The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-18


RAT, WEDNESDAY, JUN
| floor that the "wayg and means were ade-
quate at the time, but, having since ceased 60
| be so, the obligation of the State is cancsled
/ suppose this statement was unintentlonal
on the part Of the gentleman. On tnla
4 principle, II a man owes me debt,
and to secure 1t gives me mortgage on prop
erty and the property ID destroyed, he is re-
leased and owes me nothing. This OF course
will strike all as untenable.
open question whether the "waysand means
4 In such cases are or are not In the discretion
i of the Legislature; and again, whether the
i Legislature, having provided ways and
other power, to question t. To my under.
standing, the weight Of authority and reason.
Ting lean to the opinion that the matter Is one
exclusively within the legislative discretion
Judge Cooley states the rule, in II, similar cases
one is called upon to perform any constitu.
tional duty, or to do any act In respect to
which It can be supposed that the constitution
has spoken, it ID obvious that q question OF
construction may ct once arise, upon. which
hanrs OF Of e the case f tRe aec ka
must commonly be made by the person
body or department upon. whom the duty
| is devolved or from whom the aetis required
The language OF article Ill gives a latitu.
| dinous discretion to the Legislature, and 1t is
not prohibitory, as 1T has been contended. II
directs the Legislature to provide ways and
ure to do SO the debt shall be avoided. The
4 provisions seem intended In favor OF and not
i against the creditor, for 1t secures to him
| that the law shall be unrepealable until prin-
4 cipal and interest are fully paid.
/ But the Legislature having made the pro-
visions, how Is enc who wishes to purchase a
State bond to ascertain whether the provisions
are adequate? Must he take the risks, buy
the bond, wait for 1t TO become due and then
on the refusal to pay it, appeal TO the courts
and have them determine the adequacy Of the
provisions? Ibelieye not. Such a doctrine
would, OF course, prevent any man In his right
senses from touching bond.
I But Mr.. Chairman, can 1t be explained, as
an instance, how the committee recommends
| the payment OF the bonds issued for the Semi
| nary fund (Act No. 1872 OF 1857 IL their con-
struction OF article III Is correct2 Now, oil
course, ] understand fully that this was a
the validity OF these bonds or the justice oi
| the committees award concerning them, but
| IslmpIy wish to illustrate. Ifthis act No. 1872
of 1857 is examined, it will be found that nc
better provisions are made for the payment OF
these bonds than for that of the railroad
| bonds. II the doctrine be sound that the sstl-
ance Of bond not in strict conformity to law
not only invaldates the evidence Of the debt
! that Is the bond, but absolutely the debt it,
self, then how is it that the same result Is not
attained In the case Of these bonds TO the
Seminary fund?
1 Again, Mr.. Chairman, 1t seems singular
that the bonds to the Nashville Railroad
] which never existed, for which bonds, the
no consideration, should be paid; and, for in.
stance, the bonds Of the jackson Railroad
| from which the State largely benefited, shall
not be paid.
In conclusion, sir, On this point, would
/ state that IN q case OF doubt as to the consti
nationality OF an act, the doubt must be giyeI
In favor OF the act The Supreme Court oil
the United States use the following language
4 go justify a court in pronounelng an act o
the Legislature to beunconstitutional, the In.
compatibility must not be speculative argu.
mentatiye, or to be found only in hypotheti
cal cases or supposed consequences. It must
be clear and inevitable; such as presents d
contradiction at once to the mind, without
straining either by forced meanings or to re-
| mote consequences"
| believe, Mr.. Chairman, the committee has
gone too far In impunging the ante beltun
debt, which, heretofore, all have considered
sacred and which all desire to keep inviolate
as the heritage OF our fathers honor. The
report confessedly amounts to the complete
| expunging Of the whole State debt For they
i reiterate at almost ever page OF their report
that they. unable to identify the particular
series which are they recommend to be paid o.
rejected, and even the 100000, the payment
Of which they advise, could be paid to nc
| determinate creditor.
! 1canuot, Mr.. Chairman, by the vote of my
constituency, sanction the opinion that honor
| the very first obligations she executed were
unlawful and fraudulent and their Issue al
| imposition on the world, and that the officers
who signed them, and whose integrity no one
has ever questioned, participated in acts
illegal and Of doubtful honesty
Mr.. Chairman, had the committee confined
itself to an examination Of the State debt
since 1868, 1t may be that many who are now
against them would be with them, for, right
or wrong, the people consider that portion ol
the debt as doubtful and tainted.
Let US be careful that we be not overhead
Gus and let us see to 1t that we do not bring
upon the State greater disaster than that
from which we would rescue her and above
plighted honor. | know the idea has been
derided. 1t has been said 1t we're better we
never had and never would have a public
credit. 1t has been stated on the authority
Of great statesman athat public credit is a
public curse" may be pardoned to express
the opinion that this is but one OF those brill
liant paradoxes In which genious delights at
times. Public credit is no more a curse than
private credit; 1t is liable to abuse, like ell
things; 1t Is concomitaDt with national pros
-
the nations, has the greatest public credit.
Let us see to it therefore, that we do not allow
ourselves to be carried away by the passions
OF the hour and that we effect the relief of the
people, SO urgently needed, only by such
measures as shall be free from dishonorable
imputations.
For the original bondholder and speculator,
who took his chances and bought up indis-
criminately and at nominal price, the bonds
Issued by the late government, am free to
confess that / feelno sympathy whatever For Of
those, and they are not few, who, at home
and abroad, on the Inauguration Of this gov
eminent, the ratification Of our Legislature,
the sanction Of our courts; induced and per-
suaded by the voice OF a unanimous press,
by party pledges and by general acquies-
cence, trusted their money to the people of
Louisiana. heretofore SO jealous Of their
plights and promises, I say for those I do
feel just and deserved sympathy.
But, Mr.. Chairman, I do not wish to be
misunderstood. ! have urged these obiec-
tions only to show why, with views restricted
perhaps by professional narroWness, am
unah1a N az yUifh hn of l.,