St. Landry democrat., 1879-06-28
A RoRdlaIodcr,s PRO.


IN. ". Cit
Al tne request ! Item.l
Sl'lzehs we ha- OF Il number of our
tisa aa @ .,e 1oi .e been induced to pub
..n" pAoH .oWlnG presentation of facts
""os'' .,ositlon Tor Il compromise:
otnc nee or the remarks of Isidore Newman
Dci0fe the Committee on the State Debt on
ffl''itv, June 6, 1879:
lie said: call on YOU gentlemen for
the purpose of comforting with YOU in
regard to the all-absorbing topic of the
day-1he State debt. In SO doing wish
TO say that it is unnecessary for you
gentlemen to picture to me the condi-
tioh OF the country. Having lived in
the parish of Catahoula much of the
early period of MY business life know
tull we'll the disadvantages under which
Ihe planters have labOred since the war.
know that at the expiration Of the
year When the planter brings his pro-
uucts to market and disposes of them,
the proceeds barely suffice to pay his
neots to the merchant, and that when
ne returns home there is but little left,
II anything, with which to pay the doc
tors, blackSmith's and other small bills
necessarllycOntra during the year.
1, therefore. thought it best to confer
with you and ascertain whether We
could not arrive at some settlement
satisfactory to the State on the one part
and to the creditors on the other. Before
perceeding futher wish to say to you
that IN case we can not agree,I do not
purpose to threaten to litigate the mat
Ter. On the contrary, | shall use my
best efforts to avoid that alternative.
In my rather large experience in
business, have always found it bene-
f1clal to avoid litigation, and to COM
promise differences on u fair basis.
therefore would propose to Won gen
tiemen to accept seventy-five cents on
the dollar, with four per cent per an
mum interest, for all State bonds. which
and my friend, whom represent, may
own, amounting to between two and
three miliions0f dollars.
lou will certainly consider this propo-
sltion fair and liberal if you accept it,
you Will perceive the State thereby
saves twenty-five per centum on about
twelve mil lions of dollars, reducing the
principal three millions of dollars be-
sides this re-reduction, the State saves
annually on the reduction of interest
the following amounts:
Seven per cent on three millions of dol
- lalS.----- ACKNOWLEDGEMENTS. $40 900
Three per cent on the balance of the
deDt, nine millions OF dollars. ...... 270,OOo
Ag$rcgating ........-............ s4sOooo
annually saved besides The $1,000 900
reduction Of principal,
Gov; Warmoth asked Mr.. Newman
the following questions, which he an
sWercd
Mr.. Newman, you say you represent
between two and three millions of
State bonds. lie answered, do.
Mr.. Newman, do you think the bal
ance OF the State creditors would be
satisfied to accept your proposition !? 70
which he replied, am not prepared to
speak for Others, but only for myself
and friends.
Mr.. Newman, what is your opnion
concerning the other creditors do YOU
think they would be likely to accent
your proposition, if made by the State ?s
He replied, | am of the opinion they
or most OF them-WOuld.
Mr.. Newman, what is your reason for
50 thinking? To which he replied:
When the funding act of 1874 was pass
ed, 1T was some years before the cre7i-
tors, or many OF rhem, would acceed to
the reduction, intact, many of the obi
cations were only funded when the
present administration came into power.
and the reason of my belief is, that mer-
chants and capitalists generally accept
seyenty-tive per cent Of q debt due
them, in preference to going into litiga-
ton, paying costs and attorneys fees.
Another member of the committee
asked Mr.. Newman if he was prepared
would he reduce his proposition to writ
ing, and he replied, will Immediately,
if desired.
Mr. Newman closed his remarks by
saying. Gentlemen, I have been as
liberal in my propositions as possible,
considering the condition of the country
and all surrounding circumstances. l
can go thus far and no further. / hope
you will deem it to the interest of the
State to acceptit, which will undoubted-
]y be satisfactory to all parties in inter
est. With these remarks, [ rest the
your favorable consideration.