The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1913-08-30
SPECIAL SESSION or The LEGISLA.
TURE CALLED FOR SEPT. Sth.

1CNU VnUUUU AVst UU1 IL OLus
Governor Hall issued last Mon.
day q call for special session o.
the Legislature to commence OF
September 9th, and to last twelve
days. The Legislature is sum monee
in extraordinary session for tn.
purpose of calling a limited Con-
stitutional Convention, and the
Convention when it convenes il
expected to provide the ways ano
means for the payment OF the
eleven million dollar bonded
debt of the State which will ma.
ture on January let, 1914. The
question of paying this debt, OF
the States ability to pay it under
present conditions. has, not only
engaged the serious thought OF
the administration, but that Of the
people of the State who are 90
vitality interested.
The Legislature in the year 1910
by proposed amendment to the
Constitution, provided for the is
suance of new bonds payable in
nifty years with four per cent. in
terest provided said bonds should
not be sold for less than par.
This amendment was adopted by
the people in November of the
same year. In 1912 the legislature
proposed q more extended amend.
ment, but it likewise provided for
the issuance of fifty year bonds
bearing four per cent. interest to
be sold at not less than par to re-
fund the State debt. Unfortunate.
~ this amendment proposed to
invest the State Board Of Liqui.
dalton with the power and option
to accept or reject certain pre-.
tended obligations of the State,
oil of which are known to be
tainted with fraud, and a great
number thereof have been already |
declared fraudulent by q previous
legislature.
The people of the State were
unwilling to trust such q grave
matter to the will Of the State
Board Of Liquidation, and wisely
10. Consequently, at the Con.
kressional election in November,
1912, when THE amendment was
voted on, the people rejected it
BY an overwhelming majority.
The government was compelled,
therefore, to proceed under the
provisions of the constitutional
amendment adopted in 1910. The
Administration during the fret
part of the year, sought to place
the bonds under the requirements
OF that amendment; but after the |
required three months advertise.
mont no bids were received.
Those, who were in a position to
know, declared that, in the pres.
emit condition and humor Of the
money market, no investment
could be had for fifty year state s
bonds ut such q low rate of in.
terest. The remedy then was :
evident to all who had given the !
matter wise and serious considera. .
lion. Reputation was, and is not q
o be thought Of. The State of / s
Louisiana cannot afford to let her
paper 60 to protest, and give as a
'eason why because under the
'estrfction OF the present organic y
avs she cannot raise the money!
o pay her just debts. The matter
hen should have been promptly
eferred to the people; and thew d
sked by q constitutional conven. q
lon to pass the necessary laws *
nd plpvide the means by which q
he honor and credit of the State "
% be preserved. Too much "
aluabje time has been wasted al. ~ ~
lady. Action has been 60 much o ~
elayed until it is now almost too on O
'te. Still the proper mode ~ 90
.ocedufe BY which the remedy 80
Ill be reached has been invoked. 80
70 VIII have a constitutional go
'nvention-that lie certain. And so
. feel confident that the Cover. W:
u will receive the full support of az ~:
. people in his efforts to meet on Oh:
9 just obligations of the State 80:
hen they mature. 9Oi
We note that q limited conven. 901
n has been called-an extreme. 9O4
limited one both as to the time 905
lts deliberations and az to the S So5
olects to be considered. We S S0e
, opposed to limited constitu. S SOS
nal conventions. We don't be. sOS
We that the constitutional A.. sol
NJ OF the people can be limired sO7;
'ept by themselves. We trust 907.
Hever, that the people ia this so7!