The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-02
to adopt the minority report OF the Commits
tee On State Debt, explained bis vote al fol-


to adopt the minority report Of Che Commits
tee On State Debt, explained bis vote as folg
lows:
vote 4no" for two reasons: First ID
not recognize theprncpal OF the eonsOHdataf
bonds q valid obligation against the S.AtA
Second The rate Of interest ID greater thai
the State ID able to pay.
For his vote on the majority repoM
gave the following reasons:
! vote no for three reasons.
Flrst-~lt does not recognize the nnfe bettltgp
debt as q valid debt against the State.
Second ~ recognizes las valid obligations .
against the State certain debts created since
1868 that do not recognizes as valid.
Third desire to coIapromise at figures
that The State Is able to pay and that will do
the lsast injustice to Innocent holders OF Sta9
consos.
Mr. Lyons moved to reconsider The vote by
which the ordinances recommended by The
minority OF the Committee on State Debt was
rejected.
The motion to reconsider was carried.
Mr. Matthew'S give notice that he would
move u reconsideration Of the vote by which
Ordinance No AT was rejected.
Mr.. Cunningham offered as d substitute for
the ordinance recommended by the minority
the following substitute:
ARTICLE 1. The right of taxation la q Sow
ersign right-inalienabIe and indestruetfble.
10 the life OF the State, and tightfulIy belongs
to the people In oil republican governments.
and neither the General Assembly, nor any
nor oil other departments Of the government,
ever had, nor shall ever have, the authority
TO irrevocably give, grant, limit or restrain
this right; and all laws, grants, contracts,
and I'LL other acts whatsoever, by the govern
mont or any department thereof, to effect any
OF these purposes are hereby declared to BE-
txtIu fefaf tyu4.s
and said right q taxntiun shall always be- 7
under the complete. control Of and revocable
BY the State, notwithstanding any gift, grant
or contract, Or any pretended gift, grant or
contract whatsoever, by the General Assem-
bly,. or any or oil other departments OF tho
government.
ARr2. The fraudulent and the honest, the
legal and the illegal debt Of the State having
been confused in the process Of ref,lnding 50
49, to render impraGteabls to discriminate the
present funded debt OF the State as embraced
In the new consolidated bonds issued under
act Mo. 8 Of 1874. shall be reduced to aud be-
refunded ut seventy-tive cents On the dollar
on their face value, In order to eliminate the
fraudulent part of tho debt and reduce 1T
within the ability OF the State to pay said
bonds to bear four per cent Interest, payable
seml-annnally.
AIR. g. No further interest shall be paid on
the existing bouds, and interest on the new
bonds herein authorized shall run only from
their date, and said new bonds shall be Issued
consolidated bonds for exchange therefor.
ART. A. The Auditor and Treasurer sTe
hereby authorized and directed TO imme-
diately prepare the new bonds herelnbefore
provided for, In denominations OF live, ten,
twenty, fifty, five hundred and one thousand
dollars, which bonds shall be signed by said
officers and the Governor and Secretary OF
State, and dated % the holders 81 the present
change; the said holders to choose the de-
nominations Of the bonds which he shall re-
ceive In exchange.
Mr.. Simon offered the following amendment
to the substitute:
Strike out "seIenty-tive cents' and insert
fifty cents
Mr.. Stringfellow offered the following
amendment to artiele2: U 4
Strike out all after the word "at, " In line A,
and insert the words two per cent for five
years, three per cent for ten years and four
per cent thereafter, from the first OF Jam
uary, 1880, payable sefni-annually. s.
Mr. Lyons offered the following as an
amendment to the amendment offered by Ma
Stringfellow:
Add the words, "PfoUtded, that the holders
OF said bonds may on their surrender receive
therefor, at the rate Of seyenty-ilve per cent
Of the principal thereof, currency bonds of
dollars, bearing four per cent Interest," with
coupons attached, which coupons shall be re<
cevable for all taxes due To any fund that
may be set apart to pay the interest on the
fdiblic debt.
The amendment was accepted by Mr.. String
fellow.
Mr.. Leake moved to postpone further con-
sidsration OF the subject until tomorrow,
Immediately after the reading OF the journal
The motion was carried.
Mr.. Mcconnell asked and obtained leave to
resign as member Of the Committee on In
vestigation, in consequence Of pressing duty
on other committees upon which he mad been
previously appointed, and the President APP
pointed Mr.. Leake to fill the vacancy on the
committee.
Mr.. White moved to adjourn to 10 o'clock
a. m. tomorrow.
Defeated by q rising vote Of 30 yeas TO 73
nays.
MIR. Leake asked the unanimous consent oil
the Convention to take up the ordinance subj
mitted by the Finance Committee. appro1I
priating funds for the payment Of the1 Ter
diem OF members. FL
Objections were made. IM
Leave of absence to Mr.. Steele was 81 M
on account of sickness.
Mr.. Stamps, In accordance with prt
notice given by himself, moved the
siderat!on Of the vote adopting the resoI
of Mr. Lot, restraining the Treasurer
paying the July interest on the State bolS
At O'Clock p. M, on motion OF MrlA
ertson, by rising vote OF 81 yeas TO Is
the Convention adjourned until 10 q -
WM FL. HARRI
Secretary of the Convent