New Orleans Republican., 1873-05-02
A PLEDGE AND IT'S REDEMPTION.

PLEDGE AND ITS REDEMPTION.
More than year ago the late Governor,
Warmoth, was defended in a pamphlet
prepared by his then secretary, Mr.. Brag-
don. In this Napoleonic brochure it was
attempted to be shown inter olia from the
record
J. That the Republican party is no more
responsible for the increase OF deOt, the
enactment of railroad and other charters,
than the Democratic party, II having been
shown that a large majority and in many
cases the most OF Che Democrats in both
houses, voted for such measures.
We may presume from the present ac-
cord between the dlsputants Of that day,
that these charges have either been con-
ceded or withdrawn, possibly by mu-
tual consent Of both the dishonored par
ties to these most fagitious exposures.
9 That the inability Of the Mobile and
Texas Railroad Company to complete their
road arose from the publication of a small
document, which lad been very industri-
ously circulated through the country
This ''small document was signed by
property holders and taxpayers of the city
Of New Orleans" Satisfied that the debt
of the State exceeded the sum limited by
the constitution, they notify bankers,
brokers and dealers in securities that they
consider all such excess of debt nominal
and of no value; tha. they will Sustain
the authorities in resisting their issue, and
if issued, will by every legal means en-
deavor to prevent the payment Of any in
terest or principal, or Of any tax levied
for that purpose. They only recognize
the State debt proper, amounting to
S25,021, 734 40, as shown in an accom-
panying exhibit Of the Auditor, and they
class the accruing debt with the illegal
legislation previously referred to- The
New Orleans Be, which assumes
to speak for all citizens who
can not speak English, is quoted as
saying: "It is our duty to warn capital
lists in other States against unlawful issues
Of bonds by this State, and miaerfM IN
dorsements by The .State OF bonds issued by
corporations legalized by our Legislature
for merely speculative purposes. This
last is rather heavy upon the grand ally
of the Fusionists. This document,
says a city journal quoted by the War
moth pamphlet, was signed by several
hundred Of our most solid citizens, capt
taists, propertyboliers, bank presidents,
etc Upon turning 70 these protesters,
we find the names Of about four hundred
Of our best men, in Iecuniary sense
among them very many Of those who now
constitute an auti-tax payment association.
Our object in this historical recital is
to remind these gentlemen that in March,
1871, they 'Tecognized the State debt
proper as amounting to So. .021, 734 10"
They designated the items comprising
this debt, and notified all money dealers
that they would resist the issue of any
other State obligations, and would resist
10y all lawful means the collection of tax
to pay principal and interest Of any other
as excessive debt. Then they did recog-
nize this debt Of So, 734 40 They
did agree to pay the interest and principal
Of this debt They did authorize money
dealers to negotiate and transact the pur-
chase and sale Of these specified securities.
And now body OF men claiming to repre-
sent this very class Of property owners
aud taxpayers Of the city Of New Orleans
gives notice that they will pay no taxes to
meet the current interest and lquidate
the maturing principal Of this very debt Of
So, ,G21, 734 40. We assign no epithet to
mark this fragrant violation Of a pledge
the money market Of brokers and bankers
may characterize It. But what is the ex-
cuse given for this violation Of pledge ::
That the taxes requisite for the payment
Of this debt and its interest, will be col
lected by Illegal officers Bat these Off
GERS have given bond with penal security,
conditioned to Iay over these taxes to-
the public creditor. If tits debt, as it
natures with lis interest, shall be paid to
tie public creditor, viii he ever demand
that il shall be paid to lin over again {?
The suspicious taxpayer can even secure
himself by obtaining tie bonds, or their
interest coupons, which may be rendered
III payment at the State treasury ThOsee
who, on behalf Of the property holders
and taxpayers of New Orleanse' recogO
nizeG in March. lS7l. public debt Of
So, ,02l, -Sl 10, with is interest accruinc
and accrued, VIII thus see that those
WHO, in 1873, resist The payment of I'll
taxes into the State treasury contradict
and in effect rapudiate the pledge Of theis
predecessors. Who is TO blase for the
exaction Of this tax? Tie law which
directs It's enforcement. How are TIE IN
happy holders Of these securities Tor
S25. 021, ,734 - to hIame for the civil con-
tict in Louisiana How can these inncce
purchasers and holders at home and abroad
change the State government? How are
these people, women, children, wards,
trustees. corporations bankers, brokers
and money dealers, in London, Paris.
Bremen. New York or New Orleans to
overthrow Governor Kellogg and install
Mr. McEnery? They have 10 vote ror
influence adequate-shey bear no response
bility for having elected Mr. Kellogg or
defeated Mr. MeEnery. And yet these