The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-18

u a convention was called to order at .
o'clock, President witt Lii the chair and u
quorum present.
THE STATE DEBT.
Consideration OF the ordinance on the State
debt was resumed.
Delegate Watkins renewed Ills motion To
reconsider article |. which motion WAS pend
Ing when tile Convention adjourned Oh
Wednesday,. The motion to reconsider pre-
vailed yeas 6G, nays 3t
Delegate Richardson offered tho following
substitute for the article:
Anrs i That tbas funded stnta debit, do en-
hraeed In the consolidated bonds Issued under
act No. D of 1874. shall he reduced To aud re-
their face value, Hs u final settlement aud ad-
S1ustment, based urnn tie disputed validity Of
portion thereof, and the inability Of the State
W pay Il large sum. bearing four Ter cent per
nunum from the first Of January. 1890 provided.
that thu holders IF aaid bonds may on their
cent Of the principal Thereof. bonds Of me do
nominations OF five, ten twenty fifty and ono
hundred dollars, bearing per cent interest,
En- with Interest coupons attached. which oot1nDnR
shall be receivable for all yes due to any fund
tint n1ay ha got apart to nay the interest ON the
bubble debt.
Delegate Simon moved to amend by substi-
ttitipg fifty per cent for "seventy-flvo per
cent.
Delegate Cunningham moved to amend BY
adding to the original article. trhe State
shall never be debarred or estopped from
questioning the honesty validity or legality
of any bonds held against it, but Ii shall he
the duty OF the State officials to attack said
bonds. and refuse to pay the principal OF In
terest thereof wherever any evidence Of fraud
can be obtained
Delegate Kidd moved TO lay the amendment,
Oh the table.
On this motion the yeas and nays were de-
manded, rssnting--yeaH G7 nays As. and Tho
motion to table prevailed.
Delegate Watkins moved to amend the
original article by adding: "ptouided, that
the holder ct the bonds shall have the option
af taking new bond Mt seventy-fiva cents on
the dollar, with 4 per cent interest from the
GfBt OF January. 1880"
Delegate Simon moved to amend by insert
ang nifty for seventy five"
Delegate Kidd moved to lay tho amend
snant on the table.
On this motion the yeas and nays were de.
manded, resulting cas- 81, nays 81. and the
motion 10 table prevailed.
81 The yeas and nays We're demanded on the
amendment of Delegate Simon, resulting
yeas 30, nays 4. and the amendment was lost
The yeas and nays ware then demanded On
The amendment OF Delegate Richardson re-
slltnR- yeas 81, nays W, and the amendment
was Lost. The vote In detail was as follows:
Yeas- Delegates Baakin. Blenvenu. BLANCHE
arc, 8rldger, Brian Burton. Byrne, Carey Chi
anella, Claiborne. ualyin. Cunningham. Daven-.
Elan, Estopinal, Fauls Favrot. Forman. Gas
Henry Henry Of Cameron. Henry Of iatchitechss.
KEMP. Kennedy, Kidd, Klrkn,an Lagan, Land.
Long LsMssett MIard Morssand Moore & u.
Hiyet. Richardson, selt, Simon, Stagg Stone.
sSs.ntharlin. Thompson. Todd. Watkins. Webb.
NAYS, Delegates Allain. Babcock, Bell nobIe,
Bolton. Bourgeois. Bteaux. Bfeen. Bulger, Dn.
low, oaifrey, cahen, ohnatfe, Collins Davidson
wards. Fonteliep. aardaer iGGe eorse' d sa
Grimes, Herron. HouKh. Kernochan Knoblock.
Lananx. Landry, Leake, ,Ladardeur. u. Loan.
Lafonfche. Mcuopnell. Nognsz. Ogden. Olivier
'9tt, Pardee. PArlsnge. Phelps, rinobhack,
iStampa, stevenson Stewart, Stringfelow, stro..
vteh. Vance, White. Williams of Terrehonna.
Young Of Concordia. Young Of East Baton
Delegate Blanchard moved to amend hy
providing that the interest shall be liked at .
per cent for five years. commencing january
\, 1880; 3 per cent for five years and 4 per cent
thereafter. payable semi-annually, the hold
ers OF bonds to have the option Of refundinp
at seventy-tive cents on the dollar, with per
cent interest, the new bonds to he issued In
denominations OF S. and n special tax OF two
and Q half mills to be collected to meet the
interest
Delegate Gaskins offered a substitute pro-
vlding that two per cent interest shall lie paid
On the lace OF the debt, giving the holders of
bends the option oil refunding at fifty cents
on the dollar with live per cent interest.
On this amendment the yeas and NAYS were
demanded. resulting-yeas IS, nays SIS; and |
the amendment was lost.
The yeas and nays were then demanded on
the amendment fof Delegate Blanchard, re-
suiting yeas 81, nays IS, and the amend
Enent was lost.
Delegate Caffrey moved to amend by pro-
vtding that the interest tax of five and one
half shall be reduced to and fixed at three
mills, and that the entire rate of taxation for
all purposes shall not exceed six mills.
TN this amendment the yeas and NAYS were
demanded, resntiae--ye 60. nays I'll, and the
amendment was lost.
article providing that the face Of the debt
Shau be scaled TO seventy-iive cents on the
paid. wy s-1'siA Ny [
On call of the yeas and navs tho s,hsti-
tute was lost--yeas So nays 60
DeieRale Lyons moved to reconsider the
vote ~ which the substitute offered by Dele
E I'M hlenaiason was Voted down. This was i
the greatest favor from the Conventions He | \
thought that the Convention should sattIa this {
question: and therefore hoped the motion To
reeonsider, would prevail, and the substituta {
be adopted. I
. Delegate Lagan said he had been an ex-
IRENE anti-debt man, but he should now favor :
the proposition OF Delegate Richardson as the
pest compromise that could be adopted !
Delegate Leake said he had been consist
cnt opponent OF every proposition looking to
any scaling OF the debt. The votes of the
Convention showed conclusively, however.
that no settlement of the question was posi- I
BILE which looked to the recognition Of the i
face of the debt His constituents demanded I
that the question should be settled by the
Convention. He therefore, should favor the y
motion to reconsider, and should vote for the !
substitute.
Delegate Lott said he would favor the pro-
position TO reconsider II the question was to y
,e submitted to the people He had examined 9
he debt thoroughly and was Convinced that 4
he people did not owe it. He had voted this q
morning for scaling to fifty cents on thedollar.
This was too much. Now 1t was proposed to a
lay seventy-five cents He did not believe 9
hat 1t was d just settlement
Delegate Simon regretted that he had to O
handon his cherished idea of scaling the debt | X
o fifty cents. LIZ spirit Of compromise, how v
fhka