The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-06-20
NORTHERN ATTEMPTS TO DIsOREDIT
SOUTHERN SECURITIES.

AshSf - hVlptcdGo W LIS yUuTS6 Uu I'LL
question Of providing for the paymen
Of the bonded debt Of that State. Il |
very evident that the article In thu
Times. II not prompted by, IL strongl,
oolored with partisan animosity. Th
point which 1t seeks to make agains
the Governor is that when candidate
he advocated the recognition and con
solidation Of certain class OF bond
which had been excluded by the Fund
Ing Board, and that he did not use bill
power and influence to procure the pas
sage Of law making the necessary ap
preparations to meet the interest on the
bonds. We have little doubt that wher
the facts are presented the charges o
the Times will be shown to be the eman
alton Of partisan bitterness, and tina,
Gov. Hampton has done oil within bis
power to carry out and redeem all the
pledges he has made.
| These violent Radical partisans ap.
pear to have, or at least affect to have,
an Idea That the Democratic Governors
OF the South are invested with absolute
power and compose the whole govern.
ment Of the States. They studiously
ignore the fact that true republicanism
has not since the war existed In the
So nth until their governments fell into
Dem ocratic hands. The chief feature
of that true republicanism is the distri-
button OF the powers Of government be-
tween the executive, legislative and ju-
dicial, and the restriction OF each within
prescribed limits and spheres.
| It was the reign OF Radicalism In
these States which obliterated these dis
tinctions and limitations and made their
Governors virtually absolute despots
who assumed to control all the powers
of government and trampled the other
departments beneath their feet when
ever they stood In their path and OPP.
posed their designs.
The Democratic party, however, on
its accession, recalls the government OF
the State to It's original true character
and principles and demands that con-
stitutional powers and limitations
should be carefully preserved.
1t is this fundamental principle and
rule which the New York Times requires
Gov. Hampton to violate in reference to
making provision for the State bonds.
The existing law OF the State In relation
to funding and determining the legality
Of bonds has proved to be an ineffective
or defective one and Gov. Hampton has
not the power to correct 1t. The Legis-
lature alone has that power and whether |
or not they have shown wisdom and good
policy In their action on the subject we |
are not sufficiently acquainted with the |
facts to Judge.
But II IL quite apparent that their |
funding system has not been framed |
like that OF Louisiana, and with the
practical wisdom and efficiency which
have placed our new bonds In a posi-
ton Of security beyond that Of any
other State obligations ever created.
The first and most marked distinction
between the two systems IL this In
South Carolina a fixed rate Of taxation is
provided and the fund derived therefrom
10 used az general fund from which
The expenses Of the government and a
,ertain class Of floating indebtedness
ire first paid. and what remains Is ap-
piled to the interest Of the consolidated
,onds. In Louisiana the two funds
ire separated; that for the payment of
he bonds (5h mills) Is made a special
ak which cannot be applied to any
,ther object and which Is made a trust
und that cannot be reached by the
or any other department or [
,fficial Of the State. No act of appro- ii
,riation by the Legislature is required =,
or the levy Of the 81 mill tax. and |
his tax, from the moment when 1t is
becomes the property Of (
he holders OF the funded bonds. 1t
8 so securely held in trust for them
hat one Of our strongest banking asso- 1
iations assumes the obligation to meet
the interest on these bonds.
n condition OF reimbursing itself out
4 the tax as received by and deposited
With 1t. Z,
III SptG Va WIG GulC1uAs SOAAukCAU duu
peculiar character Of these guarantees
or the prompt payment Of our bonds, {
'artisan rancor at the North will not q
'ermit certain Of their journals to give us 9
redit for these evidences Of the good 3
aith and self.sacrificing determination I
4 our government and people to meet I
ully and promptly their sacred obliga-
ions and to restore the credit and honor j
4 Louisiana to the high position they t
nee occupied. 1t Is immaterial to US {
What fluctuations may occur in the mar t
ret price Of our bonds. That Is a mat ,
or for the bulls and bears to fight over ,
md which has little relation to the I
Intrinsic value OF the securities. But ,
We cannot witness the partisan efforts
# certain Northern Radical journals to 8
liscredit the good faith Of the people of 8
he Southern States toward their credit ,