The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-15

that Ire debt was honestly contracted. ID
perfect good faith, for the interests Of the
State. That the money has been realized and
annrnnriated to- public works Of the state, de-
cided to be public by the Legislature of the
State. Therefore 1t seems 70 me that you vio-
report 81 the committee and condemned that
$4,000. 900 Of bonds;
MI. President, I have been careful TO avoid
the word reputation; do not Wish 10 use
term that would be offensive 70 any gante-
man on this floor. understand that Inc
word regulation means that there must pc |
debt to repudiate. These gentlemen hold thaI
there never was debt at any time, hence
do not use the word Reputation. 49,
Now let me briefly call attenIlon e sne
Senatorial District With reference TO IN. the
Funding Board I ask your attention to that
you have seen one side Of the case, ana noI
the whole. / have listened to this debate,
Board was mentioned there was slight
rifle. 1t seemed to suggest the suplect OF
rascallty and ridicule. In the main agree
with you; but, Mr.. President, IT is not W De
forgotten that there was time when 10 tnat
Funding Board there were others besides the
men who have been denounced here as u
worthy of credit.
The particular point referred to by the
gentlemen from the Sixth Senatorial DistrlcG,
az TO Whet e tooa pece New A covered
IN 9 portion Of the testimony o. VT. Jonh
Phelps The gentleman from the Sixth
Senatorial District did not Intentionally
omit the other portion. ! Will read II. 10 10
the Convention may get correct idea OF
what took place. ask you to take the whole
testimony Of Mr.. Phelps. and you will find
out more In q half hours perusai q that
gentleman's testimony, than by all the de-
bates Of this Convention.
There was at that time member OF as
high standing In the community as any, ME-.
Albert Baldwin and those people in New
departure Of Mr.: Baldwin. The gentleman
from the Sixth Senatorial District does not
mention that. In the report OF the Aldige com
mittee they state that they were materially
aided IN their work BY Mr.. John Phelps.
mittee) When you hear the gentleman from
the Sixth Senatorial District you would sup
pose thatthey had attempted at the meeting
In New York to fund no one knows how large
an amount Of bonds. You ought TO know the
Office shows that 1t was fraudulent scheme
to fund $173,000 In warrants, and that the
scheme was defeated. / hold In my hand
statement OF the funding OF the public debt
STATEMENT OF THE FUNDING OF THE PUBLIC
DEBT.
Amount OF bonds outstanding jan
uhry l, 1874 $22, 43U, SUO w
Amount Of warrants outstanding
January /, 1874 .............-..-. 1.O06.S39 81
Total January 1, 1s74........... $23. 437 $3.50 81
Amount converted into consols DUR
ing 1874 bonds. 81, 403 TOO O0
Inc ISL, warrants. I. ......-..... 1s2,724 "a
Total funded In 1s74..-........ $3.50. 424 "A
Amount funded to May n. 1875. Al i
ditor's statementto Convention. s5.656.455 81
Amount converted into conSOlS In
the year 1876 bonds. ............. 1904, 400 90
| Amount converted into cOnsOls In
the wear 1875. warrants. .......... bs2,47 75
Total funded in 1871. ..-...... $40, 1886. 8T T5
Total funded In 1874 and 1875. In
! Guiding past due coupons. 10 os2 .906 81
Total funded to January /, 1875.-.. 19550.122 81
| Right here, In that connection, beg leave
to call your attention to a fact which gen.
tleman on this floor beside me could state
He did not understand how it was that the
debt was $27 100000 and is only Sill ,O0C
now. Itseemed to him to be startling pro.
that one Of the results OF adopting the ma.
jority report and declaring the funding act
| void, Ia to restore the old act and increase
your debt from eleven millions back to TWEEN
| ty-seven or twenty-five millions.
Now, Mr.. President was quite amazed at
| the interest with which the gentleman from
the Sixth District Of New Orleans spoke 81
the Reputation Of the legal act OIL this State
bonds to pay the war debt Of the State Of
Louisiana Mr.. President 1t is strange to me
that gentlemen, especially those born and
bred In this State, should rise here and serl.
ously bother our minds with arguments q
eminent OF the United States would not per.
NIT us to recognize debt issued In aid Of
what they called rebellion, but which we dc
not call q rebellion. will go with him q =
was al honest debt, but the constitution d
the United States, as my friend well knows.
4 forbids us to recognize that debt. We are
bound In swathing clothes with federal bay
onets plnning US. And 1t Is Tor MIN TO say nov
were compelled to repudiate that debt. The
gentleman held up $1,000 issue OF old State
notes Of the State Of Louisiana. Many OF us
\ have no obligations OF the good old govern
hoped would win, and Of this State too. By
\ there are others that have suffered, and 1t i
not for proposition OF that kind to influence
4 this Convention. Sir, there are old men an 4
9s snder t int a1gs eqs s hs
live for the happy, period that vii
And 1t is not for us to be influenced by sucf
paltry, trash as the paper which the gentle ,
Judge who had $4,000 left her, all the money
that she had. And with fidelity to the caus'
which we then almost worshiped she 10
vested that money IN nine bonds OF the Con
ate States 81 ba, II o1def e sod1
i apples referred to by the gentleman yesterday
they turn to ashes, and the old woman was
buried in poverty. | could mention thou
sand ps nstdnse ber but they eac
4 that should come from statesmen.
leave those incidents to the past. l was
forcibly struck with the eloquent remarks
he stated that rather than repudiate he could
first dpny q legal right to the mother who