New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-06-09
THE BLOATED BRITISH BONDHOL DEB.

| Louio-Aud JULIUS uuuti pIoleSt 1uko otAo4
bonds of the same State at face discount
OF forty per cent. This proclamation IL
connected wi tn notice that he will con
tinue to clamor for the odd forty per cent
and will cause his own certificates of claim
to be quoted on the Stock Exchange
pretty much, we imagine-this last-as
the prophet perambulated the city pro-
| claiming 'wOe unto thee, Jerusalem,
and announcing 'the cities of the South
shall be shut up and none shall open
them The bondholders denounce our
funding act as an arbitrary act of spolia-
ton, and are of opinion that an Injurious
discredit will attach to the act which will
! hamper all private and public enter
| prlsss.
The gindicati On Of Louisiana consists
solely and suffic1 emily in her entire ina
bihty to pay the obligations incurred in
hef behalf. 1t is sad state of things,
but it is so. Tho Hibernian inquiry
why did We die - is not more fruitless
or useless than to ask why did not Lou.
isiana pay the full face and interest OF her
bonds? There was long an inexorable
opinion in En- gland that the best way to
enable q man to pay his debts was to de.
prive him Of every atom OF property and
lock him up in the Fleet street prison.
An unfortunate or improvident man was
punished precisely as criminal by con-
tinement and dishonos. Why, then,
should the British bondholder continue
to apply this analogy TO the indebted
State? Apparently it had been more wise
TO say, ''You can not pay all this debt
now; postpone the full payment until you
are able. We will aid the restoration of
your credit. Possibly Louisiana might
have been encouraged and enabled to Dor
row of somebody else. Louisiana, how
ever, has been 6guratively put in the
Fleet prison. She has become docketed
bankrupt, and may consider the unwise
and unkind attempt 20 compel her to do
what she can not, on pain Of being posted
as a defaulting debtor in every exchange
in the world, as exonerating her from any
effort 70 DO more in future
for her detamers
Individuals looking at she condition Of
a debtor crippled by misfortune might
reason thus: This State from her own
fault, or that Of others, has been involved
in war which closed her ports nearly
four years. A reversion in the political |
system took from her citizens more than |
three hundred millions of that which was
taxed as property. IT converted this prop |
erty inte free men, only responsible for the |
taxable property which they themselves !
hold. The value Of other taxable property !
has been Incl dentally affected by this
change. lncide ntally, also, the chief city !
IF this State, once commanding the ex-
,lusive monopoly of all tine trade Of nearly
! million Of square miles, with a popula-
ion of from fifteen to twenty millions, has
been cut off from 3 great part Of this
rade and from this and other causes
'ate OF growth perhaps surprising that of
my other city in the Union has been AZ.
ested, and is perhaps on the decline.
y creditor with sympathy or good sense
you'd reason thus: 1t is better for me to
i'd than to crush the debtor. There is
much Of fertility. OF commercial resources.
will aid this debtor, and.while rendered
etter able 10 pay something on the debt,
latitude may come to the aid Of obliga-
ion. The British bondholder displays
one OF this practical, wisdom. We sx-
ected nothing from his sentimen: or
To the credit Of Louisiana and the
outhern States should be placed the fact
nat the British cotton manufacturer made |
lillions by the same war that disabled
lese States from paying their distant
ebts. 1t is now tradition that these
manufacturers objected 10 the recognition
the Confederation because they had
rye stocks of cotton goods which were I
nmensely enhanced III value by the ces- !
Ition of commercial intercourse with the
,tton States. The prof. OF British goods s
IN through the blockade must haFe been /
lormous. and Britisi, stateaRGk tried to c
lieye their dependence r cotton y
at, ,' by futile effort to- p supply =
IL the same time other British interests
ok sides with tho Union and continued q
export 20 tho United States all the II
'cds and TO employ in the carrying trade u
The British shipping possible. We DO u
Il say that this or any particular part of Il
went into the pockets Of the bondhold-
S, but we DO say tina: England played u
utfas III ous ciyI! war and derived u
offs from both sides. and especially y
IN She cotton States. L: the bond. !t
lders strike g general acreage and bear al
eis share OF d loss which has ruined Ct
eis creditors and enriched their own "
unsyymen. As fox the damage 20 our II
lte credit. il is regarded here with /:
eat composure. Our people charge the Z
lure OF their fortunes upon events be. n
nd their control. If they have los. all. tx
is natural their creditors should lose 81
netting also. They regret 10 have IN
Ell the agents OF this incidental loss, ! 70
4 are Of opinion tina: the most effect. eli
means 10 prevent it viii De TO cont.ac. tic
public debt III future. This determi- FRI
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