The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-19
Bee programme Of grand concert this evening
at the Spanish Fort.
THE STATE DEBT.
Remarks Of Delegate Stone, Of East Fell
ciana, Delivered in the Convention
on Thursday, July II.

| Mr. President have tried to settle this
question for more than seventy days. The
discussion Of 1t would fill a dozen volumes.
Vote after vote has been taken on 1t, both In
the Convention and In caucus. I have at
tended every Democratic caucus, been willing
to be controlled by party caucus, and have
always 50 said. have voted to scale the
debt to fifty cents, to seventy-five cents. In
deed, we have just taken a vote on the propo-
sitton to scale 1t to seventyfive cents for which
| voted. That proposition was beaten, and by
whom By the very men who are the loudest
| Ia their bowling to scale the debt. What are
! we to do2 Let the matter go undetermined I
[ will never agree that the people shall be
without relief from this horrible burden I
have an amendment that affords even more
relief than the proposed scaling to seventy
| five cents, which read:
''Strike out all after the word at In line s.
and insert 2 per cent for five years, per
| cent for ten years, and per cent thereafter;
that q tax Of 211aa mills for five years and 5
mills thereafter. as special tax for the pay
ment Of said interest; that 81 mills shall be
the limit of all State taxes for five years. and
6 mills thereafter
We were sent here. sir, for retrenchment and
reform-to give relief to, the people.
Is there not, sir such reform and relief
guaranteed by this amendment as will justify
any man on this floor in voting for 1t? The
debt is $12,0OOOOO. The present annual inter-
est Is s40,000-With the cost OF collecting it Is
100000. The amendment cuts this enormous
interest down to 100000, saving thereby
$685. each year for five years, in interest
The present contract with the bondholder
is that for the payment of interest there be
annually levied tax Of five and half mills.
This horrible tax Is by my Amendment cut
down to two and 9 half mills, cutting 1t off
more than one-half. Then, sir, for the next
ten years the interest Is reduced from 5000 900
to S375,O0o-less t. i half; and for this ten
mills to three mills. After this time the in
terest is fixed at per cent, when the pres
ent interest Is per cent. By my amends
ment the State tax for all purposes is
limited to five and half mills for five years
and six mills thereafter, when now it is eleven
mills Now, sir, does not this constitute such
reform and relief as to recommend 1t to the
favorable consideration OF all reasonable and
enlightened men? !, sir, did not come here to
have my way, or obstruct and prevent any
and all settlement Of this question. / have,
sir, after the best effort of which was capa-
BILE, been unable to carry out my views; and,
sir, 1t has been owing to the persistent refusal
Of those who have called themselves scalers-
who, sir, have just defeated the proposition to
scale the debt to seventy-five cents. Sir, it
was extremists who pretend to be the only
friends Of the people, / refer you, sir, to the
Journal.
And shall this question be left unsettled, to
be decided at some indefinite time by some
legislature yet to be chosen2 No, sir! We
were sent here to settle it. and | propose to
do the best can for my people. | know more
OF the matter than they can know and in
tend to do the best for them. and would like
to have their approval; even their disap-
prevail shall not deter me in doing what I
know to be for the best. But know they
will not disapprove. The ordinance, as per-
fected by my amendment, does give relief,
even more than given by scaling at rs cents. |
/ have never changed my mind on this sub
ject and no man can take the journal of the |
Of this Convention and show even
the shadow of inconsistency In my course
here From my place here have branded as
the government and the governors
Of the past and have not been deferred by |
their being present here. Democratic as well |
as Radical thieves have suffered at my hands,
| have had no respect to persons or parties
but wherever have found wrong have stig-
matised it as it deserved. And the
chiefest infamy has been the debt. All
agree that it is In part fraudulent and have
always voted to cut out the fraudulent part.
But shall | forever hold to my views and not
modify them to meet the views OF such men
as Heron and others, whose opinions must
respect, and by that obstinacy defeat the
principal object Of our assembling? No, sig.
And now hope that the Convention will APP
prove my amendment. solve this troublesome
question, and give TO our people rest and re-
lief.
Don't fnil tO ha d thn Enaniah Fort fhia avan