The Montgomery advertiser., 1901-08-11

A known as 15-year bona, and a bond which runs only fifteen years would not float in the market at so high a price as the one that ran longer time than fifteen years. Therefore the amendment offered IS for the purpose of making these bonds IS" sued for time longer than fifty years and not redeemable until their maturs- ty according to the face of the con- tract.
 The President-The time of the gem tleman from Barbour has expired.
 Mir. watts--I would like 10 ask the gentleman a question.
 MT. Mereri1L-I would like for the Convention to extend my time just little.
 Upon 6 vote being taken the time of the delegate from Barbour was extend ed ten minutes.
 Mir. watts-what is the object of in- cooperating in youf amendment that bonds shall not be redeemed until tnelr maturity.
 Mir. Merriil--If you had heard what have just said. you would understand that. Under the act of the legislature the bonds are redeemable. that IS. they can be issued payable in fifteen years, and then can be called in and paid at the expiration of fifteen years under the acts as they now exist. The fact that they were payable in so short time after issue rendered them less valua- ble and they would float for q less price in the market, and would demand a higher rate Of interest. Therefore the amendment was offered for the purpose of making them what is known as fifty year bonds which bonds are of the most valuable character or any bonds. and they can be floated at very low rate of interest. NOW, MT. President. the question may be asked why this matter does not go over to the legislature? It is possible. though a contingency that we dislike to con- slider. that this Constitution we are now making may not meet the approv- al of the people of Alabama. and It is the opinion of learned lawyers that even though the Constitution snouio fail. with this ordinance passed. 1t would be valid, and the Governor could proceed under 1t. Now the bonds will not mature for some little time to come but the Governor thinks, and he mas good reasons for believing. that even now, he can float bonds at l-2 per cent. which are now drawing 5, ana that the bondhofders will take care or that 1 1-2 per cent between now and the time the old bonds fall due. that is, he is under the impression. ana based. as I say, upon good reason. that he can now take up the per cent bonds. or a large number of them, and issue in lieu thereof bonds only draw ing 1-z per cent under this ordinance, thereby saving to the State l l-Z per cent on between $S,000,000 and $s,0oO,- 900 from now until the bonds mature. Now think have explained the mat ter fully, and I move that the oroi- nance be adopted.
 The President-The question VIII De upon the amendment orereo oy the gentleman from Barbour.
 Mir. Merrill---I think that under the rules of this Convention an aye ana no vote will have to be taken upon the passage of the ordinance. lecause an act of the legislature to be valid wnlcn authorizes the payment of money out of the treasury, must be adopted OH an ave and no vote, and want to nave this matter in such shape that the as- tute lawyers that come on afterwards can have no reason to object.
 The Presldent-Does the gentleman ask unanimous consent 70 accept She amendment.
 Mir. Merrill--Yes. sir.
 There was no objection.
 Mir. Rogers-There is no need for an ave and no vote upon the amendment.
 The President-The question Will De upon the adoption of the ordinance as amended. s
 Mr. Merrill move the adoption of it and upon that I call for the ayes and noes. do not think the call has to he sustained, because under our rule that has to be done any way.
 The Presidential seems to the Cnalr that the gentleman is correct me question will be upon the passage or the ordinance. The Secretary VIII caA the roll.
 During the call of the roll;
 Mr Ostes-I ask leave to explain my vote.
 The leave was granted.
 Mir Oates-At any earlier date or the Convention. offered a well pre- pared ordinance providing Tor the re- Frndinp of the bonded debt or the state a matter with which l am Iamll- iar if am with anything, but ike nearly all of the measures I nave or fared in this Convention, 1t was voted down. Some action Is necessary. Ahis proposition Is the next best thing, ! have seen presented. ana thereio'e vote aye. aur s+and that this ordinance provides that Inc honds shall not be paid for tltty years I believe the State ought 10 have the right to pay its obligations ouy time it sees fit to do so. ana tnefe- fore I vote no. 5,,aroo
 MT Rogers (sumter)-The ordinance does not mean that. .,,
 The President-The Chair Will state +o delegates that 1t is not within the rules to explain their vote without on- +ainine the consent of the Convention.
 Mir Sanford Montgomery)-l nave already explained my vote.
 The President-But the genueIhah d,d if in violation of rules or the Huuss ana the gentleman from Sumter calleu him to order. .o ,,;o-
 Mr. Sanford-T did not intend po Flo- late any rule or law. ,4
 Mir. Rogers (Sumter)-1 do not want to he put in wrong attitude win my friend from Montgomery. l askeo ene chair to explain the ordinance to fiiHh' and said that it did not mean tnat:
 The President-The Chair will cal tne attention of the gentleman from Mont gomery to Rule 40.
 Mir. Sanford-I do not care. about the rules | am more anxious to know the meaning of the ordinance. l admit the rule is correct. IA
 The President-I will read Kule 4o' "After a vote has been ordered upon any uuestion, no delegate shall be per mitted to explain his vote without thc consent of the Convention.
 MT. Sanford (Montgomery)-Now that the ordinance signiies