The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-11
THE NEW ORLEANS DEMOCRAT, WEDNESDAY, JUNE 1873

IL
those invested with the powers OF g9yeIn nn1a
and every act Of. these agents Or trustees 10
open to invesigation reyeT reversal aRa an
# IL conflict WITT ha he neopis y az
ment On the validity OF the public debt Of that
aad gEdaaaed mqas p y 70 ee Ts
action on the part OF the people Of georgia dld
not impair the public credit Of the state 1 9ba
the private credit o. ner G.1ze hssn non
The people Of Missouri, n eonyentiont sat II, ID
judgment on the validity OF The state d t a ta
treasury we're null and void and should not be .,
paid, This action on the part Of the people. @, OF
Missouri ala not impair the Rq hal frea q Nos
viii he publc credit Of Louisiana, nor the pri-
vae credit Of her citizens be impaifed ~ |ne
getg and # fTa hs pSoRtdS ebts 80
II Th hare appears to be a strange delusion In
regard to the funding act Of 1874 ana 1he c9 On
Imsion Consists in surprising that the people
Obligated and bound themselyes. By solemn
contract to pay al asa pon n
he ee STATE ana henHl This e eaon arises
from an error 81 both law and fact and is the
Of a ba eood e se ana R
ied 70 much detraction and MISREPRESENTATION
Of our people,. The amendment TO the consti.
tuition Of 1868 did not authorize the exchange Of
consolidated bonds for Illegal and void bonds.
issued in violation OF the constitution Of the
Tie funding act Of 1874. reclted In the amend
ment. did not authorize the Board 81. Liquida-
tion to exchange consolidated bonds for illegal
and void ss pa
the board to the exchange OF consols for legal
and valid outstanding bonds against the State
snd o5 a ee .
only De exchanged by the BOARD Of Liquidation
for ali valid outstanding bonds Of the state and
Gus to the passage OF the act. except warrants
drawn In favor Of the constitutional officers Of
II e 0i il possible to construe the words, AL
valid. outstanding bonds OF the State and all
valid warrants drawn BY the Auditor TO mean
illegal and fraudulent bonds. or illegal and
fraudulent WarrantsI
Ii. Therefore TIE Board Of Liauidation has OK,
changed consolidated bonds tor Illegal and
fraudulent obligations against the State. the ex
change was ia violation OF the amendment to
the constitution and Is null and void. Il The
courts have decided that the people under the
bonds. exchanged for illegal and fraudulent OBJ
legations. the decisions are 10 violation Of the
amendment, and are null and void. and not
There Is no system Of laws that recognize the
obligation Of the State, the people or ofindivid-
ualS, TO Day lIleEhI HlA lIduuulCHG AcUL6 vi LILO
contrary. fraud vltiates everything. and strikes
everything with nullity. In addition to the
illegal debts contracted In 1853. other debts to q
the Legislature. without providing adequate
ways and means for their payment. These
debts are specified ~ the report Of the majority
not time TO consider them In detail. but cannot
refrain from making some remarks on the
leyee bond debt Of the State,
or retroactive law. nor any law, impatring the
obligation OF contracts shall be passed. nor
VESTED g % ana ea Iaeus a
Ii is d well settled doctrine In this country
pose which is private, Or to put It II another
lo Statute Which authorizes the issue Of bonds
Individuals. or in aid Of manufacturing enter
prises Of individuals, Or private corporations,
ls void. because It falls within the meaning OF
tradistinction from public purpose. although
vhe local public might be benefited thereby In a
collateral way; 80 A.. es7. 28s ,..,,
and is for q private and not 9 public purpose.
The theory OF the levee tax IL. that 1t enhances
the value q and re tie
effect to ali lands in the State and Is, Of course
eea q
1t is q tax to enrich the few at the expense OF
the many. The whole system OF levee taxes is
ton OF the private properly Of part Of the
people to enhance the value OF the private
property Of another part. and is In violation Of
the fundamental principles OF constitutional
government. and 1t has been 80 decided. in
principle. In numerous cases, In different courts
Taxes AK s0 for The private purpose Of building
levees on the property OF indivlduals have been
QtRfn fpr tO fine tnfArAIf IN
bonds that had been issued and sold for the
same Illegal purpose.
ton and Of wroa az against the people; but. on
the contrary. length Of time Is but an aggrava-
tinn OF the injuries Inflicted.
been paid out Of the public treasury on account
81 levees constructed on the property OF in
During the same period s9e5s.oss So have
been paid out Of the public treasury In the
| name Of interest on the public debt, including
the Il egal and fraudulent debt
This amount exceeds the amount, In cash re-
cetved BY the State since the war from the sale
OF bonds By the sum OF s3,062,b56 %. which lie
more than reasonable rate OF interest on tie
The minority report declares the following:
II VII thus BE- perceived that since nc the war
ST. ~ ,2ao Of bonds and State notes, reduced b.
| funding to 81. 29i.744.'
r thus appears. from official authenticated
| full amount III cash received by her on the sale
Of bonds since the war, but has paid a fair rate
Of interest thereon to the bondholders.
| State is bound to refund the amount received
in cash, on the sale Of Illegal bonds2.
The amount has already been restored. with
| interest thereon to the bondholders.
During tbs same period Of ten years the re-
ceipts into the, treasury amounted to $40:
ss1 373 81. and the disbnrsements amounted
creased debt Of s5,6s7.4l1 co.
| To these State taxes must be added parish