New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-20


see whether the sinking fund would amount
to such sum as the company could pay.
The State guarantees nothing except the in
terest ON the sinking fund, which interest it
is allowed to collect in taxes.
There is in the State large amount of
land, which by settlement would appreciate
in value a hundred per cent, thus enabling
tain Lands by means OF such an incOrpOra-
ton.
MIR. Lynch: But how are we to arrive at q
uniform schedule, if each company estab-
fishes a schedule of its owns Let the schcd-
ule be the value which the assessor places
uponit would like to viewthe matter as my
friend here does, but certainly see room
for doubt. The amendment that l propose
is to strike out the words purchase price"
in sections five and eight, and insert in lieu
| thereof the words "assessed value"
Mr.. Futch: Mr.. President, l can not hear
a word, on account of the confusion i'll the
hall and Senate Chamber.
Mr.. Campbell: NY answer to the gentle
| man S objections is this: that the bill as it
stands will enable the company to issue
bonds to the amount of the actual purchase
price of the land, which they could not do
were they restricted to the assessed value,
which, the supposition is, would be- much
below the real value of the land.
Mr.. Lynch: But suppose, Mr.. President,
| tudl lucEt Is cOlluSlOu UctWccu tilc Duyc
and seller. and a fictitious price is put on
the land. far beyond its value; the State
! then would guarantee the interest on the
| bonds issued for this amount, while this in
| terest might amount to more than the real
value of the land. This is my objection.
Mr.. Darrell: move that the further con-
sideration of this bill be postponed till
| Tuesday next.
Mr.. O'Hara: move to lay that motion on
the table.
This motion to table was lost by vote of
ii yeas to IL nays the President voting
nay.
Mr.. Campbell: The Democrats seem to be
voting against this because it gives the col
| Ored man a chance to get land; and others
are voting against it for no reason at all,
! that | can see. This bill will give the poor
man, and the colored man especially, an OPP
portunity to acquire land; the only differ
! ence between the Senator from Carroll and
! myself ON this measure is. that he contends
| that the bonds should he for the amount of
the assessed value of the land, while the
bill provides for the real purchase value. l
| contend that the assessed value of the land
! is in SO many cases so low, that bonds to
that amount would benefit the company but
| little. During the whole session of this
| Legislature, and since 1t was proposed i'll
! 1868, no more important measure has been
| before the Senate.
! This bill will benefit the poor man, and,
! as a humanitarian measure, should receive
| the support of the Senate and now, after
| having appropriated money for every pur
| pose, we certainly should assist such com
| panes, when they merely ask to be allowed
| to form themselves into corporations, pur
chase land and issue bonds for the purchase
money, and that the State will take their
| contract and guarantee the interest or these
| bonds, this interest being collected from the
no 1.,v,l t1far
pone Icall for the yeas and nays.
| Mr.. Lynch: Mr.. President, l would like
! to be heard on this bill. | offered an amend
| ment, and it was this: That instead of the
! purchase price being the basis for the
| issuing of the bonds. the assessed value of
| the land should be taken as the basis. The
| State guarantees the accruing interest on
| these bonds. and the State must foot the bill
| in case there is colluson. and bonds are
| issued SO that the interest on the bonds ex-
| ceeds the value of the land.
| As for the Senator saying that this is a
measure for the colorcd people and poor
! people, can inform him that there are five
| million acres of United States land open
| to-day for entry. and all that q poor man
| will have to do to secure a home is to pay
| fourteen dollars and get one hundred and
| sixty acres of land.
! Mr.. Campbell: l wish to ask the Senator
! whether the majority OF this United States
! land is not perfectly worthless!
Mr.. Lynch: will reply that such is not
| the case: can point to plenty of good land
| open for entry in the United States Land
| Office. and the State owns good land at
| one dollar and twenty-five cents an acre
| plenty of it; and if any man, white or
| black in this State, is without a home. it is
| because he has not the energy necessary TO
| get a home. to 90 out and build around n
| tree. any where, and dig for it. There is
not State in the Union where poor man
| can get a home easier than here.
| | am in favor of the general feature of
| this bill, but do not want TO put into the
hands of INSCRIPTIONS men a weapon to
pluck the State. Therefore | want the
assessed value of the land to be taken as
| the basis upon which the bonds are to be
issued.
| Mr.. Antoine: ! would remind the Sena-
| tor that the land which he calls the best
| kind of government land is tit only to raise
| crocodiles and bull frogs.
| Mr.. Smith: Mr.. President, the general
idea of the Senator from Carroll is good;
! there is plenty of good land to be had, but
now represent a large district, where every
foot of government land is poor. and We do
not want to be driven away from home; we
| want to have to have the authority to get
homes in our own parish.
| Mr.. Blackman: Mr.. President, did want
|
from Orleans that Democratic Senators
| voted against this bill because it would give
| the coored men IA chance to ge& homes; but
as il seems to have become a family quarrel
| shall not unnecessarily occupy the time OF
| the Senate.
Mr. Poiudexter: Mr.. President. | am in
| favor of the bill to begin with. and further
more. am in favor Of the amendment of
fercd by Senator Lynch.
| I have been licensed of something or
another this evening, by the Senator from
New Orleans. l believe it is the first time
| that l was ever accused of such a thing
| since have been in the Senate. Because
| don't agree with him, he says am ignorant,
| and the gentleman goes on to say that
| bonds issued to the amount Of the assessed
| value of the land would be too small, and
| not amount to as much as if issued on the
| purchase value. ! beg leave to differ with
| the gentleman. because l represent about
| as wealthy district as any in the State;
and in the district that'i represent. l don't
| think any one plantation out of Il hundred
sold at its assessed value; and if bonds are
issued in accordance with the assessed
value, in most places the people will have
! more bonds than enough. The gentleman
says, that they don't sell land at the as
| sessed value ! have seen land offered at
| less than One-third the assessed value, as
good lard as there is in the State OF Louisi-
| ana Therefore l think the gentleman la
| bors under an error in the whole discussion
| he has made upon this bill.
Now. sir, if the gentleman proposes that
shall vote upon this bill directly against my
feelings and against my opinion, because he
| refers to cOlOred men, he is mistaken.
| / feel myself independent to vote on any
| question according to the dictates of my
conscience. But this company, incorpora-