The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1878-10-25
STATE AID N An1 NORTH LOUISE
Il ANA AND TEXAS RAILROAD.

"A Ana AND TlNAss RAILROAD.
ron 70 It of Property s1older.' Union:l
sstUndS the provisions of Act No.
-, ane6vcdaaseember 1858, soon
after Warmotll was inaugurated Gov
ernor and Ludeling appointed Chief
Justice, loan of State bonds was au-
(t3sorlsed ID be made to the North Lou
isiala and Texas Railroad Company,
to the amount OF one million one hun
dred and twenty-five thousand dollars,
~ eight per cent. interest, which the
company were required to pay ana
which ahey never paid" 4
Warmolh issued to this so-called
oompaay $40 bonds, d 600 each, in
ljl669. Il Aud kellogg issued SIG bonds
f6e % ,O0o doalars each, In 1873, long
a1ter thu l3lll In Equity was flled In the
United States Circuit Court charging
the frands which the Supreme Court
foand were abundantly proven, and
after the company was In default on
the interest ON the first issue. n
Labelling and Ray had enough infiu-
ence with the Government and the
Legislature to perpetrat6 this enormous
swindle on the people of the State, and
to tax the people to help them to con-
duct their railroad, which they had
obtained by trickery and fraud. 1t is
scarcely necessary to follow in all it's
snrpentine winding tho Shiny track Of
this snake, and 10 tell how first they got
the bonds a. q loan on q, second mort
gage ON the road, aud then obtained
tiSe passage OF AN act to authorize the
company to mortgage the road at
twice as much as 1t is wOrth-$25, 900
per mile-and then, when some public
officer who had not been taken into the
ring began to look into this nice plum
and to sue the company for the in
terest for which they were in default,
In 1872 they got an act passed and en-
rolled to give the State stock Of the
company In exchange for the bonds of
the State, to the amount of five hum
dred thousand dollars, when the com
pany was already in debt more than
twice the amount of its assets. The last
act Eve know something about iD was
championed by Albert b. Harris then
a Radical leader in the Senate, from
Concordin. IT was passed in February,
1872, after the Hoover will case was
argued and submitted to the Supreme
Court, to which Harris was a party.
But kellogg said In the summer Of
I 1872 that he had never signed it, and
never would sign 1t. Ludeling paid a
hasty visit to the Capital and the act
was suddenly promulgated, yet it APP
peared on its face to have been approx
ed on the 10th of April, 1872, thus
lantidating suit that had been brought
by the Attorney General against the
company for the interest on these
bonds. This act had to be published
and bound with the Acts of 1873, to
which we refer our readers, page 13 Of
that pamphlet.
Amer Ludeling and Company got
possession OF this road, it appears that
one million one hundred and twenty
two thousand dollars State bonds
Issued to them, the last installment OF
Ave hundred and odd Thousand by this
perhdious Act of 10th of April, 1872,
antldated as Aforesaid, on which the
State was compelled to pay the inter-
est and receive the stock of the COM
pany for tho same.
Now the question arises, where are
these bonds issued to Ludeling and
Company by the Governor? They
were issued payable to bearor. Who
is now the lawful owner and holder
of the same? 'Ludellng boasts of
having obtained judgment for the
| value OF the Improvements which his
company made on this road but he
did not tell us whose money made the
Improvement. We can inform our
readers that these bonds were funded
at an early day under the late fund
ing act, and now constitute Il part of
the State debt. To whom then does
the Judgment for the value Of these
improvements belong?