The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-11

the State certain propositions or amendments
to its constitution or rule OF action,
which was afterward by some process
declared to have become part OF that instru-
ment Now, admitting this TO I be IA true, The
validity than the remaining portion OF the
instrument into which 1t was incorporated.
II certainly did not and could not convert
the de tdcto government into DE Jatre oney
odious feature contained In 1t; and the fact
that this government was afterwards, In
1876, captured by the people by force and
power, and taken charge OF by them did not
It under the ne csontroi q the aI people, g % Df that
it's power could be controlled by them until
such time as they might assemble and form
q Tightiul government OF their own;
This is the view which the people every
wise then that in considering this question
we should have due regard for the might Of
public opinion which sent us here
All (pOntical bOdies) representative bodies
talized forms Of public sentiment They reps
resent a public sentiment which previously
existed and upon which 1t feeds for political
existence.
since our separation from the mother coss1l-
try, has ever arrived at that superla-
or that permsneney OF position as
TO enable i TO project from Or
political questions which interest the people.
The reverse OF this is true In the European
governments There the governments take
their positions upon any and all the questions
which present themselves and the sentiment
Of Its requirements. But in our country the
theory and practice OF our governments II
different. Here every great question
originates with the people, Is discussed and
ssPsa ssa 9 &C. oas saft i P1es se ers nna pe
motors which gives form and shape to the
policy OF the government. This body, this
Convention, is the representative Of such q
crystalized idea an idea which Is the result
OF long years Of suffering and strug..
fyrannieal government thrust upon
US against our will. Az true representatives
Of this great popular will, 1t Is expected Of us
that we form government m = which 3 VII not
preston and wrongs which characterized the
government which they have overthroWn.
II we should not come up to expectation on
this subject, we shall not only subject our
selves to severe criticisms 9 from our friends ats
home, but In all probability have our work
overthrOwn.
Delegate Lott then took up and discussed
the majority and minority reports Of the com a
mittee, continuing substantially e Y follows:
was based. 1t was claimed that the State had
issued these bonds. This the speaker denied.
No benefit had ever accrued to the State from
these issues.
II going out of office the government which
issued these bonds had turned over nothing IN
the way of improvements to the incoming
government.
The people Of the State had paid for levee
taxes alone over $8,000000 Had they re-
ceived an equivalent consideration Tor this
amount?
The railroad bonds Of 1853 were valid, and
acknowledged to be so by the people Of the
vision had been made for their payment In
1895, but the losses consequent upon the Wars
had changed everything, and 1t WAS not just
that the people, having lost thTee-fourths OF
their property, should be called upon 70 pay
the bonds.
Had the State ever derived any benefit from
these issues OF bonds, he would be willing to-
pay 1t all but what equivalent had the State
received2 None whatever. The cost of the
levees had been paid long since by the levees
taxes.
Passing to the report Of the majority, Mr.
Lott read at some length from the pamphlets.
There were no limitations upon the power Of
the Legislature to create debts In the, ,consti-
stockholder In the railroad company under
act No. 277 Of that year. The stock received
from the road was pledged to secure the pay
ment OF the interest OF the bonds issued In
payment thereof.
The provision made according tO the re-
quirement OF the law was, at the time, ade-
Quate, and IL the adequacy had deterIOrated
since then, 1t was by the loss Of fortune.
The holders were estopped from claiming
speaker then charged that the proceeds of the
sale Of the bonds made In 1870 had been APP
propriated by the then existing government,
whereas they should have been applied to the
payment OF the bonds.
no oHnrf fhnrr roy,iny ho hi xxF
the free school and general sinking funds,
and how created The bonds invested and
placed In these funds were really out OF exis-
tence; they should have been Cancelled when
they were placed, but they were taken out
again and sold.
The seminary fund was OF the same charae-
ter and had been subjected to the same man
agement.
The levee bonds were issued by the Wells
government, by act No 81 of 1865. When the
Wells announced that he had made levee con-s
tracts, and that appropriations to carry them
out we're necessary.
In accordance with the recommended atoms Of
No. ii Of 1866 Of bonds to the amount Of
bearing s per cent interest.
These bonds were pledged at ruinous rates
of interest, and In March, 1867, the Legisla-
ture authorized another issue to save this
loss. A few days later the Legislature passed
out of existence, and the bonds were sold toi
reimburse the PLEDGES.
The bill creating the levee board was vetoed
by the Governor, and the board appointed by
him retained In office Under act No. 81 OF
1870 So 0OO, ,0O0of levee bonds, to run five years
and bearing per cent interest, were issued.
The bill was passed over the Governors veto.
These bonds were to be pledged at ninety
cents. The consideration received for them
was not adequate. The people had paid So
O0O 900 of levee taxes, and 20,000,000 cubic
wards OF levees had been built.
In addition to the payments on the princf-
pal, 1000 ,OO6 mad been paid on account OF In
terest. It was not just that their payment
should be demanded.
Taking up the question Of railroad sub
scription, the speaker defined the subser1p-
ton to the North Louisiana and Texas Rail-
road as exceedingly Irregular.
The road was heavily involved by mort
cages when the subscription was made.
None OF these issues had been made accord
ing to law.
The floating debt appropriations had been
the most troublesome to Investigate. In 1855