St. Landry democrat., 1879-07-26
The State Debt.


y. O. Democrat, July GOTH
Delegate Cunningham called up his
motion to reconsider the vote by which
the State debt ordinance was defeated.
The previous question was called on
the motion, which was oIdered-yeas 60,
nays 8. The motion to reconsider then
prevailed-yeas -, nays II.
Delegate Cunningham moved to rc-
consider the vote by. which the ordinance
was adopted on its second reading.
Adopted without division.
Delegate Lyons offered the followin :
substitute for the entire ordinance:
ARTICLE /. BE it ordained, That the
interest to be paid on the consolidated
bonds of the State of Louisiana be and
is hereby fixed at two per cent for five
wears from January l, 1880, three per
cent for fifteen years, and four per cent
thereafter; and there shall be levied an
annual tax sufficient for the payment OF
said interest, not exceeding three mills,
the limit of all State taxes being hereby
fixed at six mills pr0ridcl, the holdeys
of consolidated bonds may at their op-
ton demand in exchange for the bonds
held by them bonds OF the denomination
of five, one hundred, five hundred and
and one thousand dollars, to be issued
at the rate of sevcntytiye cents on the
dollar OF bonds held to be surrendered
by such holders the said new issue to
bear interest at the rate of four per cent
per annum, payable m-annually.
ART. 3. BE it further ordained, That t
the holders of sald consolidated bonds
may at any time present their bonds to
agent to be appointed by the Governor,
one in the city of New York and the
other in the city OF Londen and the
said Treasurer or agent, as the case may
be, shall indOrSe or stamp thereon the
words - interest reduced to two pen cent
per AMMAN for five years FROM january
/, 1880, three per cent for fifteen years,
and four per cent thereafter; p1Oridcrl
that the holder or holders of sad bonds
may apply to the treasury far all eN-
change of bonds us provided in the pre-
ceding article.
ART3. Be it further ordained, That
the coupon of the said consolidated
bonds falling due first of january, in tie
year 1880, he and the same is herby se-
mlttcd. and any interest taxes collected
to meet said coupons are hereby trans
ferrcd to the account OF the general
fund, to defIay the expenses Of the State
government.
Be it further ordained, and it is hereby
ordained by this Constitutional Conven-
ton, That the foregoing provisions and
articles relative to the consolidated debt
shall not form a part OF this constitution,
except as hereinafter provided as fol-
lows:
At the election held for the ratification
or rejection of this constitution it shall
be lawful for eacl, voter to have written
or printed on his ballot the words, " For
ordinance relative to State Debt" Or
the words, A Agalnst ordinance relative
to State DEBIT and in the event that g
majority of the ballots SO cast have in
dorsed on them the words, " For ordi-
nance relative to State Debt" then the
said foregoing provisions and articles of
Of this ordinance shall form a part of
the constitution submitted if the same is
ratified; and il a majority Of the votes
50 cast shall have inuovsed on them the
words, Against ordinance relative to
State DEBIT then said provisions and
articles shall form no part Of this con-
stitution.
The yeas and nays were demanded on
the substitute and it was adopted-yeas
IS, nays 3J. The vote in detail was as
follows:
Yeas-Delegrtes Baskin, Blanchard,
bOtttus DbuiScCiS, DICiiuA, Dtetu, DtldH,
Bulgcr, Burton, Cafrey, Chatfe, CHA
pella, Claiborne, Collins, Colvin, Gun
ningham, Davenport, Davidson of Clai-
borne, Davidson OF Iberville, Denis,
billiard, Easterly, Edwards, Favrot,
Forman, Gaskins, George, Girard, Cow
ers, Havard, Henry OF Natchitoches,
Heron, Howell, Jastremski, jenkins,
Jotfrion, Kemp, kernochan, Lanaux,
Leake, LeGarduer, Jr, Lyons, Marks,
Millard, Moore Of Lafourclle, Munday,
Mcconnell, Nogues, Mutt, Oliver, OFT,
Parlange, Phelps, Poche; Riyet, Robert
son, Stagg, Stone, Stringfellow, Sutller-
lin, Thompson, Todd, Wells, White,
Young of East Baton Rouge.
Nays-Delegates Allain, Babcock,
Bobie, Bridger, Bulow, Byrne, Cahen,
Carey, Demas, Dickerson, Gardner, Gia
Grimes, Gueringer, Henry of Cameron,
Hough, Kelly, Lagan, Loan, Long, Lott,
Lucket, Mathews, Mentz, Moore OF st.
Landry, McGloin, Pardee, Pinchback,
Roach, Self, Simon, Stamps, Stewart,
Stroyich, Williams of Terrebone, Young
of ConcOrdia.
Delegate Lyons moved to suspend the
rules i'll order to put the bill on its third
reading. Lost-yeas IS, nays 81, not
four -tfths voting in the affirmative.
The bill was then ordered to be prin-
ted and made the special order of the
day for Monday, at II a. m.