The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-13


put the peenlatlon and corruption and yeIlal-
ity q that period years signallzed by the
c noss eG nto psha actions But when ye ook
nearly. one-half Of these bonds had their
origin Ia Democratic sources, and Of ths other
hell Issued tSsf By g,r hssp pa you Win
th na F,n thns oa oaf sapfse Court mi
reducing the S13o00.000 to sg,o0oo00, and YOU
, Will discover that 60 per cent Of that was IL
sued 70 bonds, making some S5.40o,O0o. Look
cash actually received by tue sale Of bonds
Look at the amount Of warrants taken up,
and look at The fact that they have oil gone
into ths eo,nsolldated bonds; It does occur %
real consideration for which those Republican
bonds were given, and think 1t does.
Now We come to another point. What are
we to, say about the bonds issued by the DEM
ocratie admfnistratlon2 Is the faith OF this
State to DO dsfegardedS The as0 nan ii nan
would I. seem to imply that we never had any
r and 9F th 81 ptass s tzs se g T. L ahs
dealt within Are we. unon ~ nt,ibt,Issa
and teehncalities q d. law wv to alo easS
sna s.. bonds pms ~. in . the waste baskgt
That they must take their place there for
being found Ia bad company How are We
going TO make the Distinction Let me look
Of some ae q the teehncaltles, some Of The
i
with oil legal acumen here. The railroad
Issues Of 1862 or 1868 are deemed to be Invalid
by reason OF the Legislature, In the aetg
mourning the debt and Issuing the bonds, not
providing adequate ways and means for their
payment. Now, sir, In order to maintain that
position the gentleman cites apecular con-
CURING cur decision rendered by Judge Mari.
obitw It was In the case Of the Crocodile
Navigation Company. III
The Supreme Court has decided otherwise
~ the case Of Lord Cecil, and In the case OF
we New Orleans Pacific Railroad Company.
the, state to subscribe for this stock
and TO :, issue bonds for the COM
P Pany. ,1 The a stock was pledged for the
"nats mhs sehenflty t may have been made
creating debt Under another article Of the
constitution the State had right to buy
stock, and II GID buy and pay for If. There
l ma ne PRINCIPLE Yes wrong that this stock
depreeate IN value, and the fact Of til ultimate
loss cannotfmpair the validity OF che princi-
pal obligation, which Ia to pay the bond. .
In this particular case 1t will be seen that IL
this railroad had continued to be iu The
original hands and had not been foreclosed:
II these bonds had never been funded and
tell us whether there was an adeauate con
sIderation until the forty years had expired,
He could not II 1t was conceded to DO ade-
auate at the time and the Legislature had
the power TO create and provide means for
paying It, and after events show that Theses
means turned out In point Of fact to
BE- bad, that cannot invaildate tho legiala.
tive discretion. That is something. d
primo taci I. showing, and the Legislature has
exercised Its discretion properly, IL ID not for
tne court TO decide whether or not the con-.
alteration III was adequate. Il by some unfore-
security had persisted, ask, would that nave
involved the destruction Of the principal oIif-
gationa Therefore It was that these bonds &
quate consideration provided for Of the time:
anu " IS not Tor us to say now, when the
events OF war had destroyed the considera-
ton, that the Legislature did not exercise
9 1und discretion In the premises.
| Here an authority was quoted to sustain
this position. Wood Appeals, Pennsylvania
have quoted the decretal position. The
i4al, 10 this case were these The plsdgsof
| payment Of bonds Issued by the county. and
the court remarked that after twenty yessrs
the bonds cannot be invalidated when the
consldaeration vas good at the time. ThatI
submit as an original proposition; that Be-
cause Inc security turned out In fact e, BIZ
bad, that therefore the Legislature did noe
comply with the law which provides that nd
ments ~ zsa
Now, MI. President, we have heard q preaf
deal, ana shall not say any thing more about
t,rs bonds than this announce this prin-
courts OF Louisiana, where fraud ID alleged.
fraud must be proven, and ask these gentle.
men, where these special frauds are shown.
yoa 90 ean ahat mi, mtg ts inquiry you can
CONSIDERATION that, therefore, 1t was frat1dtI-
lent You must invalidate this debt for fraud.
l nnu cannot invalidate It on technicalitfes. 3
M Where 1, Is your fraud Where does It begin1
nh "a A<s5<
ssa he,n TO judicial mlnd2 You charge
decide this matter according to legal rules oil !
evidence. I deny that there has BEEN ariy
legal or sufficient proof such as to carry con- /.
vlction that there has been fraud used. u
am morally convinced that there was. hut
prove it 70 ne In legal way. The gentle
man has not done 1t. =
same basis. The validity Of those bonds hava
been passed upon by our Supreme Court. and .
Ine CONSIDERATION deemed adequate. / Will
refer Inc gentleman 10 some authorities. I
have not time to read them: 20 A., $50.
The Supreme Court through Chief Jusace
III manning, declared that all these issues were
made IN strict conformanee to law and In 81
:, eacnsttutional manner, and for valid con
slderatlon. LII you pay attention to the
Nichols court here you have decision.
Now, Mr.. President, l have q few words
more to say. am native and to the manor
porn: lhis 10 the State OF my nativity and
bne state Oh my love. The unutterabIe woes.
the heavy misfortunes and the dire calann.
tiles Of this, my native State, have weighed
upon me as much as upon any member Of
this Convention; and ], Sir, Iii common With
a1 our citizens, have felt the operation OF that
exquisite tyranny, and Of that far-reacldnQ
despotism which for nearly decade bllQhtsd
our land. - 49, - s.
Now, sir, have no sympathy with the
misdeeds or the misdoings, or the terrible
period OF waste and destruction and fyrannv. Sls
But, sir there is one thing which / think the .
people Of this State ought 10 hold and pre- Sc
'erve inviolate. There is one thing which
II settlers who landed here Id the Seventeenth
century with Bfenvilie In this toYn-the
principle which they brought from the land
= ii their teIrI birth The principle implanted then
hat nrinGinla cir fhl. .auir.1.s..Ie -