The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-04-17
BOARD OF LIQUIDATION.
ACTION ON THE CONsOLID aTED PLAN.
TERs' ASSOCIATION BONDS.
1925, 900 of Those Bonds to be Funded
without Further sItIg alton.


| without Further sItigatI
| The State Board OF Liquidation met on vac
| terday at noon. Present-the Governor, LIEN
tenant Governor. Secretary of State State Audf
tor. State Treasurer. Speaker of the FL ,use and
president OF the Cotton Exchange and Fiscal
| Agent-a full board.
The Speaker. by request read the decision OF
the Third District Court in the case OF LsSas-
/ sier Binder, who obtained mandamus upon.
the State Board Of Liquidation to fund their
| bonds-Consolidated Planters Association
and reading Also he decree OF the Supreme
| Court affirming the decision OF the lower court,
also refusing rehearing in the case, which de-
cision makes the bonds valid OBLIGATIONS OF the
State. the issue amounting to s425 900.
Gov. Nichols remarked that in his opinion.
when any Of the bonds In question were taken
up BY the board. it should at the same time
have an act of subrogation from the parties
making apple ton to fund. He inquired when
would be the proper time to receive such subro-
CATION.
Lieut.. Gov. Wiltz suggested that the proper
time for thu reception Of the act Of subrogation
would be sim simultaneously with the filing Of the
application for funding.
Mr.. kngent, President OF the Cotton Ex-
change, thought that the order of the board TO
fund might be made conditi6nal that the act of
subrogation should accompany. the application.
Ihat being the opinion Of each member of the
board. the Speaker was requested to draw I'D a
resolution in conformity with the views ex-
pressed. and did so. the following resolution
drawn by him being unanimously adopted:
Resolued. That In considering and acting on
the funding OF the Consolidated Association
bonds the action Of the board. whenever it
tions, shall be aud Is based upoa the a. eynrsss
condlt1on that the holder or holders of such
he rnsgg IL sg ode e
Orleans, fu and comDi't te sqbrogation N Of s ali
the Consoh ated Association Of the Planters Of
Louisiana. the Stockholders OF said associa-
oa' sd the assets thereof he mortgage rights
and all rights and privileges held or existing.
to secare and gnarantee ,he reimbursement Of
ferred on the State to enforce any and ali sncb
rights and privileges wi hout exception
Resooed That said Attorney General and
Auditor are requested to contract In Accord
anee with the notary selected by them for the
execution OF said act OF subrog ation at as low
a figure as can be obtained.
The Lieutenant Governor suggested that tha
bonds before being passed upon and funded.
should hrst 20 examined, as to their genuine
ness. by an export or experts.
The following resolution was then aaontad
, Resotped That before being funded. all tha
p93nas g3 oi We Uonr nfidated Association OF the
Pianters sf Lot. .siaaa -igessated for the mn
pose shall be referred to experts witbonf eom- Dn,
pensatlon, for examination. and raport suu as to
me ra,e s,enninesees OF such bonds and annexes
The Speaker thought The board should also
consider the matter OF the interest coupons so
1t could be disposed Of. 'A1' ''
'lslon d1d not cover that.
The Speaker replied that 1t merely covered
ne face of the bonds passed upon. He said.
urther, mat ne thought the ruling In this case
mould apply, to all Of the bonds Of the Issue
passed upon By the decision and would favor
~ 4th "a oy tne D,'ard declaring thai all the bonds
u the issue Do funded after their reference
0 experts.
coz y Nieh9lls stated that he saw nothing that
nent in the Case Of other boads of the same
M, mr.; hngent vas M OF the opinion that the de-
aiter Iurther expression Of opinion the fol-
0Bang Be1seg LII, was "a adoDed
hat the decision of the Supreme Court of The
tate OF louisiana, No. 1869. in the case Of Le.
asIier h 81 d Blnder ys the Board OF Liquidation
the STATE OF Louisiana. C verY all the bonds
'sued by the State to the Consolidated Assnci,
n9n d & as 70 the requirements of act No. Il Of 1875.
sion all such valid aud genuine b rnds sbouid
funded, subject to the rules Of the board
Tbe hisa,enant 111 snaatne Governor ovsa that
para Iund the interest conpons on the bonds
,d anestion ,ha as in the case Of all other bonds
o motion. he said to obtain the views Of the
embers OF the board. '"' u 'oo
After a some discussio, the motion prevailed.
ne LltuIenant tovernor moved that all an
icaions for funding Cons lfdatsd Planters'
u ssnGlalon n; ponds be referred by the Audi or to
Planters As sociation to ascertain their gem
ard. D0A " 1ho
The Secretary Of State suggested that It won1d
cessltate increased cl-real labor upon ths
o ldltor sthe secretary OF the board, and he
ggested as an amendment that the parties
aking AZ g application for funding first take them
IN their bonds to the Planters Association.
iere they would be examined and comparai
tn T, the books. and that then the parties or
iders shau present them to the board with
rtlfcate from the Planters Association thai
bonds are correct and g-nuine lao"
ne motion as amended was adopted, where
on the board adjourned until Thursday az
m. "S
1,uring the session of the board some infor-
u conversation occurred as to the assets OF
,. ASSOCIATION. the opinion being expressed
~ tney would fully meet trse issue Of new
lsols for the old bonds outstanding and
aranteed by the State