The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-02-01
A CARD.
CITY CONSOLIDATED BOND MATTER

Abstract. from the decision rendered by Judge
Woods In the cause Of Rusalie Masnhatis
and others vs.. theeity of New Orleans afid
others
mentioned, contains contract vdhd and
binding ON the city, and that the b6ndholdeTs
are entitled TO exact the substantial perform
anoe OF tbs contract have 50 held upon ths
s tss 9sF New o cans Wosds q ls
The thirty -seventh section Of the act of 1854
constituting, as tdoes. d contract between the
city and the bondholders, stands Nnd0eeled
by a,,y subsequent legislation t,.at seehs II
tmpair Or repeal its pyouisions.. But the rarul-
edy Of the colnpanants to enfofee their con-
trtet is clearly not In equity, but ut law, by
the recovery Of II Judgment on their coupons
and bonds, and BY tho writ Oh nandamns
tax required by law. ne relief al IN Il
plain, adequate md complete, and equity care
not be res0rted TO-"
ABSTRACT
frcm the decision rendered By Judge Billings
In tho case d Morris Ranger W. the Mayor
and Common Council Of New Orleans, dated
But among the statutes Of the State with
reference to ths city Of New Orleans, and
among the general statutes of the States are
found acts that give the absence OF any par
nance creating debt, q special Significance
"The nct Of 1862, No. 81. entitled An act 10
consolidate the city Of Ne,s Orleans, md pro-
ride fer ne ,pogernment,' etc., section 81, pa0s
"And no ordinance (G ii The city Of New Or
leans) creating d debt or loan shall be valid
unless for some. single object or work dis
tiuetly specified therein, and unless such or
the punctual payment. Of running interest
during the whole time for which said debt or
loan shall be contracted, and for the full and
puncttial discharge ut maturity Of the capital
borrowed or the debt incurred"
ABSTRACT
from the report Of Judge r. Wharton Collenss
Especial master in chancery," approved by
Judge Woods.
"XI. On oil points Of inquiry generally,
report,
irrevocable check and safeguard for the bene-
fiji and advantage III the holders OF the con-
solidated bonds. No debt could DO contracted
except according to it's provisions. The hold
ers Of the bonds are entitled TO precedence In
the collection of taxes on lands and slaves
and to the suppression Of any demand Tor
payment Oh any subsequent debts that would
Interfere with or prevent the payment OF the
consolidated debt, unless such gnbsequent
debt was contracted upon cornpiianee With
the terms and conditions Of the act OF 1856"
IN THE CASE OF MAEsHAUT vs. NEW ORLEANS
before tho United States Circuit Court for
Louisiana, Judge Woods In the written req
SONS assigned by him for Judgment, uses the
following language:
"In the argument upon the motion for In
junction 1t was claimed by counsel for the city
that tho act Of 1859 was In violation Of the
constitution Of 1916, which was In force when
that act was passed, and which declared (artI-
Gle 1871 that taxation shall be equal and uni
form throughout the State The provision OF
this act Of 1862, which is deemed to contra
yene this constitutional requirement is this:
THE rate per cent of said tax In each munich
pality shall be in proportion to the indebted
ness Ut each / cannot see any conflict be-
tpeen the la,1 and the Constitxtion. AS at pres
eDt advised, / do not think the objection to
the law well founded"