The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1874-09-04
TlIe Ninth Resolution.
From tie New Orleans Times.

rouge C0upc%IUlOl:
8. That while we are i~nfavor of meet.
ing the paymsnt of the legitimate debr
of L~ouisianafswe are opposed to the re,
cognitiOn of Che dishonest and fraudu.
lent obligations issued in the name OF
the State, AID we pledge ourselves tC
make Il searching investigation into the
matter. Wehdvise u people to vote
against the amendments to the cOnsti-
tuition proposed by the usurping Legis-
lature, and pledge ourselves, on restora-
ton OF the government to honest hands.
to provide fpr the payment of all the
honest indebtedness Of the State.
Ii platforms were now considered
binding OH voters, and it mel were not
considered OS far more Importance than
resolutions, shis unfortunate "plank"
would, in Out opinion, defeat the candi-
dates OF the convention by a large ma
jority. But, fortunately, the mass of
electors are supremacy Indifferent to
platforms, aISl will vote fOrthe best men,
regardless Ofswhat the committee on res
OlutiOns mayssay. The above resolution
is, however, ! piece Of unwisdom which
should not pass without condemnation.
1t is wrong III principle and a blunder in
policy. These was no political whale
whose gaping jaws demanded this tub.
1t a by no possibility add strength to
the ticket; hut, OH the other hand, it is
offensive to that large number of intiu-
entail and representative citizens who
maturely considered and deliberately
advised the submission of the proposed
constitutional amendments, and to that
much larger aumber who are in favor of
them since they have been submitted.
1t will doubtless receive the solid Rad
ical vote, arSl the consequence will be
that the Peoples Party, it they make
this an issues will he repudiated, at least
pro tantO.
These are she serious objections to the
policy of th* resolution. But, suppose
we admit thAt we are mistaken on this
point, and that the resolution will re-
ceive sufficient popular support to de-
feat the amendments; and, as q conse-
Quence, thaS we shall be RENTED to the
condition we were in in 1878. What
them ThiS brings us to the cOnsidera-
ton OF resulEs far more momentOus than
the election: or defeat of candidates.
These stern facts should be remember
ed; the ASSESSMENT of 1873 was 1884,
100000; tlab of 1874 is likely to be less,
perhaps nOtImOre than $211 10000. The
reduction of the rate from 214 mills to
143 mills makes a reduction. in the
amount of Taxation, for the current year,
of 1888, 311s So; but if the funding bill
and the amendments are repEdiated,
this reduction, or, at least, the greater
portion of It, will be Instantly trans
formed into!G deficiency which must be
added to thS levy of next year, or added
to the permsnent debt. Itisa deficiency
chiefly Of interest, and, the bonded debt
being restored to its full amount, there
will be no escaping the payment of it.
TO meet thls deficiency, and current in
! faracf anG SynaDcnS tho law &C no-$
year must h greater than that of last
year by the Stmount of deficient interest,
that is to san, it must be at least twenty
seven millss if the assessment is 1884,
100000; if il is only ~$210,000,000 the rate
must be greater than twenty-seven mills.
There is 10 alternative to this result,
except in tl& postpOnemcnt of the pay
ment of intts'est to a future day, and that
would be nG relief, but only an accumu-
lation of busdens under which the State
would finally stagger into bankruptcy.
This is stats Of affairs which no taxpayer
will contemplate with any degree of pa
tience, especially when he: sees a way
out OF it Though the funding bill and
the amendments.
To meet Ghcse grave objections to the
ninth resolution, we find therein only
the assurance that eve pledge ourselves,
on restoration of the government to hon
est hands, tD provide for the payment of
all the honest Indebtedness of the State"
How? THIS all-sufficient language has
q strong f1aEor of POdsnappery about it.
How cal ddbt be provided for, except
by taXatioS The reference to "the
honest Indebtedness of the State indi-
Gates that She gentlemen. who framed
the resolution had some sort of discrim-
nation ins view; but it is doubtful
v,1n+ln, +I%xv 1v1 11 1,nr 49, -a L.
state what Shey refer to. Is it intended
mills, and rOunder there until some flu
ture Legislature shall assert the debt
and specify what shall be paid?
That is certainly absurd, since no Leg
i~slature ca1 take such action it belongs
to the cOurss alone. But concerning a
large portion of the debt: no question of
validity wisl be raised concerning an
other largesportiOn, the only defence is
inadequate. consideration, and it is at
least doubtful whether any court will
consider su:5h a defence available against
innocent tslird parties, as most bond
holders are at least, technically. Con-
corning tie remainder Of absolutely
~fraudulents bonds, some have already
courts, anG the others are in litigation.
Surprising ghis litigation to be honestly
and faithfully conducted on the part of
the State, *what more can be done?
What morA can afuture Legislaturedo?
And what reasonable ground of relief
from the harden of taxation can the tax
payer tlensfind In this ninth resolution
More Investigations" more delays and
the same ultimate result, embraces the
whole prospect. s.%r -"E a.a#.." sr.a /.
In the meantime, the funding bill is in
at least. paTtially successful operation.
We pay fourteen and One-half mills, in
stead of tNSenty-one and q half. More
than 81 ,00tsQ0Q of bonds, chiefly of the
oldest issngs, have already been con-
verted, anG the old bonds destroyed. On
the other IkRnd, the only plausible OBJ
~jection to ehe bill and the amendments
is that they originated in an obnoxious
LegisIaturk. They originated there only
nominally,s but if it had been otherwise,
will any sensible man consider that Il
valid 0bjeGti0nF is itnQt rather eaEry-
ing sentlmSnt to the verge Of insanity to
oppose thenInendments Z We trust that
candidates. for the Legislature will be
called up0@ to define themselves plainly
IN these Questions; SO that the peonle
may know what to expect. from them in
relation 0IHhe all important matters OF
debt and tE.kation,
-.s.|- a N.ias nj i, sHteHa - Il