Year: 1871

obstructioils from the falls of Red river,
and the statutes of the State show that
charter was granted to company to
construct canal that would secure the
free navigation of the river as Portland
canal avoids the falls of tie Ohio, and I b.
agree with the report of the majority
that large sum Of money was expended
by this company and that some of these
works were destroyed by General Banks
under the plea Of military necessity.
deny that the Legislature of this State is
in any manner bound to make good the
devastation created by the order of any
military officer of the United States
The recognition of such principal will
establish precedent which will make
the State of Louisiana responsible for all
losses in the State of Louisiana which
have resulted from such orders # the
works of this canal have been injured by
the order of United States general.
upon tho groud of q military, necessity,
it is the duty of the company to apply to
the government of the United States ~
compensate them for the loss and =.
damage they have sustained. This
report proposes not to ask aid from the
State, nor to increase its burdens. They
only ask for the bonds of the State to the
amount Of 500. 900, or $4,000 q mile.
when 80 many Of miles they are toreceive
these bonds for is bayou that needs no
improvement. All this isnot to embarrass
the State, nor is the ninety-eight thou
sand dollars of interest which the State
is to be taxed with to be considered any
burden to the people of the State. This
principle Of taxing the State for interest
for bonds loaned to advance the interest
of individual or corporate purposes is as
unjust to the State rs the burdens of
taxation which it inficts are ruinous to
the taxpayers What right has this
Legislature to Tux the common people
of the State of Louis lima to build up the
fortune of few persons who are incor-
poratsd into o company, who are to
make overgrown fortunes out Of and hy
the privileges conferred upon them, by
the employment of the bonds of tho
State, furnished to this company to ena-
bic them to tax the agriculture and COM
merce of the State, to make their indi-
yidual forunesf The argument Of
virgin soil of the forest which is to be
made accessible by this outlay is certainly
very eloquent, and if tropes and figures
of speech could satisfy the people for
taxing them for individual purposes this
report might win. consider the
proposal to mortgage five millions OF
dollars worth Of property to insure the
payment of these bonds one Of tho moon
stories, for the simple reason that they
can borrow the money from the capita
lists of the country upon much better
terms then they can sell the bonds OF the
State, if they have million dollars worth
of property to mortgage. For these
reasons am opposed to tho passage of
this bill, and tender these my views to
the House as full justification OF my
opposition. ~ . ri
]. W. BRYAN.
The Committee on Banks and Banking,
| through its chairman, submitted tho following
report, which was read, received and accepted.
and the bill ordered to be engrossed u...
| COMMITTEE on BANKS AND BASKrSo,
New Orleans, February 6, 1871.
To the Honorable Speaker and Members Of the
| House of Representatives


Your Committee on Banks and Banking have
the honor to report hvorably upon and recon-
mend the passage Of House bill No. 20. entitled
an net TO regulate loans.


p. HARPER, Chairman.


The Committee on Parochial Affairs submit
| ted the following report. which wns read, re-
ceived, and accepted: I'D .t.
To the Honorable Speaker and Members Of tho


House of Representatives 'n
Your Committee on Parochial Affairs, having
considered House bill No. Sc, beg leave to re-
port unfavorably thereon. and recommend thai
it be referred to the Police Jury Of the parish Of
Avoyelles. 90. b.
o. H. HEMPSTEAD,
Chairman.
c. @. BUTLER.