The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-08
THE STATE DEBT. !.
Reyiew Of the Majority Report Of
The State Debt Com mittee.

] Reyiew Of the Majority Report OIL
the State Debt Committee.
" the Editor OF the Dem ocrat:
i profoundly impressed with the Importance
s n the question now before the Convention In
j M shape of the State debt, have read care
& sullv and with deep interest the reports Of
IA majority and minority OF the committee
a that subject As To the latter, tits not now
i Nv purpose to speak, but am free to own
J thst have risen from q careful study OF the
INNER with D strange mixture OF sensations
..gensations which can aptly describe only
j .ner giving the reasons for their existence,
va which trust every candid member Of
! the Convention will then share with me. But
before proceeding further, must state that
sbowever extraordinary have found the con-
tants OF that report, have uniformly refused
u allow myself to believe that the gentlemen
we're aetuated by the least desire to misrepre-
yent. have always preferred to ascribe even
heir most astounding statements and con-
4 Illusions to am inability to analyze the intrl-
cate questions under consideration, or 70
superficiality (gravely unfortunate, 1t IL true,
hut still only suchl In their mode Of research
J or discussion; or finally toa real ignorance Oh
nets and figures az they actually are, COM
hired with as real q belief-uneonquerably
biased, but yet self-imperceptib le-in the
scta1ality OF facts and figures which never
were
True, even this may seem harsh view, but
while regret 1t, I can only point, 10 justihcar
f<,l1 ~ ri Ina
4 ble conclusions:
For the present, passing over the exordium
sof the report and Its accompanying ordi-
nance proceed directly to consider some Of
the specific issues discussed In the body Of
J The document.
First among these liz that OF the planters
Consolidated Association Bank Bonds" With
regard TO this issue, notwithstanding the d.
rectly contrary conclusion asserted BY the
gentlemen OF the majority report, the present
! Supreme Court has finally decided that they
are Ito use it's language 10 lie Sassier y
+ Binder Va. the Board Of Liquidation, 80 A n.
Sl1,) not merely On accessory obligation"
a but beyond cavil real and absolute debt Of
The State, the court finding In the very word
4 Ink of the bonds "the studied and clear ex-
preston OF principal obligation" II is true
ne gentlemen base their opposite conclu-
y mons upon an implication (which they term
ssa broad statement'') In subsequent
opinion. (State ex rel. New Orleans Pacific
Railroad Company W.. the Cover
nor, 80 An. $500. but unhappily they
wholly omit 10 mention that In still later de-
cision (Forstall's Sons va. The Board Of
Liquidation,) in the same volume, p.1151, the
court has undualihedly reiterated the LIE Sas-
.sier i Binder decision, and declare that these
bonds are mo accessory, but original and
principal obligations, not payable contingent
III but absolutely and OF all events,
Y UNQUESTIONE ED and unouestionably debts
Of the State Of Louisiana" Surely, ia this in
etaneB, for once at least, the certainly very
Ablek1awyers among the gentlemen must
Nv assy excuse themselves on the simple plea
of az lssance, however unpleasant II may be
70 9eypfs appear, Id soimportanta case to have
# peruhed the decisions OF the Supreme Court
With 80 much superfciality or 30 little recol.
lection. Indeed, II seems almost impossible
b conceive how, otherwise, the gentlemen
could have attempted to place among illegal
ma fraudulent evidences Of debt, these
& bonds, which have been thus, BY the highest
court of the State declared the most valid
na ~ nnansfsondaId q a onKaao q n ,aae
also placed at $53l Al 80, an erroneous state.
ment, improperly taken, Judge from the
Greenwood Committees report, p. 4. INT
\ true amount is $500, $50. as the gentlemen
would have found by reference TO the H ls :
wv committees report, b. IS, or 80 And. 984
I'D Next In order, we are led to consider the re
markable conclusions OF the gentlemen as x
III the bonds issued with only one partial ant
y insignificant exceptionl before the war, ron
Y OF stock purchased by the State. There ar
SE Ave Of these issues, OF which there were out