New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-12-30

This body held q special meeting last
evening to hear committee reports and take
action on them. a
The committee on constitutional amend
ments, Mr.. Bayley chairman, reported in
full as follows:
The issue by the State of Sl2, 000, 600 of
six per cent bonds, forty years to run, pay
able principal and interest IN gold, to be
used only for the purpose Of compromising
the State debt by exchange therefor at the
rate of one dollar for two. The exchange
to be made by agreement with the bond
holders. the law to be put in the strongest
form of a contract between the State and
the bond holders, containing "a part Of
such contract q continuing tax and continu-
ing appreciation for the interest. The con-
tract to be ratified by constitutional
amendment at the next general election.
We also recommend the following cOnsti-
tutional amendments:
!. One limiting the State debt to SIS ,OOQ,-
600; NO increase to be made until after the
year 1900.
Q No further increase whatever Of city.
parish or other municipal Indebtedness.
3. No State aid, in any form, fos any pue-
pose, nor any mOnOpOlies.
A. No more State license taxes.
5. No property to be assessed for more
than its cash value at forced sales.
6. Assessors and collectors Of taxes to be
paid by salaries.
7. A Limitation of legislative expenses to
say 100000 per annum.
8. A limitation of State taxation to one
per cent per annum.
G. w. R. BAYLES,
H. o. SEIXAS.
There was but little debate on the above.
Messrs Armstrong, Kennedy, Howe, Gard
ner, Kennard, Bayley and Flanders par
ticipated.
Mr.. Flanders was disposed to think that
State expenses, including the interest on
our debt, and he was willing to see certain
callings pay license tax-such businesses
as are luxuries. Several suggestions were
made to modify the fourth section, but no
alteration was made,
The above were adopted seriatim, and it
is understood are submitted to the Legisla-
ture with the hope that they will be acted
on.
The following resolution was offered by
Mr.. Kennedy:
Resolred, That the Legislature be request
ed to submit to the popular vote an amend
ment to the constitution exempting from
taxation all capital invested in mechanical
and manufacturing enterprises for q term Of
ten years from date OF adoption.
Mr.. Kennedy spoke strongly in favor of his
resolution saying that we must open wide
our doors to capital, commencing by taking
of every kind of tax on manufactures. No
State or city ever did or can become great
by agriculture alone; manufactures made
st. Louis, Cincinnati, Louisville and many
other cities. Let us offer all kinds of in.
ducements to bring capital here.
Professor Forshey thought that if the
Legislature would offer rewards to great
industries some good would follow. His
proposition did not meet with any favor.
Mr.. Kennedys resolution was not
adopted.
Mr.. Bayley offered a resolution commend
atory of the recent report of the committee
appointed by Governor Kellogg to investi-
gate the State debt. Adopted.
The following, from the railroad commit
tee, was received:
Resolred, That it is the deliberate sense of
this Chamber of Commerce that all char
ters heretofore granted by the State of
Louisiana to railroad companies which
have lapsed or have become forfeitable
should be declared null and void, and this
chamber hereby recommends to the next
General Assembly of the Legislature of
this State to SO declare.
Adopted.
1t was signed by Messrs. Joseph, Bayley
and Seixas.