The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-02-07

o Vhld contract between the state ana each
and every holder of the said bonds, which the
State should by no means and In no wise
impair
That said bonds should be valid obligation
OF the State IN favor OF any holder thereof; {
and that no court should enjoin the payment
OF principal or interest thereof or the levy and
collection OF the tax therefor. That to secure
such levy. collection and payment the judi
ctal power should ba exercised when necessa-
~; that the tax required for the payment of
the principal and Interest OF said bonds should
be assessed and collected each and every year
until the said bonds should be paid, principal
and Interest, and that ths proceeds thereof
should be paid by the Treasurer OF the State
and interest Of the same should fall due, and
that no further Legislation or appropriation
should be requisite for the said assessment
and collection and for such payment from the
Treasurer
That the said constitutional amendment go
provided to be submitted to the people was
duly submitted to tho people OF the State or
Louisiana, and was by them duly and legally
adopted. and became part OF the conStitu-
tion Of the State Of Louisiana.
That subsequent to the passage OF said act,
and subsequent to the adoption OF the said
amendment to the constitution OF the State OF
Louisiana, large number OF valid outstand-
Ing bonds and warrants Of the State of Lou
lsiana described In section 3 OF said act
were duly surrendered to the said Board OF
Liquidation. and bonds Of the State Of LOuisi-
ana, such as are described In section 1 OF
said act, were duly Issued to the said holders
Of such prior bonds and warrants, at the rate
OF sixty cents In consolidated bonds for 81 In
outstanding bonds and warrants.
That the State OF Louisiana, under and
pursuant to the said act No. 8, did thareupOn
known as consolidated bonds OF the State OF
Louisiana, Of the denomination OF 500, $500
and $1,000; that each of said bonds was signed
by the Governor, Auditor and Secretary of
State of the State OF Louisiana, and that tho
coupons thereon We're signed by the Auditor
and Treasurer Of the said State Of Louisiana.
That in and by each OF the said bonds tho
State OF Louisiana promised to pay to the
bearer thereof the sum In said bonds moIl-
toned, according to the denomlnstlon there
uary, 1874. and to pay Interest thereon at the
rate of per cent per annum, payable semi
annually In the city OF New York and city Of
New Orleans on the first days OF July and
coupons for sucn interest we're annexed,
wherein and whereby the said State OF Louis
lana promised to pay the semf-annual inter-
est on said bonds on the first days Of July
and January in each year respectively.
Thatin and by each OF said bonds IL was
further stated that the same was Issued un-
der the authority Of and In conformity TO an
act OF the General Assembly OF the State OF
Louisiana, approved January "a, 1874 being
act No. 3 OF tae session OF 1874 and that on
the back or outside Of each Of said bonds
there WAS printed by the said State Of Lou
isiana q statement that the same was issued
under the authority OF the act OF the General
hssmholy approveds ia January "a is ana
est OF the said bonds was provided for by the
levy Of an annual tax fixed and guaranteed by
the constitution OF the State, and not repeala-
bic by legislative enactment.
Your orator further shows that such con-
solidated bonds were dulyexecuted and issued
by the State Of Louisiana, In the way and
manner and form aforesaid, to the amount OF
about twelve millions OF dollars, more or less;
the precise sum your orator is unable to state.
That your orator is the owner and holder and
bearer OF six Of said bonds SO issued pur-
suant to the said act OF the General AS
sembly OF the State OF Louisiana, and pur.
suant to the amendment to the constitution
of the said State adopted at said time. That
each of the said bonds so owned and held by
your orator Is Of tho denomination OF $1,000.
and that to each OF the said bonds is attached
an interest coupon. due January /, 1880,
wherein and whereby the said State oil Lou
isiana promised to pay to the bearer thereof
sn the said first day OF January, 1880, the
sum OF $35, being interest on the said bond
to which said coupon is attached.
Your orator further shows that In each OF
the said years since 1874, q portion OF the
tax so assessed has been collected, and that
portion Of the tax so assessed has been de-
linquent, and is In process Of collection. That
In each year part OF the interest on said
bonds, including the bonds so held BY your
orator, has been paid by the said State OF Lou
isiana; and that In each year part OF the
interest on the said bonds has remained un-
paid: and that In each year there has re-
maned q certain sum OF cash to the credit Of
the said interest fund Of said bonds. That
although demanded. the State OF Louisiana
has wholly neglected and omitted and de-
clined to pay the interest on the said bonda
accrulng January l, 1880, and has caused 1t
to be officially promulgated and stated that
Gf,ffN rf.su
the interest on said bonds falling due jan
uary 1, 1880, or pay the conpons falling due
there has been collected large amount of
money the proceeds Of the tax by said act
No: levied and assessed and appropriated,
aud that large amount thereof has
already been collected by the Treas
urer Of the State of Louisiana, and la
In the hands Of the State Treasurer OF the
said State Of Louisiana, and In the hands Of
the said officers Of the said State OF Loulsi-
ana who compose the Board OF Liquidation,
MS provided In said act, that the said Board
Of Liquidation has heretofore duly elected
Samuel Ill. Kennedy as fiscal agent OF the
SAID State OF Louisiana, and the said Kennedy
became and has been member Of said board
since said election or appointment. That In
the ordinary course OF proceedings In the said
state o1 Louisiana money, rs collected by
the tax collectors and subordinate officers for
the taxes Of the year 1879, is NOW being, day
by day, and will for some time continue to be,
day by day, paid over by the said officers to
the Treasurer OF the State; and that the said
Treasurer will continue from now for some
tire to come to be In the receipt Of money
that has been collected by the tax collectors,
proceeds OF tax collected by section of
said act for the year 1879, and that ell OF the
said money so collected, and to be collected
by the Treasurer Of the State, and by the de-
PENDANTS, mem bers Of the said Board Of Liqui-
dation, Is applicable and has been appropriated
by the said act to the payment OF interest ON