The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-30
BY Mr.. Pardee

OF this State exceeded the sum Of twenty
two millions Of dollars, andsthe rate Of taxi
lion on property, exclusive Of parish and
: municipal taxes and licenses, was twenty-on,
and q half mills on the dollar OF nssesset
valuation; and
Whereas, there was much complaint as 20
kind, character and amount Of the said bond.
ed debt-alleging that u part thereof WINS
fraudulent, and created under o government
not having tho support and consent 81 ali tle
people, and without a sufficient consideration
to the State; and alleging that 2 part was
not only fraudulent, but created L. antf-pei.
lum times, based Oh u1 assessment Including
slaves, which had ceased to be property; and
Whereas, there was complaint that the
good people OF the State, owing to losses re-
sulting from the war, and the loss OF slaves
said debt and tie said high rate of taxation,
and the State had defaulted IN the paymeet
Ut interest, and the credit 81 the state was
impaired, and the honesty and good faith OF
tiIe people questioned; and
Whereas, Iii said year 1874. the people oil the
State, by d constitutional amendment, scaled
and repudiated said debt to the extent q
forty per cent to cover the depreciation of
property. and. the loss Of taxable property,
and the Judgment OF Interest thereon, only
upon all doubtful or supposed fraudulent
bonds being favolably decided upon by the
Supreme Court Of the State; and
Whereas, The new funded bonds were de-
clared by the said amendment TO be, and con-
stiulte o contract between the holder and the
State, and the same has been accepted by all
the creditors OF the State holding valid bonds,
and under the operation thereof the said
bonded debt has been reduced to about half Of
the original amount, and the rAte or Interest
reduced; and ~
Whereas, since the good people OF the State
have obtained possession and control OF The
State government. and there is no question
as to It's representative character, Che said
amendment, aud scaling and funding have
been ratified by recognitory acts OF the Ltgis.
latnre, by decisions OF the Supreme Court,
and by the funding Of large amount OF bonds,
and the payment VI interest thereon, there
fore, be 1t
Resolued, That In the opinion OF this Jon-
vention any successful attempt to repudiate
any part Ut the present consolidated funded
debt OF the State, or to discredit the same, or
to forcibly readjust or diminish the sh,ne, or
| the interest thereof, will be an impairment OF
the obligations Of the contract, d breach Of
good faith, the ruin Of the credit and honor OF
the State and d severe slow To the credit VI
the merchants and private citizens; and
Whereas, there has been since 1874 u great
depreciation In the values Of property, and O
latge amount OF property, then productive,
has become on.productive; and
Whereas, the losses of trade and business
from floods and pestilence have still further
impaired the ability of the people 10 pay
taxes, 30 that now the payment OF the In
terest provided by the aforesaid eonstitu-
tional amendment has become an oppressive
Whereas, the creditors of the State have q
Vital interest In the future prosperity and
advancement Of the State, apd In the revival
OF trade, commerce and the agricultural In
~terests, oil Of which 10 impossible with the
present high rate of taxation; and
Whereas, from the foregoing causes the
Statehas already once defaulte@ In the pay
mept Of interest, and there are rave reasons
tokear defaults In the future, knl of which re-
npairIng the value 81 thef securities, and
Hepriving them Of their pr knpt payment OF
4 their justly anticipated avenues; therefore
Resotued, further, That Me Finance. Com
mittee OF this Convention 20 authorized to IN
the credltors of We IN To or committees OF
ment 81 the rates D lih REST to % hereafter
paid within the MN ar and ability Of the
ceivlng Interest, Rnd Iat the creditors and
people may be alike benefited, and the honor
and honesty and reputation OF the people OF
this State maintained.
Lies ever.
On the motion Of Mr.. Lagan his resolution
authorizing the appointment Of o reading
clerk was taken up, and on the motion Of Mr.
Forman was laid upon the table.
Mr.. Gueringer offered the following resolu-
ton:
Be IL resoiyed, That the powar Of appoint
ing clerks rests with the ~severil committees
as a whole, and that no indis dual power OF
appointment be allowed by this Convention.
On the motion OF Mr.. Favrot tis resolution
was taken up and adopted, as 70 'ows:
Resotued, That hereafter the Secretary In
writing the journal Of the proceedings Of the
Convention shall state the nun 'er OF menu
bers present at roll call, and ie shall only
mention the names Of the absen ees.
Mr.. Warmoth's resolution relative to adj
journment was taken up and laid upon the
table, subject to call.
The resolution Of Mr.. Caffrey, relating to
ordinances and provisions Of the new Consti-
tuition, was referred to the Committee on
Rules.
Mr.. Pardee called up his motion to re-
consider the vote by which the Convention
adopted Rule No. 65.
On motion Of Mr.. Todd, the motion to re-
consider was laid upon the table.
A resolution of Mr.. Mcliloin, relative to an
amendment to section 3 OF Rule No. AZ, was
referred to the Committee on Rules.
The resolution offered by Mr.. Jastremski
April IS was adopted as follows:
Resoloed, That the printer be instructed to
have printed In pamphlet form, in one
volume, the journal n minutes OF each
days proceedings OF the Conveltion-in all,
fifteen hundred copies.
The resolution Of Mr.. Moore, OF st. Landry,
providing for the meeting Of the Convention
at 10 O'Clock q. m, ETC., was taken up.
A substitute was offered by Mr.. Augustin,
providing for the daily meeting Of the Con-
vention at IL o'clock.
The resolution and substitute were laid on
the table.
The resolution OF Mr.. Carey, concerning the
adulteration Of food, etc, was referred to the
on Health and Quarantine.
The resolution OF Mr.. Loan, authorizing the
detail of one page, was taken up.
Mr.. Fayrot offered, as substitute, his reso-
luton offered April Is, as follows:
Resolced, That 1t shall be the duty of the
Sergeant-at-Arms to act as Postmaster OF this
Convention.