The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1879-07-24
From the Shreveport Times.

ordinance snail De voted on by the
people separately and only to be
come part of the Constitution i
the majority of voters favor saiG
ordinance. An amendment to re
duce the interest tax from 81 to j.:
mills was rejected by a vote of yeas
| so, nays 20. A motion was made tC
reconsider by which an article was
adopted fixing the rate of interest
Oh the consolidated bonds at pei
cent. for 10 years and 4 per centum
thereafter. Without action on this
motion the convention adjourned
until tomorrow.
New Orleans, July 1.-THE Con
vention after long debate, adopted
the amendment to the State Debt
Ordinance fixing the rate of interest
to be paid On the consolidated bonds
at = per cent for five years, 3 per
cent for ten years and 4 per centum
thereafter; the interest tax to be %
mills, with limitation to 81 mills
for all State purposes for five years
and three mills interest tax thereaf
ter with limitation toe mills for
all State purposes. An effort will
be made to morrow to carry a propo.
sition allowing holders of consols to
convert them into small currency
bonds bearing 3 or 4 per cent inter
est.
New Orleans, July 1S:-The State
Debt question came up at noon. The
ordinance as adopted yesterday was
read the third time when a vote was
taken. Result: yeas 81, nays 81
The chair decided the ordinance de-
feated, it not having received the
necessary IS votes, majority of the
whole convention. An appeal was
made from the decision of the chair
on the ground that this ordinance.
not being a part of the constitution
until adopted by a separate vote of
the people, required only a majority
vote in the convention. Tabled. It
was then claimed that the Demo.
cratic party would be held response
BILE by the people for the solution of
the debt question. The convention
took recess till y p. m. to allow the
Democrats to caucus. The question
will probably be settled tonight.
New Orleans, July 1S.-The Dem.
ocrats after four hours caucus this
afternoon appointed a committee of
nine to suggest a plan of settlement
of the debt question. The commit.
tee was in session until 1890 TO.
night when the convention adjourn
ed and the Democrats immediately
went intocaucus. The Republicans
also held a caucus this afternoon.
New Orleans, July 19.-The con.
vention adopted the ordinance recog.
nizing the Indebtedness of the State
to the Mechanics College fund, plac.
ing the amount at s2O5, $50; also an
ordinance recognizing the State in.
debtedness to the Fiscal Agent.
S1S1,O77.
The convention took a recess at
1:3O, when the Democrats went into
caucus, received the report of the
committee on the State Debt ques.
ton, which was adopted, and on the
reassembling of the convention the
results of the caucus were submit.
ted as an amendment to the State
Debt ordinance. 1t recognizes the
validity of the consolidated bonds.
provides for 2 per cent. interest for
five years, 8 per cent for Is years
and 4per cent. thereafter; places the
interest tax at 8 mills, with a limita-
ton at 6 mills for all State purposes;
also gives bondholders option of ex-
changing consolidated bonds at 70
cents on the dollar for new bonds
bearing 4 per cent interest; also pro.
vldes that the coupons of CONSOLE
dated bonds due ,Jannarv 9th sbol,