The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-10-27
81, tOFFIC1ALl lIa
LOUISIANA LEGISLATURE.
DEBATES OF THE SENATE.

The following is the conclusion OF the debate Of
Tuesday evening. October 10th, IN the Senate. on
the five million bond bill, the first part of which
was published in last Sundays CRESCENT:
Mr.. O'Hara-Mr. President, Senator Bacon re.
marked few minutes ago that be did not wish to
serve on the committee to investigate the note.
Now suppose come OF my friends will try TO get
me out of here so as to kill the bill.
Mr.. Pinchback-Mr. President, after the able
and extended argument made by senator Lynch
am frank to say that hardly know how 10 vote
upon this Dill. had made mp my mind when the
Senate first met this evening, In this bill was
brought up TO vote to pass it over the governor
veto. But after the charge made by Senator
Lynch, when an imputation stands against the
General Assembly that this bill has been passed in
an extraordinary manner, must stop andcon-
slider before cast my vote. remember that
whenever q measure was passed by the General
Assembly Of Louisiana Of 1868, which was consid-
interests OF the city or State, has been charged
upon the colored members exclusively. Ii has
been pointed out BY the papers of the city an
act OF negro legislation and sir with these facts
staring me in the face, and as said before, with
the extraordinary procedure Of the House and the
attempts at bribery which have been brought to
light, am forced TO sustain the veto of the gov
ernor.
Mr.. Campbeil-Mr. President, / have but one or
Two words to say upon this bill, aud they are
drawn out by some remarks dropped by the SEN
ator from Ouachita in reply to the remarks OF
the senator from Carroll. and In criticism of the
veto OF tle RONtInOr. upon tle question Itself,
il seems 70 me something like a battle between
the bulls and the bears, and In that contest which
ever knocks the other OF the bridge | have not
particle OF interest. But am at loss to IN.
derstand why the senator from Oaachta 10 the
armth with which he has espoused the cause of
this bill, has thought proper to charge upon the
senator from Carroll and the members of the Sem
ate who wsll vote TO sustain the veto Of the gov
ernor, and upon the governor himself, desire to
encourage Reputation. Now, sir, wish to read to
ha fram 10
message his views upon that very point, which
not only show that the governor does not desire to
Tepudiate,a particle OF the cily's obligations, in
GLIDING lhese treasury notes.-the legality OF
which is 5somewhat doubtfpl-but recommends
plainly ana squarely the very measure introduced
into this Senate by members of the city delega.
ton, heaeed by my distinguished friend Judge
Foute. TIE governor himself, in his message,
the remedy is simple, and within the control of
the Legislature. The city should be authorized to
issue bonds bearing no more than six per cent.
interest 10 currency, payable In five or ten years,
at the option Of the city, and exchangeable at par
for city money" Now, 1 ask the senator from
Ouachita what reputation there is in that?
Mr.. RAY believe that it is conceded that these
bonds will not be worth more than sxty.cents on
the dollar. II they are not worth par, would it
not be reputation to force them upon the holders
of city notes IN exchange therefor
MT. Campbell am not able to reply to that
argument of the senator but, sir, when this qnes
ton came up. in view Of the grave interests in
volved. arose in my seat and moved that il be
referred 10 the senators from this city. with the
remark tbit they were better acquainted with the
interests of the city than any other senators, and
having lived here, some of them, all their lives,
were better able to obtain Information necessary
10 drauehf perfect bill and to ascertain the SEN
timents df the tax-psying people of the city
and their financial representatives,. Upon the
strength of these representations of myself and
Others the Senate referred the question to that
6ptpQatiOE. They rpDOrtad n W W
word for word the same as the plan proposed by
the governor. That bill was amended here, went
TO the House and was further amended. Instead
of placing the negotiation of these bonds In the
hands of an agent to be appointed by the differ
ent BRAN he's Of the city government, each of
which would be check upon the other they
placed tie whole power In the hands of the
mayor, and, instead of making a portion of the
bonds gold bearng-that portion which was to
raise revtnue for general purposes-they made
the whole five millions of bonds to bear gold in
terest-a measure which, undertake to say here.
even more than the most saDguine holder of city
notes ever would have ventured TO ask. At the
present time, sir, the notes of national banks
the legal tender of this country, and, II Is ia
this case, It Is sufficient to pay these gentlemen
who hold these city notes in such currency. Now.
the governors objection to making the bonds
gold bearing, especially that part of them
into which city notes may be converted
is this: not only were they purchased at an
enormous dscount-but here DO not fully agree
teachers and other employees Of the city were
able to get their bread and meat during the past
winter by exchanging them at a discount, aud
therefore holders are entitled to the face of them
in legal tender-but they are not entitled to re-
ceive an enormous interest in gold, which they
will receive II this billspasses. But my greatest
objection is to putting the entire power and dis
posal of these bonds In the hands of single
officer of the city 1t Is power too great to place
in the hands Of any one man. II this bill fals-as
believe it willits failure viii not rest upon this
General Assembly, Republican or Democrat, for
undertake to say, for the failure Of this General
Assembly to give to the city the best remedy
possible.' let the responsibility rest upon those
who were not content to receive currency of the
in exchange for city notes 1T par but
who wish to swallow up by means of large in.
1erest, payable in gold.
Mr.. Rsy-ls there anything in the bill which
authorizes the exchange Of these city notes for
bonds?
Mr.. Csmpbell-lt is tantamount to that, as I
il.
Mr.. Ray-It could not be done.
Mr.. OBSERVATION-DISCLOSURES the geutlemsn's
explanation does not reach my point, which is
fhis that fer these city NOES the taxable property
OF the city is pledged, and the Legislature forces
them to pay them, and to pay them with an inte- |
rest in gold at six per cent. But wish to remark
upon placing this power in the hands of single |
gentleman, 10 be appointed by the mayor of this |
city. Now, have nothing to say in regard to the |
honesty or integrity of the mayor of New Or |
4
man by reputation, am able to indorse the senti-
ments of the senator from 0uachita. But it is /
too great power to place in the hands of one /
mon, no matter how pure and lofty his character
or how great his integrity. say, then, it is not |
The fault of this General Assembly that this |
which was originally intended for the |
relief of the city and its employees fails. 1t is the
FAULT of those who have been endesvoring to
grasp too much. The city delegation did its duty |
n reporting bill moderate in lis terms and care.
ully formed in its details. If it had been passed
Is reported by that city delegation. the desired
elief would have been afforded. The failure of
he bill as amended will be lesson to those who
rave attempted to grasp everything, not in future
% kill the goose that lays the golden egg.
MIR. Braughn-Mr. President, | will state that
10 not hold city notes-I am not personally in
crested in this measure one way or the other;
lut JUST here desire to reply to the remarks of
he senator from the Fourth District Mr.. Bacon) |
o the fhct that dishonesty is not chargable alone
o the Republican members of the Legislature.
!, sir, for one, wish TO express my ignorance of
my dishonesty on the part of Democratic men,
)ers, and il seems to me that no man should make
IN assertion of that kind upon Republicans or
Democrats unless he has some evidence to sub
tantiate 1t. / will even 60 further, sir, and say
hat | know no act of dishonesty on the part Of
republican senators, and until do. certainly
pill ahztaiu from making any auch aasartion 1