New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-09-13
THE LEGIsLATURE
[ooNTlNuBp FROM FIRST PAeE.l

| then go doWn 10 MY cents on tue dollar, or
lower. Such law would greatly tend to
increase instead of diminishing the shaving
and speculation in these warrants and sir,
] believe they would go down to fifty cents
on the dollar.
Now, the bill before us,provides that these
warrants which it proposes to authorize
snail not be sold at sacrifice of more than
fifteen per cent, aud / don't think it will
even be necessary to sell them at even this
sacrifice. think they can be negotiated at
considerably better rates than this The
State is not only pledged for their payment,
| but pledged to pay them out of the first
moneys received for taxes. There is, there
fore, no reas on why they should not find
ready sale, at but small discount. think
that the measure now before the Senate is
the best one that can be devised, and hope
it will pass. l think members will not only
consult their own int rest but he interest
of the State in voting Tor it.
MT Poindexter: consider, sir, that it is
Just as fair for the State to loose this thirty
cents on dollar as it is for me to do it,
There ought not to be scarcely a y
| discount on these warrants we have, anu
there would not be if men were honest.
DO not consider, SIR that the man is honest
| who takes one cent from Inc on these wer-
rants; but this makes no difference, because
there are plenty that will do it, and we are
in their hands. But the point ! want to call
attention TO is here we who have the high
=
of these warrants, can not sell them for bet.
| Ter than thirty cents discount; and il we
| can not sell them for more than this, how,
in the name OF God, is the Treasurer going
TO sell the warrants to be issued under this
! bill, which can not be any better than ours
how, in the name of God, is he going to sell
| them for only fifteen per cent discount?
| believe it is best to give man his own war
rants, aud let him discount them himself
| He viii have the highest interest to get all
| hl F.N,.L ks.,,, i 4 Al.
| he has not been cheated by any man except
the one he sells to. Now do not believe
sir, that this bill will work; but | be- |
lieve it will place us in worse fix
than we are in now. If these warrants are
issued, the bill says they can not be sold al !
discount greater than fifteen FER cent on I
the dollar. Well. sir, the result will be |
they can't be sold for that, and the Treasurer
Will keep them. and fool round with them
n few days, and have to send them back be-
cause they won't sell, and in the meantime
these brokers and shavers will take more
advantage of us than they do now. don't
believe this bill is good one, sir. don't
believe it is at all calculated TO meet the
trouble in hand, and move that il be in
definitely postponed.
Mr.. Pinchback: | have to differ with nv
brother PoindeXter on this ques ioa This
bill provides the means to bring funds into
the treasury Of this State, so that our sala.
ries can be paid in full in money. The mem
hers only have warrants now and they are
obliged to sell them as best they can. When
this bill is passed they will only have to
present them at the treasury and get the
iull amount in money. amin favor of this
bill because as the case now stands either
We or the State have got to stand shave
and think the State can stand shave
better than l can. And by Senator Poin-
dexter's own admission this bill will save
fifteen per cent He says that these war.
rants that we have, can't be sold at better
rate than thirty per cent discount whereas
this bill provides that these new warrants
shall not be sold at a greater discount than
fifteen per cent. This bill will therefore
save az least fifteen per cent on the present
system, and will save at least ten per cent
on what is proposed by brother Poindex-
tiers resolution. II this saving can be
made, l hope the bill will pass.
The first section of the bill was passed.
The second section was read. -a
Mr.. Blaekman: / offer the following sub.
stitute for the second section:
Be it further enacted, etc, That the War
rant Clerk of both Houses of the General
Assembly be and he is hereby authorized
and required to sell said warrants at their
highest marketable value, not 10 exceed fiji
teen per cent discount and to place the pro
ceeds thereof in the treasury to the credit
Of the general fund.
Mr.. Pinchback: would like to have an
explanation of the object of this
amendment. II seems to contem- !
plate to take the sale OF these war.
rants entirely out of the hands of I
the Treasurer who ought to be competent c
person and put IL in the hands of the War :
rant Clerk. | would like to hear the reason !
for this. Ah +" "Fi'
Mr.. Ray: It is because the Treasurer is
engaged in specializing upon the warrants, :
we now have. He has told me that he is
doing so himself t
MI. Blackman: That is the reason why +
offered this amendment. Mr.. Ray has ex- !
planned IT, 1t is because the Treasurer is
using the pubic money to speculate in war
rants. g
Mr.. Pinchback I move that the Treasurer
of the State be named to act in conjunction
with the Warrant Clerk. I
Mr.. Blsckman: accept the amendment.
The substitute was adopted.
The third section was read and adopted.
The fourth section was read
Mr.. COPELAND: Imove to strike out the
entire section. think, Mr.. President, that ,
the honor of the Senate is at stake in this .
question. This section provides that - IJn. q
Gil the close of the present session of the !
General Assembly no payment shall he n
made out of the funds provided BY this act ]
of warrants for mileage or per diem of
members of the Genersl Assembly or en- {
40
employe himself on the proper warrant in
his favor.p lflie tflfl !
Many members and employees have sold /
their warrants already received, and whether
from necessity or choice, they have by max
ing such sales virtually pledged their honor ,
that they would not only not impose any !
obstacles to their payment but that they I
would exert their power to the utmost to I
secure their payment. It therefore seems i
to me that for the Senate to adopt this Sec
ton is to force those members into a I
breach Of faith. / therefore hope that This
section will be rejected, and the honor, Of | /
Senators, If not Of the whole Senate, pre-
served.
MIR. Todd: agree with Senator COPELAND
in his objections to this section; and wish 1
simply to add that many of the members
have disposed Of their warrants to their .
friends, who, to accommodate, have given | {
them perhaps the full face of them. Now IL | .
seems 70 me that II would be very ungen-
erous for the Senators who have thus been 4
accommodated 70 do anything or sanction Z
anything that would hinder these !
friends in getting their money nnon :
these Warrants think 1t would be very i
wrong. and even constituted breach AZ 0ood |
faith upon the part OF the Senate under fhe :
circumstances to place any obstacles IN INA
way Of the payment Of the Watrantg that y
have been sold.
Mr.. Thompson: If the section IS rejected
fbe Whole object of the bill will DO virtuailq 4
defeated. The warrants already sold are now
II The hands Of parties who, unless restrict.
ed from SO doing, would be the 6rat TO presen-
them as fast as money should be received az
the treasury; and members and employees