The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-29
THE NEW oRLEANs DEMOCRAT, SUNDAY J1NE-2g- -7g

first session after the adopgn OF 1n1 void n
ton, provide tor, the fY saas II indebtadness
paid warrants and eer gkfal fund account By tie
Aaator q Public or al awtul dues
If the State exisnnd - ths denominaions Of
tsn issa fy dollars payable at he
It he rate e. per n cs sf
: years Den Hi with interest coupons attached
par Ar nlRDayablo annually on the first day Of
the' eegsk heh and every year, In the city Of
egfsgate .Parlauge moved to amend by
{ u.ldnR out all that portion Of the article pro-
: lSSfidhg that the bonds should bear interest.
VII III Thought that the State had enough inter-
festbearing bonds now outstanding.
| Delegate Blanchard also opposed the issue
of more interest-bearing bonds. He insisted
that no such contract was made with those
| who were In the service Of the State, and did
not believe that the State could afford to pay
any further interest than was now required.
He was opposed to the entire bill. The bulk
OF the outstanding warrants had been bought
up by spectators at q low rate many OF them
at fifteen cents on the dollar. One broker, he
warrants. II the article was adopted the
brokers' would make more than 900. The
State could not bear the additional burden
that would be imposed, and five mill rate of
taxation would be entirely inadequate to meet
the expenses Of the government.
Delegate Land moved to amend by provid-
ing that no warrants should be funded that
were held by third parties who had purchased
them at discount.
Delegate Matthews favored the original
article He could not see why the State
should notpay interest on Its paper as well as
an individual.
Deegats Lyons said there were other obli-
cations OF the State just as honest as those
paying oil the honest debt Of the State,
whether 1t was funded or not, but he was op-
posed to burdening the people with any addi-
tional interest. There was $25,00G due to
sane Asylum at Jackson, and If the warrants
were funded 1t was proper that this debt and
all other honest obligations should be SINH
larly provided for. He was surprised that
the same committee, which had reported In
favorof throwing out so much of the State
debt, because it was Illegally created, should
Inquiry into their legality. He should vote
for the amendment OF Delegate Parlange.
Delegate Mcdonnell , s favored the same
Delegate Wells favored the report of the
COMMITTEES and was opposed to all the amend
lnents. Il interest was not provided for, the
bonds would be OF no more value than the
change Of little pieces Of paper. II any part
Of the debt was to be paid, certainly this por-
tion Of 1t should be provided for. 1t was cree
ated In favor OF people who had given their
time and services to the State. It was q mat
ter OF no consequence as to who held the war
rants now: They had been honestly issued
and should be paid
Delegate Bridger favored the original arti-
cle., He reviewed the general fund warrants,
explained the purposes for which they were
Issued and contended that a large number
were still in the hands OF those to whom they
were issued. They were taken under q taeit
contract with the State that they
were worth =, what they ,purported
OF those who had given their time and labor
to the State, and should be paid. He con-
tended that the article was just and proper |
and would afford the relief this class OF the
states creditors were entitled to.
Delegate McGlOin opposed the article. He
insisted that Its adoption would create an abb
5O1ute and not a onal'obligation. He
thought the Convention should understand
this. Members should be aware that Ii the
article was q adopted it would convert condi-
tional obligation iuto an absolute debt. He
10 this.
Delegate Brian favored the article. He
said the Convention now had before it pro-
reputation or no Reputation. II the article
jon Of the warrants, an andou i 'd debt Of
,he State. He wanted tje question to be met
,omplish what should be done boldly.
Delegate Mcconnell believed that the
amendment OF Delegate Land should be
adopted. He thought bonds should be Is
'ued as provided ii the article but insisted
hat the warrants in. the hands Of third par
les should be taken up and funded for what
vas paid for them. In reply to question
Isked by Delegate Bridger, the speaker said
'olders Of staf consols He Insisted that a.
discrimination should be made between the
nen who woAs ed for and held the warrants
nd the speculYtor, Id the settlement Of this
question OF warrants
Delegate Caffrey took issue with the gentle
nan from Orleans. It mattered not who held
he warrants; the question was, what had the
tate promised to pay? He condemned the
'ractice OF bringing up false sentiment In [
Import Of an untenable proposition. It,would
g virtual reputation to adopt any such prin-
iple OF payment as the gentleman favored. .
ne warrant was valid, subsisting obliga-
ion and should be met. He would favor an
mendment to pay the interest In back taxes.
he tribunal proposed for the investigation
t the warrants was insufficient, and Ia that
aspect the article should be amended. He J
ould see nothing, however, very wrong In
he article. The proposition that the warrants :
we're good or bad, according to the hands in :
ould not subscribe to. He commended that the /
octrine was false, and In effect would dis
onor the obligations OF the State.
Delegate Marshall favored the original arti-
III Huu OppOS0d Lno a1nenun6UGS. Ii Lley U
1ere adopted 1T would amount to virtual re- !
udiation OF the warrants /
Delegate Robertson moved to lay the
mendment Of Delegate Parlange on the table, :
On this motion the yeas and nays were de- !
handed, resulting-yeas Sc, nays Al, and the i
lotion to table prevailed.
On motion, the Convention then adjourned /
ntil Monday morning at 10 o'clock-yeas go, J
avs 43. I
->~s--
Refreshments on boat and at Oakland Grove E
city prices, July 4. steamer Henry Frank. /
Excursion tickets to Point Clear over the Mo- {
lie Road can be had cheap. good for the season. I
Washburn makes exquisite photogranhs at /