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

L.
cerned, and 1t seems to me donhtflil gor ns
70 throw into the market five million doIIorS
IN paper while 1t is already filled with vnrtLs
less paper which no one will touch which
TIE state can not redeem. II Won Mr.
re Hsldent, were bankrupt-and / am sure
the State OF louisiana is bankrupt in credit
would you deem it advisable to send ont
your paper on the market for five hundred
thousand dollars, knowing in advance that
there Will not be purchasers unless at a
sacrifice Of seVenty-fve cents on the dollar ?
As said on a previous occasion, before we
| consent to the issue of any more bonds let
| us join our hands aud combine our energies
TO oulld up the sunken credit of the State.
Let US provide the means to pay the in.
| terest on the bonds We have already issued !:
let US redeem the warrants and the other
state securities that are already past due,
and II we accomplish that, then our credit
Will De restored aud we can issue bonds
with some hopes of having them sold at
| some approximation to their par value
| Now, sir, it will be contended that there is
a clause in this bill that the bonds are only
| 20 be sold at par. ! ask the friends of this
Dill, ask the Senators upon this floor.
whether there is a reasonable possibility of
selling these bonds at par? You can not
to day, sir in the city of New Orleans get
/ ntty cents on the dollar and if you were to
throw them on the markets of Liverpool
and London you would be laughed at for
| your impudence and ignorance of money
affairs. As an offset to this it is said that
the national government will indorse them.
II you can get Board of Levee Commits.
sloners or Board of Public Works truly
| identified with the interests of the State,
| members OF the planting community, own.
| ers of the soil that will be benefited by
these leyees, men who command any conf.
dence OF the people of the State, then will
nave no objection to its passage. But there
Is no such clause in the bill. There is moth.
| ing in the bill which prevents the Governor
| from negotiating these bonds before the
national Endorsement is obtained. What
| then will be the consequence il
this bill becomes a law? The Governor
will himself, perhaps, and in connection
with some capitalist having means and
| courage to make the investment, borrow
certain amount of money by pledging these
| bonds-p!edging them for a certain time as
has already been done, and at its expiration
and the State not having means to redeem
them they will be forfeited at thirty,
| forty or at most fifty cents, for which they
were pledged, thereby selling them at that
rate on the dollar.
do not wish, sir, to oppose this measure
because as a representative of the city of
| New Orleans | desire to do everything which
| will benefit the State. l do not object to it
for the reasons advanced by the Senators
| from Claiborne and Sabine, because it will
| benefit the owners of the alluvial lands
alone. We all know that the chief wealth
of the State is situated upon its navigabe
streams. We all know that whatever wealth
| and prosperity Louisiana has ever epioyed
came from the river parishes we all know
that our financial hopes for the future are
| based upon the fertility of these regions:
| that without cotton and sugar this whole
State would be like the parishes represented
by the Senators from Claiborne and Sabine.
II we do anything to improve the alluvial
| secuOns 1t VIII benefit the whole State and
this city, aid we are perfectly willing to
pay the three-htths of taxation which will
be imposed upon us.
But l oppose this measure to-day upon
other grounds. l oppose it as IA gigantic
scheme to borrow more money; and conf
dent that that money cannot be obtained
without great sacrifice, believe it to be
bad policy to pass this bill. If clause is
inserted that the bonds can only be pledged
| When national Endorsement is obtained and
a Board OF Public Works is appointed which
Will have tue approval of the Senate-in
| which there are members identified with
the planting Interests Of the State-Ientle-
men who live upon these streams, and who
are from year TO year liable to overtlow-a
board which is competent and trustworthy,
and the bonds can be sold for something
like their yalue-then | will favor the pas.
sage of the bill! because it is then bound to
be beneficial. But when we look back over
tue last two years, and find that u
similar amount of bonds have oeen
issued and no good accomplished
men appointed to construct levees who
know nothing about it-When We see that
these gentlemen have enriched themselves
and their portfolios are so bursting with
| levee bonds that they are bursting their
sides, aud that we have no guarantee OF
better appointments in the future, then |
| LET Eait fha xTTao - la+ IL
Tor the Board; let us wait for the national
Endorsement, and then throw these bonds
upon the market; but until that time comes
think We should be doing a very foolish
thing, certainly 4 very futile thing. | do
not, as have said wish to be understood
as opposing this measure, except on grounds
OF present policy alone: | only desire that il
shall be done properly. | desire that when
bonds are issued they may bring something
like their,value, and not be sacrificed for the
personal aggrandizement of individuals. =.
Mr.. Ray: Mr. President, my purpose is to
get as good law as possible. This law may
have defects but those defects can be cured.
| was somewhat surprised to hear the argu.
ment of the Senator from Sabine, for the
reason that on yesterday bill
authorizing the issue OF twenty
millions of leycc bonds, the Interest
on which was to be paid by general tax
upon the property OF the State, Just as pro-
| IuGu III lIli5 EtlI. was introduced DIV the
Senator from Sabine himself-a bill con-
tanning the identical features which he
claims are Objectionable in this. change
has come DER the spirit of his dreams since
yesterday What 1t is | cannot say. He
objects to my little bill of five millions
when his bill authorized the issue of twenty
| millions. 1t does not appear to be exactly
consistent HIS b!il was referred to the
Committee on Public Lands and Levees. |
| have no objections to having this bill SO
referred, and II there are impertections in
| it. let them be cured. The Senator
from Sabine and the Senator from
| Claiborne raise what I regard
as false issue that is, that
these 'evees have been built for the benefit
OF the people who own the swamp lands.
| That Is matter we have nothing to do
with; they are not for the benefit of any
| particular individual at all. The purpose
of building lerees is to reclaim the swami
| aud oveIfoWed lands Of the State, in order
that they may be put under cultivation and
so increase the prosperity and wealth of the
state. would ask the Senators from
claiborne and Saline whether, if tract of
| ldnd by levees Is increased in value twenty.
fold, the owner does not pay taxes in pro-
p0rnen to the value. 1t is a question then
OF taXesj II Is question of State policy not
OF individuals. If you make Ievee that
increases the value Of certain lands twenty.
folds, adding that value to that OF the bill
land that is not increased, and the taxes Ne
cessary to maintain the State Government
will be decreased. | would ask where
| the owner of the hill land is injured
1t is forced issue that they
bring into the discussion. By increasing
| the value of the swamp lands twenty times,
that land then pays that proportion of the
| taxes more than it did befJre. The hill
resident is benefited By the decrease Of his
n !