The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-01

change.
Delegate Cunningham argued in support Of
the substitute. He did not believe 1t went as
far as the people demanded, but he offered It
was copied from the constitution OF Georgia.
If his substitute, or some similar measure.
was not adopted he should vote against re-
consideration of the vote by which the five
mill tax rate had been fixed upon.
Delegate Simon moved to strike out "seven-
ty-five' and insert fifty"
Delegate Stringfellow moved to amend the
minority report by providing that the rate OF
cent for ten years and per cent thereafter,
from the first OF January, 1880, and payable
seml-annually.
Delegate Lyons moved to amend the
amendment by adding: Provided, that the
| holders of said bonds may, on the surrender
| thereof, receive currency bonds Of the denom-=
lnation of S5 $40 and $50, drawing per cent
| Interest with coupons, which will be received
In payment Of any taxes due to any fund
| which may be set apart for the payment of
the interest on the public debt
| Delegate Lyons said he was one OF those
who had helped to plege the faith and honor
OF the State to the payment OF the face Of
the public debt He could not refuse to re-
cognize the principal of the bonds. When he
looked abroad over the State and saw the
condition of the people he found that some re-
lief must be afforded them. That relief would
be afforded by the adoption OF the amend
|
violation Of the public faith, Us the people
were not pledged to pay the present rate Of
interest. The rate Of interest provided could
be easily met on q tax of five and 81 half mills,
and as the rate OF interest Increased the prop
erty Of the State would increase sufficiently
to meet 1T. The bondholders had an alternh-
/ tive in his provisO, and by funding their
bonds At seventy-tive cents on the dollar
could secure larger rate Of interest
4 Delegate Heron insisted that the people OF
/ T lois had
government Of the State, pledged their faith
to the maintenance Of the principal OF the
! debt, and he for one was opposed TO rejecting
any portion OF IT, The reduction of the In
terest would relieve the people from the bur
dens Of taxation, and In u few years tho In
creased prosperity Of the State would make
what Is now a load upon them mere baga-
teIle. The sober second thought Of the peo-
Die would cause them to recognize the fact
that such settlement was right, proper and
the only honorable one that could be- made.
However that might be, he Intended to 90
| what he considered his duty, and he should
result to himself. There was moral obiga-
ton on the part of State to pay what 1t
owed, as well as on an individual. For him
self he would never repudlate one cent OF the
States obligations. ALI the relief demanded
1 by the people would be afforded by the amend
ment.
DELEGATE BELL
addressed the Convention as follows:
Mr.. President and ge1stten,en Of The Gouren-
flon-I have listened with great Interest and At
tentiop for the st ten days, to the very able
and exhaustive Arguments Of gentlemen Of I'd Is
Convention. who FiGar so Wildly as to the
proper mode Of trB Is of the vexed ques.
1oa q the n re yard to nf hs
aeea that my s. 77lpresslons and con.
victions, as to vi 15-S1 y duty In this matter
were correct whi79l7jJ. that the state Of Louisi-
ana owes . legal and valid debt Of ~. 900
created under authority Of law and by he fund,
irSlect OF 1874 and which has passed Into the
i, of innocent third parties under the %.
pap bat the honor and fifth OF the State
Bak IA pledged s1tsbonds> and the
3 bait SOof tsuhs the broad seas To- 1nitniDe
er. " toond tha guarantee az itat.
orde Il tine Democratic pai SAure
trnj NJ President. VIII