The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1879-06-06


shall be made party in any court OF
the State or of the United States, with
intent to test the validity of any such
evidences of debt.
Art. 2. The Legislature, at its first
after the adoption Of this con-
shall provide for the issuance
Of the bonds of the State, with interest
coupons attached, to the amount of
b2,752, 1858, payable in thirty years,
bearing interest at the rate of 4 per
cent per annum, payable semi-annually,
on the first of February and August of
each and every year; 81 est, 500 where
of shall be exchanged at par for any of
the above named bonds on or before
the first of January, 1882, in such man
ner as shall be provided by law 81
O96, 1858 whereof shall be exchanged
for valid outstanding warrants and
certificates of Indebtedness issued by
the Auditor of Public Accounts pre-
vious to the first of January, 1879, in
mode and manner to be provided by
law. And the Legislature shall pro-
vide at its first session for the annual
levy of a tax, on all the property in
the State subject to taxation, sufficient
to pay the interest on the bonds issued
under this article as the same falls due,
and create q sinking fund adequate to
the payment of the principal at matur-
ity.
Art. 8. The debt due by the State
to the ssfree school fund.- is hereby de-
clared to be the sum Of 81 ,193, 500 in
principal, with interest accruing there
on at the rate of 6 per cent per annum
from the first day of January, 1876 {;
and the debt due the Seminary fund is
hereby declared to be the sum of 1885,
600, with 6 per cent interest per an
mum from the first day of January,
1879. The said amounts shall be
placed on the books of the treasury of
of the State to the credit of the respec-
tive funds as perpetual loan, and the
Legislature shall levy annually suffi-
cient tax on the property of the State,
real and personal, to pay interest at
the rate of 6 per cent per annum on
both of said amounts.
Art. 4. The bonds of the State here
tofore issued placed to the credit of
said funds, and sold under act No. 81 :,
of 1872, are hereby declared null and
void.
Delegate Semmes, for minority of
the committee, submitted report
which dissented entirely from the
views of the majority. 1t declared
the position therein taken to be as
and unheard of before, and
discussed the legal bearings of the
question at length. All considerations
Of public morals and good faith were
opposed to the outright reputation of
most of the debt, as proposed by the
and were in favor of the pay
ment of the debt of the State. The re-
port recited the amount Of money re-
ceived by the State for the bonds
which it was proposed to throw out,
over 81 ,OOO, 900, and showed
that those bonds had already been
scaled down to about 81 100000 under
the funding act of 1874, which had
been recognized as valid and binding
by tho Legislature of 1877 and by the
Supreme Court of the State.
The report concludes with a resolu-
ton providing that a committee OF
nine be appointed by the President OF
the Convention to confer with the re-
personalities OF the bondholders, with
view to an honorable adjustment Of
the debt, as follows:
Resolved, That a special committee
of nine members of the Convention be
appointed by the President with power
to ascertain whether or not an equita'
BILE adjustment of the consolidated
the Legislature of the year 1874 can be
effected, and to report as soon as pos
sible.
The minority report is signed by
Don Caffrey, Thos. J. Semmes, Hugh
Breen, H. G. Warmoth, Mayer Caben
G. LeGardeur.
Delegate Mcconnell said it might be
remarked that he had signed neither
report. He was sick at the time the
reports were made up. He desired
especially at this particular time, thai
his views should be known. He favor
ed in tho main the report of the minor
ity of the committee, but as he dis
scented from some of their conclusions
he desired ut a future time to submit
a report expressing his views.
| Delegate Robertson moved that thu
reports of the committee and all the
documentary evidence taken, upor
which they were based, be printed il
pamphlet form. Adopted.
The Times prints to-day the un
answerable statement of the condition
i n nj history IF fhe Static debit Sllh