New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-04-13
THE COMMERCIAL VALUE OF PUBLIC
t-.+ CREnIT

The Picayune in its usually illogical
way treats the public to another DISGUISE
ton on the public credit. Forgetting that
vituperation and abuse is not argument,
its article glows with invective and is re-
plate with calumny. 1t holds the present
State administration responsible for all our
calamities, and attributes to Republican
policy the fearful burden of our obhga-
| TONS
As this sort of Misrepresentation has
continued quite long enough, we propose
submitting for the consideration Of the
Picagune few plain facts, which, to our
mind, and we believe in the estimation of
every unprejudiced person, entirely de-
stroys its vain and unjust assumptions
The first and primary cause Of our fnan-
cial embarrassments, was the war. With
its Inauguration Republicans had nothing
to do. 1t destroyed the financial stand
ing Of the State abroad and the CONNER
cial credit Of its citizens. When
peace was declared, Louisiana emerged
from the wreck, very much in the condi-
ton Of family whose house had been de-
stroyed by the fames-whose property
had been swept away, houseless and shell
terless, without money and without credit.
Thus destitute and impoverished, it re-
sumed its position in the Union with the
obligations Of State to fulfill. The in
evitable expenses Of government had to be
incurred, with nothing in the treasury
with which to meet them. This was the
beginning of our debt. Whose fault was
it? The fault Of those who restored the
State to the Union, or those who vainly
essayed to destroy the government by car
rying it out of the Union?
But this is not all. The war left many
personal obligations which it embarrassed
our citizens to discharge, and in conse-
quence taxation became onerous and OPP
pressive, and the credit Of the citizen was
put in jeopardy along with that Of the
State
In this condition Of affairs the present
administration came into power. Com
mercial bankruptcy and financial ruin
everywhere stared il in the face. But to
augment the distress and embarrass its
position, the men who had inaugurated
rebellion, who had opposed reconstruc-
ton, who had impeded in every way the
efforts Of patriotic men to restore the gov
eminent, began to cry REPUTATION I'm
mindful of honorable obligations regard
less of the precarious financial condition
of the State, they instituted a policy which
paralyzed our credit and reduced the value
of our bonds abroad to figure humili-
ating to our pride and disgraceful to our
credit. Was this the act of Republicans
OF those who are now crying loud and
bitterly against the burden of taxation?
Who, then, are responsible for this
':proAigate discount Of the public credit p
Who, indeed, are plunging it into still
deeper disgrace and greater insecurity?
Is it those who are striving might and
main to lift from the people the heavy load
Of their tax-bearing obligations by stimu-
lating public credit, giving potency to
commercial enterprise, inauguratinS
system of internal improvements which
will invigorate trade, or those who, from
speculative e1pediency or imagined ne
cessity, favor tie dishonest policy Of soul
less reputation
The administration can well leave the
answer to the appropriated honor of the
community and the nation. 1t is this
doubt which such journals as the Picdyrne,
and such sentiments as find expression in
its columns, have thrown upon the security
Of our obligations, which have reduced
our credit to the humiliating condition it
has reached. This theory of ga natural
limit to the debt, bearing as to the tax
paying ability of a people, is the Pan
dora's box from which have escaped all our
evils It is, indeed, the curse which weighs
upon us most heavily.
1t is trite saying that sit is an i'll bird
that fouls its own nest" What, then, can
be said of the Picayune9 A paper owned
and controlled by adventures, forsooth !!
exclaims that adventures rule the State
A paper purchased principally with North
ern capital, and run in the interest of
cotton spectators and residents abroad,
falsely claiming to be an organ Of the
people, reiterates, as applicable to our
obligations, the statement that cit would
be unjust and dishonest to pay the fraudu-
lent debt of the State
If the Picayune proprietors would unite
as earnestly in stimulating commercial en-
terprise, in invigorating trade and estab-
fishing railroads as they do in decrying
the administration ofthe State government,
taxation would soon be unfelt. A new era
and q happier one would dawn for New
Orleans and Louisiana, and their misgiv-
ing and treacherous and deceitful specula-
tons upon the ability Of the State to pay
its obligations would be thing Of the
past, forgotten or forgiven, as we forget or
forgive the assassin who stabs in the dark,
or the pardoned felon who sinks below
contempt and the forfeited respect Of the
community Itwould be more manly and
truthful for the Picayu1oe to say that some
BODY in whose interest it is wants Office,
and the paper is willing to give publicity
to any exaggeration necessary to secure
the purpose in view.