The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-13

for any Judge to decide, FOR there was no such
issue before him, 1t is incompetent for any
IMMENSE debt upon ID unless tie act vas rati.
He'd by the State. The Secretary Of State did
nat compile the VOTE, and no PRONUNCIATION
was made that this amendment had bee,Iue q
part the constitution. This Convention, rep.
riasenting the sovereign people, are competan
10 decide whether the people did morally ratj-
NJ these issues, 80 that we shall ia morally
and eautshly Festopped from questioning
these cOnsols.
Now, Sir, there ID no doubt But tbat ~
this process OF funding, the honest bonds. fhe
i iega1 and constitutional bonds have haen
! tnextricably lnterningled with the dishonest
and fraudUfent ones, and those which were
3 Issued 10 violation 81 the constitution. But,
t yours q mine2 Was it the fault Of the pe "a,
fle Of the State2 No, sir III anv nan haIf
j honest bonds, knowing the circemstarr,es
ander, which the State Of Louisiana was
placed; knowing That she was held under the
/ Iron rule Of military despotiss1 knowing
1 that free expression of the VIII of tho pep,
& ME was not given, as every man In this wide
4 world knew; II he went and mixed his bond
VITA the dishonest nom, end Fraudulent bonds, he
mist lose It y hts own fault, not ours. = =
Mr.. PRESIDENT We have seen a singular
spectacle to-day upon this floor. We have
seen the man who above all others ID respon-
slble fcr the greatest portion Of this iniqni-
other man possessed power to prevent what
occurred during the years Of his administra-
lion; we have seer him talking here about
The honor, and the faith q the State
sustain tiaeState's verdict, Implying that he
and Kellogg pledged the honor Of the State,
Sir, the henor Of the State Of Louisiana was
never IN their Keeping, thank God. lap
nss ega T i a ssv ta ~ se oG h q v9 (, q
State was In the keeping Of either Warmoth
81 Kellogg. tEhpplause. Az soon will / con
TESS Louisiana to be tomb, as to confess
that II was in their power to pledge her honor
and fair fame. Applnusel
Sir, 1t comes with an Ill grace Tor the gen.
n tleman to talk about violated honor and
plighsed faith. / think the State Of LouIsi-
ana, vhenshe came into power, had q debt.
hold In my hand, sir, the act passed by the
the State treasury.
alSe Il resolved b. ne Senate aad House Of
/ Representatives. Of the State Of Louisiana IN
General Assembly connened, That it shall be-
the duty OF the Governor, and he is hereby
empowered, TO borrow on behalf of the State
from time To time, az the wants III the treas
ufy may require, sums not exceeding 81, 600, 600.
either-by the issue Of bonds Or treasury notes
d the. State, or both; prootded, that the
sum pf 81 ,o00'
Sir that act was signed and promulgated
md became law, and even If the honor OF the
State was pledged ii was pledged when Thos.
n Moore; the Governor Of Louisiana, affixed
hls signature TO that act. For twelve or
more years have held the faith and honor OF
the State Of Louisiana. Here Ii is. "The State
n. Lonisiana VIII pay to bearer $1,000" Here.
tits: The first thing the gentleman did when
he came Into power was to repudiate tho
whole Of this s7,ooO,Ooo, and be stands on thi,
floor and talks about the faith and honor OF
Hha State. tApplauseJ
Was villafay to be rewarded, the speaker
continued; was the spoIatiun OF the State to
be held up to the youth Of the State Az
proper and binding7
lsit proposed to invite immigration and
capital by @ tax OF eleven mills? The average
+rate throughout the country was four mills.
Capital and immigration could not BE- invited
liquidation OF the debt would destroy so
much capital. 1t was the first time he had
ever heard that debt was capital 1t i
sly. the "a duty t q the Convention to scru
W refuse to pay q fraudulent debt, but it was
dishonest to their constituents and 70 the In
t0fpstS Of the State to pay such a debt with
'Outi stigation. The debt was perpetual
upon posterity.. Great as the burdens upon
tnestate were. the burden upon the people of
the city was heavier. The city owed $22. 900 900
snd was compelled to pay five-eighths Of the
expenses OF the State.
lagures produced BY Carondelet street to
show the vast wealth OF the State The true
statement Of the prosperity of the State
we, Nss to be derived, not from the gross
value, ibnt from net earnings. The fact
RRs, that the State was retrograding,
under the heavy burden Of the debt. 1t was
impossible for the people to pay the heavy
saxes and prosper. Az fertile aB was the land
" would not stand the drain upon it. II this
condition Ut the people In the fertile valley OF
tne VIE whsre the people have been 80
Eround down and despOiled by taxation that
ttaaey frequently die Of famine Where does
sno money, Ro that the people maker 1t gees
70 the officeholder, the bondholder and the
taxs gatherer.
\, The true estimate Of the value OF crops ls
! mel net value. Sugar crop paid net per
csent, which was not interest on the capital
invested. Cotton scarcely paid the cost ct :
W. enormously rtchl II taxes were not re- !
ouced we would be compelled to move out Of /
NJ Rouses and wear fewer clothes and ca. \
!As. IA gentleman told him that property liz q
1.-THE last three years. The people to es- o
we the tax-gatherer were investing LIE per Ii
sI government bonds, because In that way O
" they could save something. ii
e state w 1f t ass must b be Tn be s
WY OF the State is to It's citizens. The first 81
WV Of citizen is to live and his next duty u
wv wv refuse to pay what he does not owe, TN len
49, De desires TO give In charity. he believed a
~ majority of the Convention was in el
na sFo Of throwing out the fraudulent debt.
y,tae1s Were doubtful because OF the mixture iE
n bends lilo had heard 1t said that widows el
'Raed bonds. For every widow who held &c
Dads he would show twenty who were taxed it
W q house and home to pay the bond. Jap di
,anse. A
alae minority report simply proposed to th
" asner with the bondhoders. The first act OF It
Y committee was TO advertise for proposals 81
" III response was made, although. weeks In
sapsed, until the committee reported, when
one bondholders proposed to take seventy tn
W cents and per cent interest; the others til
Ha sa all Nothing would result from such to
nnafering. tn
10 you not know, as practical, sensible de
Nj that it s no use to Ichaffer with bond eg
Olaer2 He wants ill he can get, and even AZ
,y nsg agree with the holders Of S20O0Oo0 or frt
VkOo,o0O, what are you going to do with the tn
.aefs who refuse to come In. Gentlemen, gr
,snI nave TO take this question On The broad ms
ssound Of right and duty. Decide tt for your gr
yves, and leave the bondholders to accept w
vi a. you offer. If it is the honest thug gel