The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-29
The STATE DEBT.
n,ent of Hon. E. =. Kidd.

1
~. NH many months ago stood upon this
1ge slat calling upon the assembled legis-
State to ConvOke this Constitu-
|pfs seaannrention. That call ait length was
WI pv IND 10 I then foresaw we are here
Az o ,en m ged upon this great question this
|te HI "a which more than all others provoked
sgMnyention, and which must be settled
4 ggesa return to our homes. | wish to
n. t hv argument and not appeals to pas
IA VII yp, do not imagine that shall weary
icnn with vain repetitions. a vote LIS
49, esire. and to that / will hasten.
y ". No ore two main features In the general
n san. one strictly. Of law and one OF
s Hi zach has been debated, and at length,
ss;5 eides. That OF law Involves the ex
gsssssIon OF each item OF Indebtedness, the
d aasY statutes by virtue Of which the holders
gssssaaggidences 0f Indebtedness claim re-
VI ls,sor. and the constitutional provisions
ga Ias AZ the time OF their creation. Under
hpIsaad Ia also included consideration OF |
ssssgara| constitutions themselves, and |
ejsar tbe governments under them were
.sSranents de facfo or de jtre, and II found |
VI II facto only, to what extent the acts Of
ii ysgn government can bind the people
kf assy s sball have succeeded III establish
's goyernment de j,tre. Under this head
xsrs 10 be included an examination OF the
a1fha circumstances under which each
s4 hnnds were issued, or authorized to be
81 and whether the requirements OF the
.Ms,fion and the laws we're strictly COM
sagith. and whether they were complied
Sst all. ,.,
I'm Ss last lat organic law established BY the
la IA N Louisiana; that all constitutional
agtpmeIts since that time are acts OF force,
sssatnt0rs. and not OF the people, made by
, f. free will, expressed In the due form
stsd III them by the constitution Of the
WI States, wherein 1t guarantees to the
sss t1 Of the several States d republican form
a1garnment.
u. lsuf she =, principal of the propositions in
IA s,nder this head, and will only say, that
Win 1lhar this Convention, or the people acting
~ s I'M constitution which this Convention
frame. shall determine that the consti-
soaal provisions Of the Conventions
IsG1, 1864 and 1868, with the
.,edments thereto, constituted govern
IA dc facto or de .jure-that the character
tIsse governments are questioned, and
~ all acts Of government under those
ssfai constitutions. Or, iii other words, all
y sets Of government since 1860 are and
Al ID subject to special and extra scrutiny.
Nh aets Of the Convention OF 1861 are held
HI r,arties to be null and void. The con-
8atian Of 1864 has been declared by all the
ss1ehes OF the national government and OF
ftstate government (nnder the constlt "
fasfsj to BE- provisional and simply de tnctO.
It'll that of 1868, and the amendments there
faaade under its sanction, we contend, and
!. ssnst IN the members of this Convention
nas--aIld II they have forgotten, the people
"a uot-that 1t was forced upon the State
q ia bayouet and under military orders
|6StIt has never been acknowledged by the
- III the people as the work Oh theif
isrsa Of Of the hands OF their agents, theil
iarates il, convention assembled. The PEG.
= NM elected large majority Of this Con
yntlon have repeatedly and euer sad 80.
bold then. that as to most OF the debt
g nroyisious of the constitution OF 1885,
3nH govern; and even ii that portion q
debt contracted since 1861 Is TO % 10 any
EtAnt governed by the constitutions OF 1856
"a 1868, yet these constitutions are 70 De III
snrsted i'd The instruments, the machinery
TIL facto governments, and by the constltu
mot 1862. ~.
TAD not propose to 20 over item by item
" ftatA debt, but will refer the members 9
II ponvention to the report OF the maJOrit.
ia committee and to the able argument
Inv co-delegates ON this side. OF the quee
Il, and conclude this portion OF my remark
I'M I'D committees, after the fullest discussion
l Y sustained by the law and the facts OF Ia
I'M next AS to the equity set up by the ad
x1atns of the claims OF the bondholders.
aItis 4 maxim In all courts OF equity that .
seeks equity must do equity; that ~ % e.
Il obtain q right OF property ia q thln
E0len, or obtained by fraud or ROBBERY, -,
sanst the original owner; that agalns
6tnd there ID no prescription; that the noit
Isui written obligation TO pay, mace 2
kYaQent outside OF his authority OF his MAJ
m eannot hold me responsible, nor am
laer any moral obligations to pay any del
kns contracted. No one can set up equity
ANY such obligation. s..ao ,o,
With greater, with overWnelmlng iolc ar 80
N apply To the holders or purchasers
Seh evidences Of debt who took them pl
Have not the people Of this State, from Il
INV inception of these spoliatlOns, denOunct
6sDoliators and proclaimed to the Wor
neand again, and all the time, that the
emld repudiate any claims set up, ODtaln'
asr Oh by virtue Of such spollatlohst
Ill, or nearly all. the claims which ma
Nnreported against by the majority OF y
mmittee are susceptible 81 having Ine
adity determined by simple ihsp w ~,
Flaw. We're the laws authorizing Ine lss.
The bonds complied WITH Was there al
i, any constitutional enactments, auIhorl
their Issue at all! y,
Nentlemen say that this Is no court TO q
II question of facts, and ask where Is D
}M Of fraud, and how are Inc bondholue
nave hearing? ,. 49, -,
IAe report of the committee, TINS Wnn
tA is q question OF law. We examine =
authorizing the issue Of certain Dohe
N reading IT'D provisions we tlnd that =
ks In violation OF the constitution, ana
fyfact Ia the existence OF bonds issued U
II that law. THERE'S no taking OF tesIlmon
kfe are no lcttnesses other than the stdtht
9the constitution.
h there are no feed attorneys to argue :
befOr the bondholders on this tio0r there =
hEcientious. able, honorable gentlemen "
he as fully, as ably and more effectuai
kued their cause than any feed attofn
bid have done. More effectually becau,s
they themselves have proclaimed, Tn
De spoken from conviction, as statesm
advocates of public and privt
hts and not as those who are paid 70 ma
tworse appear the better reason. AS
lain railroad bonds, the law under viii
kpurport to have been issued IS printed
tOn the backs OF the bonds, ana sim
tection shows that the law co,
have been complied with at
of their issue. / aliude 70
3he issues Of the Chattanooga hallI1
4is: vet, the records Of the court snow u
Hams and Guion, holders OF some OF In Ih
As swore they were innocent thtrd ho ~ u
4boupht the bonds Iii market 0eeft ic
liable consideration, and that they !
III seen the law by virtue OF WMcn VI
I'M one 81 us or any other person, y
Ald hnv II piece OF real estate, OF Hle
~ note and not examine the act OF mI
ab and the titles OF the property, Wou@u