Feliciana Sentinel

THE STATE DEBT.

On the 6th of June, inst., Mr. Isidore Newman, of Catahoula Parish, appeared before the Committee on State Debt, with a proposition which, it appears to us, might be made the basis for a happy and satisfactory solution of that vexed question. Mr. Newman represents of his own and those held by others, about twelve millions of dollars in bonds. His proposition, briefly stated, is to accept seventy-five cents on the dollar, with four per cent per annum interest for the bonds held by him and those he represents. Such a compromise would result in a saving to the State of twenty-five per centum on twelve millions of dollars, reducing the principal three millions of dollars: besides the saving annually, in the reduction of interest as follows:

Seven per cent on $3,000,000.. $210,000
Three per cent on balance of the debt, nine million of dollars...... 270,000

Aggregating $480,000 annually saved besides the $3,000,000 reduction of the principal.

The reduction of the whole principal at the above rate and a corresponding reduction of the interest would be, it appears to us, such an immense saving to the State, that the Convention would be fully justified in settling the question on such a basis.

The latest intelligence as to the action of the Convention is that the question was re-committed to the Committee on the State Debt, on Monday last.