The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-12-30
Imprisonment, have failed to make the YER
mont farmer tetotaller. Such is the Gran
ite States experience with prohibition
THE BONDHOLDERS AND THE TAX.
PAYERS,

Tho Consideration which IL was intended Il
excite by the announcement yesterday morn
Ing, that 1t is the purpose Of the consolidated
bondholders, in case the pending litigation IL
the United States Circuit Court be determined
in their favor, to pounce upon the taxpayers
without mercy or delay. for s3.20O,0OO dut
on the consolidated bonds, must be allayet
| by the correspondence between the presiden
of the Property-Holders' Union and the at
| torneys Of the consolidated bondhoders
which we print this morning.
Messrs. Campbell, Bermudez, Horror q
Benedict very unequivocally declare thai
the object Of their clients is to establish theil
legal rights, which the city has vigorously
and pertinaciously assailed; that having
obtained judicial determination Of theil
claims they will be ready to make all reason.
able CONCESSIONS. and that they will be entire
ly satisfied IL their interest coupons, not &c
exceed In any case, 100000 per annurn, are
paid
These are honorable men. and their very
clear declaration banishes the terrible hob
goblin of S3,2OO,OOO, which the taxpayers
were told Saturday morning would immedi-
rendered "a decision in favor OF the bond
holders.
The DEMOCRAT, we wish it TO be distinctly
understood, is not the representative of tho
consolidated bondholders, nor Of any other
class of bondholders. We stand for the peo-
pie in all cases whore their rights and proper
ties are attacked; and where there Is any
doubt of the justice of any claim against
them, we hold that that claim should be CON
tested sntil all doubt Is removed, and It's
legality is made clear and affirmed In the
highest courts.
II we concede, therefore. that the City
Council u not prosecuting the consolidated
with view Of forcing them to
acguiesce In the Premium Bond Scheme, and
that the plea set up by that body against
these creditors has been set up in good faith
to defend the taxpayers against bonds uncon-
issued, and claims mercilessly
and uniustly pursued. we cannot but ad-
miro the vigor, pertinacty, ability, nay,
fierceness, with which the Council has fought
for its constituency. And If the plea Of the city
is sound one, sanctioned by law and justice,
we bid the court beware how it gives us an
other indication that the Federal courts have
been organized to deny the rights OF the
people and sustain the bondholders II
these bonds, which have received the
sanction Of a generation, which have
constituted the reserves of our banks, and
which have been esteemed as such high evil
fences Of debt that they have for years been
,agerly sought as Investments are tainted BY
raud and illegality, let the court pronounce
against them. But the court should also I'M
md exact justice There is no desire amongst
hem to repudiata debts legally and solemnly
and long recognized by them.
f. therefore, the bonds are good and valid. If
he claim is just, the court must decide for
he bondholders.
Thus 1t will be seen the DEMOCRAT stands
With the people for simple justice. With the
'eople we commend the zeal of the city In
debt they affirm to be illegal and |
MUST. But with the people we are amazed |
hat the City Council has not only not mani |
ssted the same zeal and vigor in contesting |
ther classes of bonds, but has actually, with |
ut suit. protest or contest of any sort, recog-
lied as valid obligations, and funded into
remium bonds many hundreds Of thousands
bonds which are Of more than doubtful
gality; which are tainted with fraud, and
hich were issued in the most pronigate
anner and for the most criminally extraya-
ant contracts
If our worthy Council had forced the holders
these tainted bonds into court and fought
em with moiety of the vigor with which
ey have fought the consolidated bonds, we
Q satisfied that several millions of fraudulent
lot would have been exposed and annuled.
this course had been pursued we believe
ere would have been little or no hostility to
9 financial scheme upon which the Council
ems to base the salvation OF the city.
Far be 1t from us to charge or intimate, that
9 members of the city government have been
Iluenced by any other motives than the
cd OF the city as they understand it. Their 4
ror was one not strange in gentlemen not ,
ssessed Of heroic moral courage, with O
responsibility npon their hands
icy conscientiously attempted to devise and
rry out scheme which would relieve the
ipayers temporarily and satisfy.the hold
of twenty-five millions Of indebtedness,
IRE than half of which the people believe to
utterly fraudulent. They cannot do It,
o only remedy was heroic one; that was
force every holder of doubtful claim to
)ve his bond. Is 1t too late
/