The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-18

IOuuu A, w. anu bO bApDS6 tu6 ELbTRe Oh al~
legged error, and that Is to see what the act OF
the Legislature says, and then to show that
no subsequent Legislature or constitution
can alter its terms to the injury or detriment
OF the bondholder without the "law-makers''
become "law-breakers," only to be rebuked
by their own and the Federal judiciary. The
act No. OF the Legislature Of 1874 was
amended and re-enacted by the "Nicholls,
Government" and the amendments to the
| constitution recognized and ratified, 80 as to
bind the people OF Louisiana In law. equity
and In good conscience. This act No. 8 is
the law written upon the face of the bonds,
and forms the obligation OF the contract then
entered into with the creditors OF the State.
claiming TO hold Its valid evidences OF in
debtedness, and who surrended these to the
State In exchange for bonds at the rate of
sixty cents on the dollar. "A. w." claims
the right Of the State to violate that solemn
compact and denies the validity OF this legis-
lation. That ls the issue between Mr.. semmes
and I'D. G. L." on the one side and "a. W.
on the other. /. propose to show that the
terms OF the act are plain and unambiguous.
needing no argument to refute "a. W." COM
pletely. Section says: "Be 1t enacted, ETC..
That the bonds authorized by section
shall be signed by the Governor, Audi
| tor and Treasurer, and when 80 prepared said
| bonds shall be exchanged by the Board OF
Liquidation for all valid outstanding bonds
Of the State and all valid warrants drawn
previous to the passage Of this act by the
respective Auditors Of Public Accounts Of the
State ON the Treasurer thereof, except war
rants issued by the Auditor In payment Of the
Constitutional officers Of the State at the rate of
sixty cents In consolidated bonds for one dol
lar in outstanding bonds and all valid war
rants; propided that the holder Of any bond
or valid warrant rejected by majority or
said board may apply by petition to the
proper court for relief, and II final Judgment
shall be rendered ini his favor against said
board it shall be the duty OF said board to
fund his said claim In bonds at the rate pro-
vided by this act; and proUided further, that
| IL any member OF said board shall knowingly
audit and fund any Illegal claim against the
State ne shall be deemed guilty OF o misde-
meanof, and shall on conviction be fined not
less than 5000 and be imprisoned not less
| than two years. at the discretion of the court:
and any person knowingly procuring the
same to be done shall be subject to the same
penalty" Now, although this law emanated
from a Radical Legislature, and was signed
by Governor Kellogg whose title to author
ity was founded In fraud and usurpation, no
lawyer, jurist or sensible man can deny it's
ment, and too late to dispute it., to
say nothing Of It's deliberate readoption
! by our own chosen State officials In 1877,
with few notifications and amendments.
not tut pertinent Th s to more ssy to n sas REo Es es s y
Of that act did everything to protect
the State against fraudulent debts being
funded, that "a. w" or sd. G. L." could
have asked2 and although We hear such
clamor about "illegal warrants, and frandu-
lent bonds and warrants" not a man who
was On these boards has ever been prosecuted
or sent to the penitentlary for violating its
officers Is that they have performed their
duty, and the denunciation by this section OF
the crime Of funding Illegal warrants or
bonds, and the punishment of the offender,
have. The section did not pretend to annul
the valid bond so issued or procured, because
| 1t well knew 1t would speedily be passed off
to some innocent third party and the State
then who knew so much Of "illegal and
fraudulent debts being funded that they did
/ not go before the courts and give evidence to
bring these miscreants to the bar Of the crimi-
nal cOurtsp
| "One blast from their bugIe then
| Were worth ten thousand men,"
| Section says: THAT tax Of five and q
| half mills on the dollar Of assessed value of
| all real and personal property In the State fs
hereby annually tepted, and shall be collected
for the purpose OF paying the interest and
principal OF the consolidated bonds herein
| authorized, and the revenue derived there,
from is hereby sci apart and appropriated 10
that purpose and no other; and that 1t shall be
deemed a felony for the Fiscal Agent, or any
officer Of the State or Board Of Liquidators,
| to divert the said fund from its Legitimate
channel as provided, and upon conviction the
said party shall be liable to Imprisonment for
4 Fff FyxT a flF t<z11 ALrxr
the discretion OF the court. III there shall,
| during any year, be surplus arising from
said tax after paying all the interest falling
due 10 that year, such surplus shall be used
for the purchase and retirement OF bonds
authorized by this act, said purchases to be
made by the said Board of Liquidation from
the lowest offers after due notice; proyided,
that the total tax for interest and all other
State purposes, except the support OF public
schools, shall never hereafter exceed
| twelve and a half mills on the, dollar.
The interest tax aforesaid sha1 be
a continuing annual tG1 until tns
redeemed, principal and interest; and the said
appropriation shall be O continuing annual
appropriation during the same pert0a, and tnis Z
levy and appropriation shall authgrize ana
make 1t the DUN Of the Auditor and treasurer
and the said board respectively 10 costect said
ttax annually and pay said interest and re-
deem the said bonds, until the same shan be
y daschg.d g s sfafe Is ~ fng faasna yosn peuge IN @
mistskable language, and here is the "con~
tracf' with the bondholder. The trainers OF
this act did their work well to bind a future
generation with hooks Of steel to pay no
| donbt fraudulent debts, illegally contracted.
aD. G. L." wishes 1t were otherwise and that
they had left US peg to hang hope" Of
escape, with honor or prospect OF SUCCESS In
| law from its legal force, or that the good
| people of Louisiana had been able when they
| came into power TO blot out all their political
| legislation and their outrageous jurispru-
dence; but there is an old Roman law maxim
which says, There are many things when
they remain so, than to attempt to undo
them," and In the slang Of the day, "Our
| oppressed State was never hurt till then"
But section II is more direct and explicit.
lt says that each provision OF this act shall
| be and is hereby declared to be q contract be-
tween the State OF Louisiana a. each and
every holder OF the bonds issuEd under this
act Jiand section 10 makes Il a rnisdemeanor in