The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1875-12-29

while the inconsiderate or coward
actsof individuals operate. at most, Il
a very circuinscribed circle, the folly o
prodigality II State or city carries tn
greatest curse OF taxation. lux energies
and Impoverished, into tens of thod
sands Of households, directly or indi
rectly.
A constituencies. indeed, on the sub
ject Of Reputation must not allow u
to forget that II il by the neglect OF
proposition which involves the duty o
the Safe toward It's citizens, and by thu
faithlessness of corrupt officials, tina
communities generally become over
whelmed with what Is called public
debt" Then It is apt to so happier
that II tho citizen murinurs ut thu
fearful extent of the obligations b,
which his property has been made sub
jcct TO never-onding taxation. and pro
poses to inquire into the legal validit,
Of the bond and what It's title In the
actual consideration for which II calls
tho cries Of Reputation" and Of sound
faith towards innocent third parties
vt once salute him. An anus.
ing spectacle Is then witnessed
that men who would not pardon
themselves for exhibiting such weak
ness rs to pay illegitimate claims against
their own private purses, or even sus-
piclous claims, without proper inquiry,
will clamor for the payment Of
some State or city bond In
their possession which they may
know 10 be Illegally Issued and
marked plainly al over with the badges
Of fraud. He tries too often with his
guilty knowledge 10 shelter himself
under the plea, which. when honest, Is
aIl.sufIicicnt. but when false aud pre-
tended Is simply degrading, that he Is
can innocent third party" The idett
Of such an appeal is, that 1t n person
holds spurious or Illegal claimhgainst
an individual member OF society ho
ought not and cannot compel It's pay
ment. but II the bond or claim pur-
ports to be Of q State or City, and II IL
have the signature Of public officer to
It, no matter whether the obligation
DO issued with or without
authority or law, the State or general
treasury of the people are bound to
protect innocent third parties" 1t Is
true That corporations OF all kinds are
often held by indisputable judicial de-
cisions responsible to innocent third
parties on account Of acts done under
unpopular laws, by untrustworthy
agents In the line Of official conduct,
but all courts hold that To bind States,
cities and lesser corporations, even ut
the suit Of innocent third parties "
there must be no guilty knowledge Of
any fraudulent mark, either upon the
bond or the law under which 1t may
have found an illegitimate life.
We have written what precedcs be-
cause we have heretofore been always
recognized, and still arc confirmed
and stern Repudiationist but 1t Is
well that we should have u correct in
depreciation Of the word, in order that
the people shall not yield, on the one
hand to mere demagoguc denunciations
Of all public debts, or on the other to
the fatuity OF being driven by the cry
of "Repudiation from tho most thor
ough Investigation and common sense
determination only to liquidate honest
aud legal claims. Investment or traffic
In public securities must be largely gov
erncd by similar rules that obtain In
other kindred business matters. The
innocent third party" among us here
ut home, Is too often myth. Is 1t not,
nc any rate, certain that no one who In
vests his money has such substantial
advantages as the investor In public
securities. We should suppose that II
. conservative citizen were by his deal
ing in such securities, with full informa-
lion OF all the facts, thus to give sub
5tantiaI support and relief to an abhor-
rent State and City Government, and
lake all the risks, he would be sure to
satisfy himself that the bonds were
issued. The DEMOCRAT does
not charge that such q thing has ever
been done, but can innocent third |
party" like this, under such circum-
stances, would not possess our sym
pathy very strongly.
No, let us never "Repudiate nor
,hink Of it, a just and legal debt; let us
stand great personal sacrifices first, but |
nevertheless we would advise the people |
o be careful, not necessarily, or even
With too much readiness, to accept the
Of everything presented in the
hape Of debt, and thus not only fool
SHY distress ourselves, but worse, visit
IN objectionable curse on our children.
THREE IAlIlSlANA NOT I'M L.