The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-02

INlH.
depressed financial condition OF the state and
impoyerishment Of the people.
Mr.. White, according TO previous notice,
gave reasons for his vote, as follows:
vote No.
First--Bncause the bonds issued to the New
Orleans, jackson aud Great Northern Rail-
road Company, oths New Orleans, Opelousas
and Great Western Railroad Company, to the
Baton Rouge, Crosse Tete and 0peousas
Railroad Company, and to the Vteksburg,
Shreveport and Texas Railroad Company are
neither fraudulent, invalid nor issued Id vlo-
latlon Of any constitutional provision In force
ut the time Of their Issue. They are good and
valid obligations, never before this report
questioned, aud should be paid
Second Because THE Democratic party Of
this State In Its platforms at Baton Rouge,
IN 1916, and again in 1879 pledged the party
not to repudiate the State debt rs It was
settled by The amendments Of 1874.
rhird-Because each department. Of the
and judicial has recognized The legality and
co1stltutiOnalty oil the act known us the
funding act and the settlement and aa-
instmenJ Of theState debt under the same,
Mr.. Grimes, according to previous notice
given, stated his REASONS for not supporting
the majority report OF the Committee ON the
Staty Debt, Us follows:
1.Beea,lse believe II 10 be the interest Of
the people Of the State that the debt b. paid.
or at least settled on some arntcable basis. :,
o. Bgcanse consider the capital now In the
State although entirely inadeauatel Is indis-
penslble 10 the agricultural and commercial
interests, and the adoption Of the report
would drive away what little there ID and pre-
vent further Investments In State securities.
advanced why the debt contracted by the
State should not be binding On the people,
4 Because the adoption Of the report would
mean 10 repudinte the debt, and the very evils
that it intends to avert would be precpitnted
or accomplished.
B. Because, when the Convention thought
proper to examine the debt OF the State, d
COMMITTEES WAS appointed for that purpose
and had the matter under consideration for
two months, and no tangible reasons have
been nude apparent that the State ID not
bound to make good it's contract.
6. Because believe that the adoption Of the
report would tend materially to lnjurs 1.-THE
already prostrated1 the commercial and agri-
Vulnerable failures and bankruptcy, which
catastrophe would be followed by serious
panic md annihilate what little confden ce
there is remaining.
Mr.. Ghiapella gave his reasons as follows
On the adoption Of the majority report /
vote Mo- On the adoption OF the minority
report / vote .No." And these are my req
sons.
Both reports are extreme In their con-
elustons: the first ignores oil the ob1iga tions
Of public faith, the second closes It's ears TO
the distressfnl appeal for relief by the people
from all partB of tho State.
oppose the majority report because the
Wholesale Reputation 1t contemplates will,
In my humble Judgment, entail numberless
disasters and humiliations upon our beloved
State. oppose the minority report because
It affords no substantial relief to o crushed,
ruined ind despairlng people, and because 1t
ID incompatible with the five mills limitation
on taxation adopted by the Convention but q
few days ago.
Between the extreme views Of the two re-
ports lies the solution Of the problem Of the
State debt; It lies ID the adoption Of any plan
which will preserve the principal OF the debt
lnviolate, while the five mills Limitation on
taxation adopted by the Convention remains
undstnrbed--and that plan alone will meet
with my approval and receive my vote.
Reasons Of Mr.. Thompson, Of st. Tam
many, for his vote on the majority report Of
the Committee ON the Public Debt:
believe that portion OF tho State debt 10
Illegal, but find that the funding scheme has
30 mixed the legal and illegal debt as to pre-
vent any Identification.
believe that the government OF our choice
1.-THE Nichols government has by Its action
recognized the debt, and caused many citi-
zens Of this and other States to purchase our
State bonds.
with me The only question is as to the abiI-
Ity of the State to pay the debt do not be-
lieve that she can pay the full amount, but /
do believe that she pay more than the major
ity report proposes to pay.
therefore vote mo"
Mr.. Kemp gave his reasons as follows:
my reasons for voting against the major
ity report are that favored the amendment
of Mr.. Simon, reducing the principal of the
debt Sc per cent, with per cent interest
Mr.. Lagan gave bis reasons as follows:
81 vote no, because do not think 1t proper
or Just to interfere with the ante belttn debt,
and, also, becauseI intend to vote for q scaling
of the debt to SO cents on the dollar"
Messrs Brian, Marshall and Bolton gave
their reasons as follows:
We ask leave to submit the following as the
reasons which have Induced us to take the
course and to cast the Votes we have on the
issues presented by and growing out OF the
State debt question:
/. We believe that the funded debt of the
the State and It's creditors, created or per-
fected by the funding act OF 1874 and the con-
gtitutional amendment then adopted
q We believe that much the greater por-
ton of the debt Is not only valid and legal,
but honest and just, and would be- so declared
In any competent court Of law or equity, and
that the reasons given by the majority OF the
Debt Committee for refusing to recognize 1t
would In q court OF law be declared technf-
cal and untenable, and In one OF equity Inn
moral and unjust.
8. We believe that q portion Of this debt
originated in fraud and was funded In viola
ton of law; but, existing now In the shape Of
consos, probably In the hands Of innocent
third possessors, as does the honest portion
of the debt, 1t is impossible to eliminate It,.
4. We cannot advocate or support repud1a-
ton for many reasons. 1t is wrong, will tar
nish the fair name Of the State, destroy the
credit Of the State and Of private individuals
and corporations situated therein, extinguish
every hope of prosperity in the State, bank