The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-11

ion but to represent 1t. Inc Legislature q
1873 had q tempted 70 force upon l Inc people
nuence was the amendments submitted were
voted down and this Convention was ordered.
The speaker brought his remarks TO 9 close
hv an appeal to the Convention to do Its duty
TO the people, Notwithstanding the Influences
brought to bear upon 1t.
DELEGATE LAND
then addressed the Convention as follows:
Our present inquiry is, what are t 4es VII, trne
lie debt Of the State2 This inquiry carries a w.
back In our history to period prior @ tns laGe
fe nasiry than 1885, The The year following the
adoption OF the constitution Of 1922. -
On the twenty eighth day OF April lssg an as,
enhanrinfiun to the stock of the New Orleans.
GneIot1sas and Great Western Railroad Com.
pany for $4,000 shares. amounting to the sum OF
9'B By al act approved on the same day. u
Legislature authorized q SUBSCRIPTION e tne
Northern Railroad Company for $4,000 shares.
amounting to the sum of s1.6ooOo0.
gy RI at On te sqe aay z me
stock Of the Vieksburg. Shreveport and Iexas
Railroad Company for 1000 shares. amounting
BY an act approved on the same day. The
Legislature authorized Q subscription q the
stock 81 the Crosse Tete. Baton Rouge Plank
$4,000, amounting In al to $50 900 BY an act
approved On the same day. the Legislature au.
thorized the issue OF bonds for the payment q
the subscriptions to the stock OF these several
Id the different acts Of the Legislature mem
toned authorizing subscTiptions 70 she stoe a
uision, which is the same IN al Of them:
That payment Ior sgd shares shall G PEN maze ae
provided by law. and for, the ultimate payment
of said bonds, and the interest thereon. the
shares fstock herein required TO pc supscr y,
Ia 1, fbnf ma
from. shall be set apart, and remain forever
pledged"
a. # The bs q 1ssa b f.
Of ono hundred thousand dollars. unless II case
surreetion, they shall In the law creating the
debt provide adequate ways and means for the
payment Of the current interest, and Of the
And the said law shall be irrepealable until
principal and interest are fully paid and dis
charged Or unless the repeating law contai ns
Of The principal and interest Of the debt. -
5. Under this article Of the constitution OF 1882
the important question arises. whether the
s3,s5ooO0. provided In the law creating the debt.
the interest and principal Of the debt when It
This limitation is indiyisible. and requires
provision to be made not for the interest alone.
p a Id aGne pr os bo
would make the creation Of debt unconstitu-
ture TO contract debts was a limitation on the
tartng poioer. and was intended to protect the
people against oppression and onerOus taxa.
the very evils OF which they now complain and
which have brought them TO condition OF In
s9lyency and the government int bankguptey
oil self defense and self-preservation on the
part OF the people against the abuse Of the
Ct aEan whe by had 10
principle - illegal. unconstitutlonal. nun and
void and not ssuscepibg' Of any rat1caCn
ments eannot ray their own
acts. nor the unconstitutional acts Of each
other as against the sovereign power. which
resides IL he people. The people alone can
The power to levy and collect taxes Is a power
to destroy the revenues and value OF property.
abuse of this power has led to revolutions, the
overthrpws OF governments. and has brought
the heads Of monarchs to the scaffold; and it
ton which It produced. that we are indebted
for our republican institutions and the liberties
which We have enjoyed. There 10 in every
self-preservation, and its violation. s q fatal
stroke at the Independence and freedom of the
people, and it is no defense for it's violation to
plead the existence Of equities or injuries to
third persons. The violation must be resented
and punished as q crime committed against the
ae 81 Violation must BE- held 70 BE- Absolute
The only true doctrine. repeat. 10 that a1
alton are crimes against the people and not sus-
oeptibte Of ratication. except By direct pote Of
ne people sasetpes Any other doctrine would
and nugatory, and would leave the people ex-
posed to the rapacity OF corrupt and yenal legis-
whether It Be popu 1 arc Or p and the
only doctrine that will give security to the peo-
pleagainst sDoliation and illegal and fraudulent
This doctrine is well recognized In the juris-
prudence Of our State. Whatever Is done In
,contravention Of prohibitory law Is void. 9.
Whatever is done In violation Of a constitu-
tiona provision Is an absolute nullity. "A judg:
ment rendered In violation Of a constitutional
provision III q nullity so absolute that no action
OF nullity II necessary to set 1t aside Galbraith
vs. SNYDER. a. a. 2o6. 224; A. 246. 277 1856; "A.
Absolute Utilities cannot be ratified, Waugh
vs.: Christin !. 3 A. 32s.
Il follows, from these Legal PRINCIPLES. that
ond eu s. Validated ether &c By Re acon
the Funding Board. Or by the decisions OF
courts That such bonds are tainted with q
nnllity that is fatal and tncurable.
The only ways and means provided for the
payment Of the debts created In 1853 was pro-
vision that the stock subscribed by the State In
secure the payment OF the principal Of the
debts.
Wn9Lner a mortgage, or pledge OF property
owned By the State. would be compliance with
the constitution. Is a question which 1t is not
now necessary to consider.
was never pledged to the bondholders. A pledge
Is. under all systems of laws. q real contract
q delivery Of the thing Is not consequences
BradIee. NJ. 81; Hagan ys. sanparac. a.. 10
Winchester vs.. Dry. II L., 424; BeWall vs. Mcneil
II L., 1856: Deloach vs.. Jones. 18 u. 453: Robin
son VS.. Shelton, r.. 277; Fisher vs.. Ballard. &
A.. 1913; Succession of Hillsburg, A., $40; CAT.
fin Va. Keenan,, 7 a., 221. What cannot be deliv-
cred cannot be pledged. A.: al,
An uneXecuted promise to pledge gives nc
privilege or pledge to the creditor. &c A.. IS.
succession of De Mia.
Martin VS.. Creditors Is A., 1865. The certlf.
cate OF stock must be delivered to the pledgee
Lallande vs. Ingram. 1s A.; 1868. s64; II L., 428
G. G. 1852 3133, 1856, 1885, 1853 New Code.
These authorities al establish the legal pro.
position that to constitute Pledge delivery
Of the thing is of the very essence Of the con.
tract. and that to pledge shares OF stock the GER
tihcates Of stock must be delivered to the
PLEDGE.
II Is not pretended that the certificates Of stoch
We're ever delivered to the bondholders, or thai
the State ever regarded the stock as pledged.
In the supplemental report of the Auditor tc
the Convention, 1T will be seen that the stock o.