The New Orleans daily Democrat., 1880-03-18
TIE FUNDING BOARD
Its Powers and Duties Not Impaired
BY the Constitution Of 1879.

justice % spencer ~ to tho eject Of the new con.
stitution on the existence and functions Of The
Board Of Liquidation. and maintaining the
power q that board to issue eonsols in exchange
'os r vs,a .s oo,1sas.ons asa ol -, s1e ,s. oea.e:
TIE Board q T Iiauidation. 5 % On re6enrins. 6.' Ve'
WI were indmaed to Grant n rehaarinu II thia
cause mon s,iSgestion oI the Attorney uenerai
that 81 th court ouo the Fnndin. poard
had been Ebolished BY effect and operation Of
tho constitution OF 1870.
:, In his brief on reheAring IT IL also suggested
should have. first obtained Judgment on his
warrants Hnd then have proceeded by man
maas below and we have Sed that X nose Il not urSsd
ragt W; Board Of Liquidation. ~ Ann. ~.
OF 1874. iis duties were. Ia aupstance. 10 Ok.
sxisiips n the form d bonds and warrantss
valid ~ fund them, ut sixty cents. 10 Z per cent
conSolldatel bonds. Provlslon wag made Dy
That tnat act, and others suppsemongary thereto. ior
courts; ..... ~, ,.u ,a,...u,.
i. helator on tho seventh q January is7s. took
tnis s proeseding to % compel ths board 70 fund
Tne board answered through tue Attorney
00nera! ~ general deni1l. There was judg-
valid. etc. and ordering the board to fund
them, ~.... .s.. ~. 49,, .u..,.....,.
" a!so appears tnht tae noerd ascaniesced s y IN
peArlng that tho warrants foil within the c!asses
After ths decree the board executed tho follow.
NEW oRLrANs. March 10. 1870
Received n state obligations Al az so n be
nj ID % e per cant AILEN jmEo I 70 20
APprovSa;r Fs1S"sa =. n,ouo,,.. President
On Anrii IA 1870 IN. statc bv the Attornav
General. TOOK g devo!1tive appeal ~ rom tho de.
SSrse. on nearing We a'nrmed the Judgment
osTi9M' The only question ve now deem II necessary
xhat extent have \. ths existence and functions of
Euuon OF 1872 ~ - 20 q remarked that that
P9ara consists OF n.e ocsrs-ane n, Moyerhor
sb Aaa9}r eto oi aa1a Whom
aer tnat q q lses;; =, ~. an..,.,,,an y, ,o.o
Inc rnere as nov IN the oonstitatlon OF 1879 nny
.hseC. p.4v,sion reLefsne 70 Sn1s saooes: ID
snce a; 90 tns noard Or its an.s 60 mo.,ns T. AZ Az.
otS Y. r. - ~, .ama .no n isos
hst q J. Artes The Sc on tSs %
lated sa. bonds q shs STATE q ana pei cent
,as srsn!s he p!lsiisss e heIdsrs @ asoSanSe S
hem 1t at y o-nM Ior e. ! PET per cent bond.
O.nsf provisions restrict r. taxation e sx miiis
/
ZIP axPayers. excludes % from ilnding 10 the per
ena ponMs .;a tnete.n Pfoviuea ,or o wa5rants
3ment ct o. q h sne A9sney dsner + y tnat tn, tns
ueel OF !nese psovisions ID .noonslstent Win
az s functions W y Sol q the Funding hoard as hxed 6y
NJ N9s ot lSsa. ana tnat therefore the poard 10
bolished. ThAt the board can only issue
Pr csnt bond. whereas the constitution axes
n4 lnteresL oI consos I = ana DER cent,
We have seen that the funding act provides
Or funding, only warrants Issued prior TO its
sassARe. ana !nat the conetltution OF 1879 STU
lously excludes these warrants from the fund
az scheme II provides limiting its operation
warrants Issued after the nrst OF January.
on Tor thus excluding valid warrants issued
rior 70 nrst OF january 1874. was that they fell
sithln the scope ot the funding act No. 8 OF
s74. and we're fundable Ia consols ANY other
lew the conclusion thst the
variants issued prior to January J. 1871 We
re not disposed 70 ADOPT sucn construction.
9 unjust and 50 ytolattye OF fundamental prin-
lples. We are confirmed in our views that such
vas not the Intention OF the trainers OF the con-
- ana % nnimnSaS ono1 ana veia ~hIs