The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-18
THE CON VENTIO..N n
Continued Debate on the Report Of
the Committee on the
State Debt.
Remarks Of Delegates sutherhn' faf-
lange, Baskins, Pinchback,
Hough, and Moore Of
St. Landry.

St. Landry. A"@
peech-Making Drawing to Close and the
Proceedings Approaching Vote.
TUESDAY. June IL, 1870.
The Convention was called to. order at 10
o'clock, President Wilt in the chair and sixty
members present.
The journal was corrected and approved.
The Convention then resolved itself into
committee of the whole, for the purpose Of
considering the report of the Committee on
the State Debt.
DELEGATE sUTHERLIN
secured the floor, and addressed the Con
yentlon as follows:
AR. President and Gentlemen, of the GO,ayen-
tio,,--We are growing weary under the debate
ON the question OF the public debt which has
now been going on for seven or eight days. /
had hoped that would not be called upon TO
obtrllde my Views upon the Convention.
When the debate first opened 1t was suggest
ed that should be one Of those TO advocate
on the floor of the Convention the report III
the majority OF the debt committee, but since
I was not d member Of the committee, and
consequently not 30 we'll informed OF the facts
iii relation to the subject as others might be,
thought 1t best to maintain my silence /
thought 1T best that should listen with atten-
tion and with g grace becoming my want 81
sstItuents, however, impel me to give utter
ance to my views very briefly.
It ID needless for me to say, becaue have
not attempted To conceal my views on the
adoption Of the report Of the. majority. And
here desire to say that / do not believe the
report savpf's or smacks of reputation. We
have In the debate mutually criminated each
other as repuadiationists, which has been
mutually disGlaimed On either side. Not d
single gentleman who has addressed the Con-
vention has dared to take position as a re-
pudiationist. We all discaim 1t. Ii the
gentlemen who have advocated the adoption
of the majority report, whose views coincide
men who advocate the minority report, or
oppose the majority report, are also repudia-
tfonists. There have been substantially two
distinct propositions advocated BY gentlemen
holding opposite views. The report OF the
majority. as I understand II, means nothing
more or less than the reduction OF the princi-
pal as well as the interest OF the public debt
as II exists Gentlemen who oppose the
majority report do not dare to say that the
are aee 70 Pay e dep5 as y Exists
advocate q reduction 81 interest simply, there
by recognizing and maintaining the
principal as " stands. The, gentle-
man from Orleans Ont. semmes)),
speech H Chat OUT t State should follow the ex s
ample of Alabama and Virginia, and reduce
the interest to a very low rate for period Of
d few years and gradually increase the inter-
est as the people became more able to pay.
The gentleman from Orleans Mr.. McOonneli),
who addressed the Convention on the same
side, advocated the same idea Of reducing
the interest, and that such measure would
enable uB to reduce taxation to a low degree,
and thereby afford to the people that practi-
lively demand. He argued that we could
afford to do this, because with low rate Of
taxation we could promptly pay the interest
at d low rate, and that the present genera
the bonds mature. so YOU will perceive, MI.
President. there are two ideas advocated be-
fore this Convention; two substantial propo-
sitions submitted to it's consideration. Gen
tlemen On my side Of this question advocate
the reduction Of the principal and the inter-
est while gentlemen on the other side advo-
cate the reduction of the interest only, and
hand down to posterity, our children and
grandchildren, even to the third and fourth
generations, burden Of public debt, which
has been heaped upon us, and which this gen.
GRAFTON, it is admitted, will be unable to pay.
Mr. President. what gives value to property?
.It Ii the revenue IT produces. What Is the
revenue ct these bonds? IT is the interest.
ibonds-the interest they bear--do we not
Impair the value OF the bonds themselves2
Enthusiastically SO. The conclusion is inevi-
table that, In principle. the gentlemen who
oppose the majority report are just as much
repudiatols as they who favor Its adoption.
If one sid can be called regulators, then the
same mus likewise be said Of the other side.
Ig gentlemen who oppose the majority re-
port assume they are not repudiators, then
we make the same assumption for ourselves.
ir has fkxa,.
IL Ia degree. i deem it right and proper that
the people should understand this matter 1t
Is not fair that news should spread abroad
that gentlemen who advocate the majority
report are absolute repudiators and striving
TO bring discredit upon the fair name Of the
State, while gentlemen on the other side only
have at heart the honor Of the State, and are
SO willing to offer up themselves as sacrifices
on the altar of their country's good. All of us
maintain that the State Is unable to pay ri
this emergency what is to be done7 This is
the question. Our side says reduce the inter-
est and the principal; while the other side
says reduce the interest and relieve ourselves
temporarily, and hand down this debt to pos
terity, thus visiting upon the children the
sins Of their ancestors. We accept this issue,
and as between us let the public Judge. For
my part, I must believe that 1T Is emnently
right and proper that we should settle this
question ourselves, and not hand II down IS g
legacy to future generations. Let us sift this
matter, let us settle it. Let us not hand it
down to our children as living monument Of
the wrongs perpetrated upon their fathers.
Mr.. President, the debt committee are to
be commended for the patience, industry and
zeal with which they have investigated this
matter. It seemssto me that the majority re-
port IL the result Of a careful and impartial
of the whole subject. They
have considered the limitations and restric-
tons in the different constitutions Of this
State, In reference to the Issuance OF the bonds
originally. They have measured the legality I
and validity Of each particular class or series |
Of bonds BY the restrictions and limitations
In the constitution in force at the date Of their
Issuance. Wherever bonds were issued In |
pursuance Of an act Of the Legislature which
was IN contravention Of an article of the con
stitution then in force, the majority of the
committee report them as illegal bonds and |
The State under no obligations to pay them.
Wherever the act OF the Legislature which
authorized the issuance OF any class OF bonds \
JAILED to provide adequate ways and means
or the payment Of the interest and principal I
Is it natures; when the constitution In force