The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1882-05-03
A RIGHTEOUS JUDGMENT.

On the 18th ult., there was rem
dered by the Supreme Court of the
United States, with unanimous con-
currence of the Justices, q judgment
of vital Importance to the tax payers
of the City Of New Orleans, in
the mandamus suit against the City
known as the Southern Bank case.
The decision pronounces the consol-
idated bond act of the Legislature
Of 1852 valid and binding, and COM
pels the City of New Orleans to levy
a tax to meet the interest accrued on
the consolidated bonds, and to pro
vide for payment of the principal.
The Legislature of 1875 passed a
law In reference to these bonds,
known as the premium bond act, re
adjusting the bond debt Of the City,
and requiring the holders to submit
to a reduction of the principal and
to rely upon a species of lottery,
known as the premium system, for
the payment Of interest.
This latter act, the Supreme Court
ofthe United States declares null
and void, on the fundamental prin-
ciple that the act impaired the obli'
CATION OF contract and was there
fore in conflict with the Constitution
of the United States. The case got
into the courts by way Of a manda'
mus on the part Of some holders OF
the consolidated bonds, who ignored
the premium bond Law, to compel
the City of New Orleans to levy a
tax to meet the interest on their
bonds as provided in the act of 1852.
The suit was unsuccessful in all Of
the State Courts and the premium
bond act was sustained.
1t is an agreeable privilege, how
ever, in this connection, to notice
that when the FINAL judgment in this
celebrated suit was rendered by our
State Supreme Court, our distin-
guised fellow citizen, ex-Chisf JUS
tice Manning, then on the Supreme
Bench, dissented from the views OF
the majority Of the Court in an ad-
verse opinion which, however IN.
palatable to many City Taxpayers,
was regarded as able and exhaustive
of the subject in all its bearings, and
attracted aattering comment from
many leading members Of the New
Orleans bar. In this dissenting
opinion Judge Manning was, We be-
lieve, joined by that accomplished
old hero, Alcibiade DeBlanc, than
whom the State of Louisiana can
boast Of no truer nor ADLER son.
While the operation of the pre-.
MUM bond law may have conferred
upon the taxpayers Of the City de-
cided relief from the burdens of the
old consolidated bond act, We cannot
but consider the recent decision just
judgment both in law and equity,
and one that commends its teachings
to the consideration Of regulators
by whatever name they may be
styled.
This sweeping judgment may not,
however, effect the rights already
acquired by holders under the pre-
MUM bond act Of, 1875, but the high
est Court in the country has never
theless distinctly denounced the act
as unconstitutionally impairing the
obligations of a contract and there
fore null and void. The high Court
of Appeals has thus not only en-.
forced the principle of honor and in
tegrity between man an man, and
vindicated the just rights of credi-
tors, but has also reminded US Of the
inviolability of the Constitution Of
the United States.
We take special pleasure in con-
graduating our distinguished friend,
Judge Manning, that the highest
tribunal of the country has unani-
nously adopted his able and fearless
of the fundamental prin.
,iples Of right and justice involved
in this suit as set forth in his opin-
ion dissenting from the judgment Of
our State Supreme Court. 1t lie, In
deed, conspicuous compliment to
his abilities, at which be cannot but
feel justly gratified.
We have received a late number
Of the Original English Chatter box
from the American publishers,
Messrs. Estes = Lauriat, Boston,
Mass. This is the children's maya