The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1878-05-15


The funding of that sum at the rate
suggested by the Auditor, and adopted
by the Legislature, will create a con.
solidated debt of eighteen millions oil
dollars. The funding of the sum sta.
ted by the Auditor as the actual debt
of the State will create consolidated
debt of little less than fifteen mil
lions.
1t is obvious that the "plan" both of
the Auditor and the Legislature, EN-
braced only the latter sum, or, in other
words, that it excluded the bonds
loaned to the Citizens Bank aud the
Consolidated Planters Association
which amounted in round numbers to
the sum above stated, as debt for
which the State is only contingently
liable. We have therefore, to consider
whether the expressions in the act of
1874, which restricts the whole debt of
the State to. a'sum not to exceed fif
teen millions of dollars, aud the ex-
pressions in the constitutional amend
ment, which declares that when the
debt has been reduced to that sum. il
shall not be increased beyond it, so
control and defines the meaning of the
Legislature in passing the one and the
people adopting the other, as to con-
stitute an unqualified inhibition of any
increase of the debt of the State, after
the whole, both actual and contingent
has reached the prescribed limit.
A rule of statutory construction, the
soundness OF which is attested by long
use, and the frequent and continuing
appreciation at judicial tribunals, is
that the intent of the law makes it to
he ascertained by inquiring what was
his motive in leglslating-what was
the mischief sought to be avoided and
iemedied, and what the object or good
to be attainedf Contemporaneous his
tory may be resorted to, and the dis
cussions attendant upon the progress
Of the legislation through it's various
stages as well as the project of the law
in order to discover the meaning and
scope of the law itself. Subsequent
legislation also upon the same subject
or upon cognate matters, is useful as
furnishing an Interpretation of pre-
Vious words and in fixing their import.
Now if we separate the expressions,
referred to from the act aud ignore the
general tenor of the law aud disregard
and refuse to consider its history and
the circumstances attendant upon, and
which provoked its birth, so to speak,
there could be given but one construc-
ton to the phraseology of the 18th
section Of the funding act. And that
construction is opposed by the history
of the legislation, by the intent of its
trainers as disclosed at every anterior
stage of its progress by the reasons
and motives which were assigned as
Inducements for its adoption aud by
arithmetical demonstrations of the ha
sis upon which the consolidated debt
was calculated.
1t is impossible that the contingent
liability of the State upon the bonds
loaned to the Citizens aud Censoli,la-
ted Banks should have entered into
the 'tplan" because funding them with
the other liabilities will produce a sum
total greatly exceeding that fixed by
tile act and the amendment. 1t is.
impossible that the State
sh0nid have contemplated and provi-
ded for the compulsory funding of
bonds upon which her liability had not
attached, but which, must ncces arily
be contingent for many years after the
whole process of funding should have
been completed. And we shall advert
to this further on. In addition to this
ne know the exact figures taken as a
sasis upon which new bonds issued at
the date adopted by the funding bill
will produce the debt limit also adopt
ed. You cannot reach the end set in
view by the funding legislation by any
'ther road than that mapped out in
the programme of the originators =
Diverge from it in search of contin
gent liabilities at the extremity of one
Of it's by.paths and you can never
reach the end, because you get back
into it burthened with load which
cannot be constitutionally put of, and
which inexorably stays further pro-
sress.
An examination of the action of the
'ondholders and of the funding board
will exhibit conformity of view as to
heir understanding of the funding act.
This is a summary Of the St~te debt
IN the first day of the present year,
exclusive of the bonds styled as "not
as complied by the present
Consolidated debt, Janu-
, airy l, 1873 :. ..,,... 81, 97s, $50 66
outstanding old bonds,
when funded ........ 392, $50 90
Outstanding general war
rants, when funded -. 1892 80
iosal ..................$l1,7S 5, 1893 81