New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1868-10-28
SENATE DEBATES.


The following is the conclusion Of the de,
bate of Tuesday evening, October 90 in the
Senate on the five million bond bill the first
part Of which was published il yesterday s
REPUBLICAN:
Mr.. 0'Hara: Mr.. President, Senator Bacon
remarked few minutes ago that he did not
wish to serve on the committee to iuyesti.
gate the note. Now, I suppose some of my
friends will try TO get me out Of here so as
kin the bill.
Mr. Pinchback: Mr.. President, after the
able and extended argument made by Sena.
tor Lynch, ! am frank 30 say that ! hardly
know how to vote upon this bill. l had
made up my mind when the Senate met this
evening, in case this bill was brought up, to
vote to pass it over the Governors veto
But after the charge made by Senator
Lynch, when an imputation stands against
the General Assembly that this bill had been
passed in any extraordinary manner, must
stop and consider before | cast my vote. /
remember that whenever a measure was
passed by the General Assembly of Louisi-
ana of 1868, which was considered Obnox-
ious in its features or destructive of the in.
terests OF the city CT State, it has been
charged upon the colored members exclu.
sively. It has been pointed out by the pa.
pers OF the city as an act of negro legisla.
tion; 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 Governor.
Mr.. Campbell: Mr.. President, have but
one or two words to say upon this bill, and
they are drawn out by some remarks drop.
ped by the Senator from 0uachita in reply
to the remarks of the Senator from Carroll,
and in criticism of the veto of the Governor.
Upon the question ITSELF it seems to me
something like a battle between the bulls
a nd - hot ,k.,a.k rl,s !,
Knocks the other off the bridge have not
particle of interest. But | am at loss to
understand why the Senator from Ouachita,
in the warmth 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 Senate who will vote to
sustain the'Veto of the Governor, and upon
the Governor himself, desire to encourage
reputation. Now, sir, wish to read to the
Senator from Ouachita from the Governors
message his views upon that very point,
which not only show that the Governor does
not desire TO repudiate a particle of the
city's obligations. including these treasury
notes.-the legality of which is somewhat
doubtful-but recommends plainly and
equarely the very measure introduced into
this Senate by members of the city delega-
ton, headed by my distinguished friend,
Judge Foute. The Governor himself, in his
message, which have before me, says: 'In
within the control Of the Legislature. The
city should be authorized to issue bonds
bearing no more than six per cent interest
in currency, payable in five or ten years, at
the option OF the city, and exchangeable at
par for city money" Now, | ask the Senator
that?
Mr.. Ray: 1 believe that 1t is conceded
that these bonds will not be worth more
than sixty cents on the dollar. If they are
not worth par, would IL not be reputation
to force them upon the holders Of the city
notss in exchange therefor?
a, Mr.. Campbell: am not able to reply to
that argument Of the Senator; but, sir,
when this question came up, in view of the
grave interests involved, | arose in my seat
and moved that it be referred to the SEN
ators from this city, with the remark that
they were better acquainted with the inter
ests OF the city than any other Senator'S and
having ilVed here, some Of them, all their
lives, were better able to obtain Information
necessary to draft a perfect bill and to as
certain the sentiments of the tax.payinp
people Of the city and their financial repre-.
sentatives. Upon thestrength of these ren-
reservations Of myself and others the Senate |
referred the question to that delegation.
They reported bill which was almost word |
for word the same as the plan proposed BY
the Governor. That bill was amended here
went TO the House and was futther amend
ed. Instead Of placing the negotiation OF
these bonds in the hands of an agent TO be
appointed By the different branches OF the |
city government, each of which would be
a check upon the other, they pla ced the
whole power in the hands Of the mayor,
and instead Of making q portion Of the
bonds gold bearing-that portion which was
to raise revenue for general purposes-they
made the whole five millions of bonds to
peAr gold Interest," measure which, un-
dertake to say here, even more than the |
most sanguine holder of city notes ever |
would have gentured to ask. At the |
present time, air, the notes Of national banks |
are the legal tender of this country, and, !
aa it - In this case, 1t is sufficient 10 pay |
these gentlemen who hold these city notes |
~ such currency. Now, the Governors |
objection 70 making the bonds gold. bearing, |
especially that part ct them into which civ
notes may be converted is this: not only
were they purchased at an enormous dis
cQ1iIt ,sbut here do not fully agree with
tie 4oFernor In that respect for school /
td1cItfs and other employees Of the CITY |
sere tble to get their bread and meat dur 1
Ing the past winter b. exchanging them At .