8 ‘ FEDERAL nmrourmn.
bonds. This section defines and secures the means of enforcing the
rights of the holders ofthe new securities, but does not enlarge those
rights. The act of 1882 correctly assumes that its own force alone
was to operate to transfer this surplus, and if it was not in the power
of the legislature at that time to exclude the judgment creditors from
an equal participation in it, then the complainants have failed to es-
tablish their case.
The conclusions which followed from the facts and the law of the
case are:
1. That whatever provisions are contained in the act of 1882 sub-
jecting any property or means of payment, which would be lawfully
appropriated, to the payment of the extended bonds or coupon cer-
ticates, having been assented to on the part of the holders by ac-
cepting of the extension, is a contract which cannot be varied by any
change or substitution, no matter how minute, and will continue in
its operation upon whatever has been so appropriated till the obliga-
tions thereby secured shall have been fully paid.
_ 2. If the language in the act of 1882 did include the excess of the
premium bond tax and the other property included in the grant un-
der the act of 1884, while it would be valid as a contract between the
complainants, the holders of the new obligations, and the city, it
would beivoid so far as concerns the judgment creditors whose judg-
ments are for debts existing antecedently to the passage of the act of,
1882, under which the complainants claim, up to the point of the
said judgment creditors being admitted to a proportionate or ratable
share of such excess and other property.
3. lt follows, therefore, that the act of 1884 authorizes the issu-
ance of bonds only t0· creditors who have obtained judgments for
debts existing antecedently to the time of the passage of the act of
1882. The injunction must be refused.
APPENDIX.
Amount of coupons funded into coupon certificates due
within 10 years, under section 4 of act of 1882, - - $1,913,617 50
Amount of bonds extended 40 years under section 3, — 2,695,600 00
Both coupon certificates and extended bonds are payable at any time, at
option of the city.
Six per cent. on coupon certilicates, -—·- $114,817 00
Six per cent. on extended bonds, · · ~ 161,736 O0
~ Total interest, ··--- $276,553 00
Value of property subject to taxation in New Orleans, · $115},000,000 00
Five mills upon each dollar gives - - - 575,000 00
Deduct ordinary shrinkage, 20 per cent., leaves 80 per cent., 460,000 00
Deduct amount necessary to pay total of first year’s in-
terest, - , ------ - 276,553 00
Leaves to be applied to bonds and certificates, - - · _ 183,447 00
Say in round numbers, --··- 180,000 00