The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-13


HAe1M1y' e IN I'll D Dan. s. Head, Simon Marx, y
We'll. Charles Delery, Rev. Thomas d. Law.
son. men Of the highest character and all
roOd Democrats, testify that the road was
utterly destroyed and was Wor1n Only iron
body who knows anything about railroads,
their construction and cost, know that even
the maximum estimate Of $4,000 ID very
small sum for d road that was once seventy
i've miles long, and exhibits the condition 1t
was III after its destruction by Gen. Kirby
Smith, and the washing Of the annual over
flows of the Mississippi river. And anybody
who Is familiar with the cost OF railroad con-
strtction, will admit that $4,000 per mile was
avery small sum toward putting that ROAD
into condition to be operated.
/ am informed and believe, Tor no longer
than last night had q conversation Win q
distinguished citizen Of North Louisiana ?! now
IN Thu city, man knoWh Gy 10 az HAT a.
every one Of the bonds given by the State TO
aie that railroad were honestly applied for
cha purpose for which they were issued:
This road and the aid given to 1t by the
State has entered somewhat into the polltics
Cf our State Of late years. You would sup
pose from the newspaper articles and from
stl1rnp speeches we have heard upon this sub
jeet That two Republicans, Viz John !.
Tudeiing, late Chief Justice OF the supreme
Court, and John Ray had stolen this road ;
which they appropriated to their own use,
and had absorbed and gotten away with the
whole concern. But this appears to be q
slight error OF fact-for among the long list
u. Waddell, d wealthy cotton planter OF Mad
ison parish, and recently appointed BY Gov.
Nichols member OF the levee commission
Ut that district, most responsible and I'm
portant office; the Hon. Francis 7. Stubbs,
now d Democratic State Senator and chair
man OF the Finance Committee in the State
Senate, was also oneof the original owners Of
that road, besides q large number OF other
highly respectable Democratic gentlemen
whose names we never hear menuoned I'D
less were recipients Of the benefits
OF the legislation, and whose good
names, if worth anything, ought to be
guarantee OF the faithful expenditure OF the
proceeds OF these bonds, and save from crltl-
scism the government that believed their re-
representatives. and trusted their integrity.
But 1t is said we gave the bonds to COM
.pany that did not own the road. The facts
are that the holders had purchased the road
at q sherif's sale % foreclosure. ana the
member Of it, in two different decisions had
confirmed their title, and the government had
every reason to believe that the title under
which they held was valid. That II was af-
forwards decided against them by the SUI
preme Court of the United States was a con-
tingency that no one could foresee. or deem
probable; and there are many people In this
world who believe the Supreme Court We're
misinformed as to the facts and erred In their
decision. The recent decision OF that court
giving the company, after large deductions
fpl, wear and tear and the difference III cost
lot labor and materials from the date they
were put OH the road, has decre6d q Judgment
amounting Id the aggregate to about three
hundred and fifty Thousand dollars, ia which
the State holds q large interest as stock
ISa1Iar Nh Earp it hH Aldn1 that thp
present State authorities have affirmed and
adopted this Issue OF bonds by bringing
suit on them within the last month at Monroe.
But whoever owned the property was not a
the people of that portion Of the State that
the road should be rebuilt and equipped.
THE BONDS 70 LOUISIANA PENITENTIARY.
The bonds issued for the improvement of
the Louisiana Penitentiary are not objected
t) by anybody, and the majority Of the COM
mittee recommend their payment
BONDS TO BAYOU BEUF AND CROCODILE
NAVIGATION COMPANY
The act authorizing that $4,000 of bonds
should be Issued to the Bayou BDuf and Gro
eodlle Navigation Company, In the parish Of
Of that parish. It passed the Legislature by
an almost unanimous vote, and the bonds
were Issued by me, not without some mis-
givings as to the wisdom Of doing 80, but at
Vl6 HGI6ht III tllb lUHIlU6L6 vi UH5 h666HDly
from that parish, one Of whom had been In
the House Or Senate from that parish for
nearly twenty years.
The bonds issued to the Mississippi and
Mexican Gulf Canal were on first mort
gage of the canal to the State, to secure It's
Reimbursement. The work was projected Id
1856. and Gov. Wickliffe approved the meas
ur0. The enterprise was recommended by
Brig. Gen. M. ID. McAllister, of the engineer
corps Of the United States, Ct. w. r. Bayley,
u
the three most accomplished engineers In this
part Of the Union.
Gen. Beauregard, In recommending the
canal, said: II consider the projected ship
canal from the Mississippi river to Lake
egns psfsGy Pben % fnd sns II g II
New Orleans. and the lake shore and gulf
trade" Besides, the New Orleans Chamber
Of Commerce, the Union Merchants Ex-
change Ut st. Louis, No, the Board OF Under
writer's OF Vt. Louis, all the ship agents at
New Orleans and many others, recon amended
1t cordially, d d most important enterprise
to the commerce and prosperity Of New Or
leans.
The reside1 of the company, Mr.. Lafayette
Folger, is one Of our oldest and most re,
not the protector died the work would have
been completed. 1t Is almost SO now, and the
canal will be worth millions to the State
when completed, and the State holds now q
llTSI uOFtEa&6 upon Jne property, which III
can enforce at any time 1t chooses to do so.
, Som aft + was inaugurated Governor Of
1856 levee bonds, part Of the four million
Issue authorized BY Act No. 115 Of 1867, for
zens' Bank sold So, 100000 Of levee bonds at 30
cents, realizing 81 100000 for the same. With
from Carroll parish to the Balize, the Red river
md Lafourche. Over sixty five miles Of solid
levees were built. This Issue Of bonds the
committee report against In the face OF the
decision Of the Supreme Court, rendered by
Jhief Justice Manning, .wherin IT decreed
that these bonds are declared legal and
valid obligations of the State of Louisiana, and
,hey were issued in strict conformity to law,
ind not III violation Of the constitution OF the
United States, orof this State and for valid
See 20 A., page 500.
BY act No. SO Of 1870, S3,O00,0o0 Of bonds
we're issued to take up the floating debt. These
,onds were sold by the Citizens Bank at
eventy-two cents on the dollar, and redeemed
z, 100, 900 Of outstanding bonds, coupons and
ther floating debt The COMMITTEES recon-
Of the others, How it managed to |