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

eieatioi, and excepting also the Defendant
Kennedy. who holds the position OF fiscal
Aeent pursuant to the appoint OF the said
constitution 90 adopted by the State 81 Louis.
iaua In the year 1879, liz known and desoribh
As debt ordinance. and that the same y ~
the words and figures following that Ia 10
FART. /. De II ordained by thepeople q the
State Of Louisiana III convention asse,nhled,
That the interest to he paid On tls cn'lsoll,
dated bonds VI The State af Aoulsiana be anu
y hereby fixed at per cent per anha ,aao 'oa
r,tr rant mar anpum fnr fifteen years. and per
rant per anpum thereafter. payable semi-an,
n,lRlly: and there's shall he levied an annual
tax sufficient for the full payment OF sala ~,
ARREST not exceeding three mills, the limit OF
nil State tax being hereby fixed ~ alk mile:
nruyifed Tie holders ot consolidated bonds
may. az their option. demand u exchange lor
The bonds held Ivy them bonds o. the denom,.
nation Of Oh, 800, $500. $1,000, To he Issued ~
tho rate of seventy five cents on the dollar ct
6ones held and to be si,' rendered by such
holdsrs. the said new issue to bear interest Mt
the rate Of 4 per cent psr annuln. payable semi
annually.
"Apr. 3. The holders of the consolidated
honda may al any time present their bonds
To the Treasurer Ut tho State, or to an agent
TO be appointed by tho Governor-one in the
city of New York and the other In the city ct
London and the said Treasurer or agent. as
the case may he. shall indorse or stamp
thereon the words, interest reduced to per
cent per annum for five years from January
1, 1880, Q per cont per annum fnr fifteen years,
and per cent per anntU thereafter. pro
ptieH the hotter or holders of said bonds
may apply tn the Treasurer Tor m exchange
cf bonds. az provided IN tho preceding attloie
TART. 3. Be 1t further ordained, That the
coupon Uf Haid consolidated bonds falling h'le
the first Of January. 1890. be and tho Same is
hereby remitted. and any interest Tux col
\ Iected ID meet said coupon are hereby trans
ferred to d,eiray the expenses Of the State
government.
That bv section 400 of said constitution It
WAS provided that the State tax on prop
Grty for all purposes whatever. inelnd.
Ing expenses Of government. schools,
lsvees and interest should not exceed
In any ono year six mills on the dollar
III IT'D assessed valuation. that a tax at that
rate would be insufficient to raise the money
necessary I'D nay the interest on the said con
Aolldated bonds at the rate and manner pro-
yided In said act of 1874: that all and slngu-
1ar the defendants herein Intend 10 divert the
proceeds Of the tax levied by the said act of
iB74 for the year 1879, for the purpose Of pay
Ing the interest and principal OF the .consol'..
dated bonds by said act authorized, elk OF
which ere held ny your orator t, a. a,pras ,
due the fret day Of January. 1880. and from
the payment Ut the coupon falling due On
said date, to defray the expenses OF the state
government, as provided IN satd new consul.
defendants, as we'll the individual defendants
ma the State Of Louisiana. Intend 10 divert al
tbs proceeds of the said tax levied Tor ths
year 1879. under the said act IA Aforesaid.
which are already collected or which may
hereafter be collected and may come to the
hands OF said defendants or any of them.
from the payment Ut Interest as provided 10
eaid act to the purposes pi detray,ng the eS,
pensas Of the State government. as provided
III said constitution.
Your orator further shows that II ls claimed
BIZ the said defendant the State Of Louisiana.
Mnd by each and every OF the individual de-
PENDANTS, that the provisions OF the oonstlt,l-
tlOn Rdut1tad In 1879 relative to the State debt
ar tho State of Louisiana are valid aud etfec-
tual provisions, and that thereby and IN con-
sequence thereof the rate Of Interest upon
the bonds held by your orator Is reduced from
the amount expressed in said bonds 20 the
amount expressed In aad constitution. 70 w.t.
10 the amount Of . per cent per annum for live
years from January 1. 1880. and . per cent per
Annum for fifteen years. and per cent per
aupum thereafter. and that the Interest on
eald bonds falling due January !. 1880. ia
wholly lost to your orator. and that said de-.
PENDANT the State Of Louisiana, la not bound
tn nay the same
That each and every III the said Individual
defendants purpose and intend 70 carry out
the provisions of the said constitutional
amendment Of 1879. aud to divert the funds IN
their hands, proceeds Of the tax levied by the
aGt vi 1874 from tue purpose 81 paying inc IN
tpfs,st on said consolidated bonds. and pur-
chasing the said bonds. aa In said act pro-
vftfed, To the purposes stated and provided IN
naid constitution Of 1879. That II the said de-
PENDANTS are allowed to divert the sums now
hi their hands, and that may hereafter come
Into their handH-prooeeda ct the tax levied by
the ACT Of 1874 In and for the year 1870 from
the purpose OF paving the coupon which fell
due January /. 1880, and from the payment
thereof your orator would be remedilesa N the
preniaea. That the State oil Louisiana ts
TIA
yuar orator could compel or require payment
AZ the said coupon. aud has made no provt-
niun for the payment thereof and repudiatos
the same, and that your orator has no remedy
At law In the premises.
m, the end, therefore. that It may he ad-
Judged that the said bonds aud tho said act
No i OF the session Of 1874 aud the said con-
wtitutional amendment Ut 1874 nre ana CON
Ntitute a valid contract between the said State
III Louisiana and your orator, and that All and
singular the provisions of the said act and ~
the said constitutional amendment and OF the
eaid bonds are valid and elteGtuai, aud still
continue and remain valid and effectual and To
the end that said defendante and each OF them
may he enioined aud prohibited from divert
mr. the funds In the hands of them or
either of them or any of them. the pro-
Ugexie Of the tax levied by tho act Of 1874.
and the constitutional amendment OF INA,
from the payment of the interest and coupons.
IVA iii said act provided. either to defray
Che expenses of the State government or for
any other purpoee and may be- onjolned from
PARTING with the said fund collected or to be
collected, except IA provided In said act No. J.
ard To the end that II may he adj'idgea that
The said provisions Of the constitution OF 1879.
m 80 far 80 they In any way conflict with the
contract expressed Ia said bonds. and I'D the
net Of 1874. and the constitutional amend
ment OF 1874. are void and of no effect as be-
tng In conflict with the constitution of the
United States. and impairing the obligation
Uf The contract with your orator. and TO the
end that the third article OF said constitution
IN relation to said State debt providing that
1nterest taxes collected to meet the coupons
due January I. 1880. were thereby transferred
10 sefray the expenses OF the State govern
ment and providing that the said coupons
falling due the first day OF January. 1880
which were thereby remitted, may be adj
SnfiHed and declared to be void and vi no
effect as In conflict with the provision OF the
constitution OF the United States forhidding
any State To pass any act impairtnE tho obli-
grafton Of contracts.
May 10 please your honors 10 grant unto