concluded. That application was
presented by Isidore Newman g. Bro. and in.
cluded coupons and interest fund warrants. The
coupons were funded, but when the warrants
we're examined Speaker Bush said that the law
authorized the board only to fnnd bonds and
warrants issued
PREVIOUS TO JANUARY ], 1874,
and these warrants were dated in 1876. Further,
that they wers issued against certain fund and
should be paid from that fund. The
|. ABSENCE OF THE AUDITORS BOOKS,
he said, prevented the board from ascertaining
any information relative to the warrants.
Mr.. Newman, who was present. made, by per-
mission, statement relative to the history of the
warrants, which, he said, were issued for past
due coupons, and that they we're merely interest
warrants; that the old board funded them re-
peatedly.
Mr.. Bush moved that the warrants be not
funded. Carried.
Mr. Bush read from the message
SENT BY KELLOGG
to the Legislature January 8, 1876, statement
as follows:
Tho outstanding certificates of indebtedness
issued by Auditors Wickllffe and Graham,
amounting to slOI. 639 81, are not fundsble. The
outstanding constitutional warrants issued prior
to January /. 1874, amounting to 1854 on, are
not fundable, but will be absorbed by the delin-
quent taxes OF that year. The outstanding war
rants Of 1874, not fundable, and which will be
absorbed by the
DELINQUENT TAXES OF PREVIOUS YEARS,
amount to $242, 442 OF. Leaving, of present
floating indeb edness fundable. sl62, 634 ~, Of
which s9i, 900 are known as Weed warrants, and
have been rejected by the Funding Board.
Assuming, for the sake OF argument, continued
Mr.. Bush. that we take this 40 authority, we find
that class OF warrants rejected by our predeces-
sors, but notwithstanding this statement which
have just read, am prepared to say, as learn
upon examination. that $5l,O67 Of these very
warrants have been funded. In former times
the general appropriation had been
NO GUIDE TO THE AUDITOR
in Issuing warrants, and, for example, said he, il
there had been an appropriation Of 100000,
there would be warrants issued against 1t amount
ing to 100000.
Another application including old warrants or
certificates Of indebtedness was presented, when
Lieut.. Gov. Willz moved that the board do not
fund any warrants, as the Auditor had no means
OF ascertaining whether they were legally issued
or not. Carried.
The board then proceeded with the funding Of
bonds, etc. giving the public TO understand, by
the action taken, that all warrants, certificates,
ETC., must frat be
DECIDES BY THE COURTS
legally issued before they could be funded.
The fol owing amounts OF bonds and coupons
were funded, whereupon the board adjourned:
]. Newman & Bro. .................... 1864 90
=. u. Hatcn. -......s.... %, 900 w
d. Matners. .................t.. z,UlO II
a. Lufla ............ ..-... 5,ouu w
The action OF the board in refusing to find GER
tain classes Of old and worthless warrants issued
without limit will il the holders zee fit give the
courts an opportunity to investigate the "whys
and wherefores OF the issuance Of
FEW HUNDRED THOUSAND DOLLARS
Of that material, and it will be necessary, per-