The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-01

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recommended by the committee, as follows
An ordinance determining and providing fol
the payment Of the public debt OF tht
State.
ART. 1. The debt Of the State Of Louisiana
existing on the first OF January. 1879, is here
by declared to be 50, ,OB2355, incurred for and
on account Of the following purposes and OBJ
jects, viz:
For the New Orleans and Nashville Rail
road Company, $45s,OOO.
For the relief Of the State treasury Of 1863
$6ss, 500.
For moneys due the free school fund, which
was destroyed by act No. 81 OF 1872, ST. .193, 800
was destroyed by act No. 81 Of 1872, 1886 900
For the Louisiana State Penitentiary, a,l-
thorized by act No. 55 OF 1869, $5oo,ooo..
For valid unpaid warrants and certificates
Of Indebtedness issued by the Auditor Of Pub
lie Accounts previous to the first day of Jan
uary. 1879, $1,O96,35s.
Any and all other evidences OF debt now
outstanding against the State are hereby de-
clared to be illegal and fraudulent, and the
Legislature shall never make any provision,
either directly or Indirectly, for The acknowl
edgment in payment OF the same in whole OF
In part; nor shall the Legislature enact any
law, or the Governor or any other official Of
The State enter into any contract or agree
in any court OF the State or of the United
States, with intent to test the validity of any
such evidences OF debt.
AIR. 2. The Legislature, at It's first meet
Ing alter the adoption Of this constitution,
shall provide for the issuance Of the bonds OF
the State, with interest coupons attached, to
the amount Of $2.752s58 payable In thirty
years, bearing interest at the rate OF per
cent per annum, payable semi-annually, on
the first OF February and August OF each and
every year; 8, e56, 900 whereof shall be *,
bonds on or before the first of January, 1882,
In such manner as shall be provided by law !;
$l,O96.35s whereof shall be exchanged for
valid outstanding warrants and certificates
9f indebtedness issued by the . Auditor OF Pub
1879, Iii mode ana manner ID be provided by
law. And the Legislature shall provide at
its first session for the annual levy of tax
taxation, sufficient to pay tho Interest on the
bonds Issued under this article ag the same
falls due, and create sinking fund adequate
to the payment Of the principal at maturity.
Art. 3. The debt due by the State to the
the sum Of s1, ,193,5oo In principal, with inter-
est accrAing thereon at the rate Of per cent
per annum from the first day of January,
1876; and the debt due the seminary fund Is
hereby declared to be the sum Of $4,000,
with per cent interest PEI. !. annum from the
shall be placed on the books Of the treasury
OF the State to the credit of the respective
funds as q perpetual loan, and the Lagfsla-
ture shall levy annually sufficient tax on
the property Of the State, real and personal,
annum on both Of said amounts.
Art. 4. The bonds OF the State heretofore
issued placed to the credit OF said funds, and
sold Under act No. 81, of 1872, are hereby de-
cared null and void.
Delegate Semmes, for a minority Of the
committee, submitted report which dissent
ftfav
declared the position therein taken to be
and unheard Of before, and dis
cussed the legal bearings Of the question at
length. ALI considerations of public morals
and good faith were opposed to the outright
Of most Of the debt as proposed
~ the majority, and were In favor Of the
payment OF the debt OF the State. The re-
oOrt recited the amount OF money received
Dy the State for the bonds which 1t was pro-
posed to throw out, ,aggregating, over
Llready been scaled down to about $7,OOO,OOO
lnder the funding act OF 1874, which had been
as valid and binding by the Legis-
ature Of 1877 and by the Supreme Court Of
he State.
The report concludes with resolution
pointed by the President of the Convention to
onfer with the representatives OF the bond
lolders, with q view to an honorable adjust
nent OF the debt, as follows:
fleSOtced, lHAt 5pGetAl cOmInlGGe0 OIL niue
nembers Of the Convention be appointed by
he President with power to ascertain whether
+ not an equitable adjustment OF the con
Olidated debt of the State contracted under
he Legislature of the year 1874 can be effected,
nd to report as soon as possible.
,affrey, Thos. j. Semmes, Hugh Breen, Fl. G.
Mayer Cahen, G.. LeGardeur.
Delegate Mcconnell said 1t might be re-
marked that he had signed neither report.
Re was sick at the time the reports were
made up. He desired, especially at this par
lie favored In the main the. report OF the
minority Of the committee, but as he dis
ented from some OF their conclusions, ne de-
ired at future time to submit report ex-
'ressing his views.
Delegate Robertson moved that the reports
# the committee and all the documentary
vidence taken, upon which they were based,
e printed in pamphlet form. Adopted.
Delegate Ogden moved that the views OF
Delegate Mcconnell be allowed to be printed
d the pamphlet. Adopted.
STATE LANDS.
Delegate Sutherlin, on behalf Of the Com
1ittee on State Lands, submitted report,
he reading OF which was dispensed with,
nd it was ordered to be printed in the jour-
al.
Delegate Benham gave notice that he was
repairing a minority report, which he also
esired to have printed. The permission was
ranted.
CONTESTED ELECTIONS.
The contested election cases of Nugent and
'ebault vs.. Mcconnell and Phelps was made
be special order of the day for Monday, inn
after the reading Of the journal.
THE LEGISLATIVE DEPARTMENT.
The report Of the Committee on Legisla-
I've Department, being the special order, was
AIKEN up.
Article was read:
ARTICLE i. The legislative power Of the State
hall be vested In General Assembly, which
hall consist Of Senate and House of Repre-
entstives.
Delegate Parlange offered an amendment
roviding that the phraseology OF the article
9 50 changed as to read, "a Senate and