The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-03-02
Is THIS THE GAME2


instant:
NEW ORLEANS. Feb 25, 1878.
The amendments To the constitution were
finally passed by the Legislature to-day
forever decides against any manner of repu
diution Of the State debt, placing the bonds
on the firmnst basis. The MofIett punch bill,
the revenues from which will also be placed
to the interest Fund. will also very probably
pass Il canvass of the General Assembly
Showing large majority In its favor.
AGAINST REPUTATION.
These measures for the better security Of
the State bonds and placing them beyond
dispute were recommended by the capitalists
and bondhdders' and Endorsed by large ma
iority of the people. and as this action OF the
Legislature places the State solidly against
Reputation Of any portion of her bonds. tile
fact Ia received with unusual favor.
The Herald Is perhaps the greatest news
paper Ia the world. 1t spends vast sums Of
money for news, and always employees ae-
tive. intelligent and energetic correspondents
It is not probable, therefore bhat its New Or
leans agent sent SO important telegram as
this and containing such bold and startling
statements without being well and reliably
posted.
Itappears, therefore. that the scheme of de-
feating constitutional convention by a series
of ill-digested amendments was devised by
capitalists and bondholders. who also got ,Ip
the Motfett register bill We intimated that
such was the case some time ago and incurred
the grave displeasure of several members of
the Legislature; but nuv the information
comes In q very direct shape, and one which
challenges the very serious attention of the
people.
We do not believe that all the members OF
the General Assembly who supported tile
amendments and defeated the convention, nor
all those who are supporting the Moffett regis
ter bill, worked In the interest of capitalists
and bondholders; but we do believe that the
strength Of the opposition to the convention
and of the support Of the bill to wiring 20 per
cent of the gross earnings of a large class of
our fellow citizens out Of them was organized
by those classes
It is very extraordinary that the Repub-
lican members who came here unit for
convention suddenly arrayed themselves
with almost equal solidity against the con-
vention. Such sudden and unanimous move
ments are seldom. If ever, made through a
simple change of heart. and there can be
little doubt that there was something more
than honest conviction at the bottom Of the
anti-convention revival In the Radical camp.
That the monopoies and the spectators in
bonds put this little job upon the people
seems now to be very clear. and ii now re-
mains to be seen whether. in view of this rev
citation. the Legislature will. even to the ex-
tent that 1t cam refuse to the people the right
of determining for themselves whether they
will have a convention or not
WeeSpect the monopolics to continue to con-
rentrate their forces in opposition to even this
measure. They and the public interests are
in direct antagonism, and If convention is
called, their fate will be sealed; they will be
s,inmarily wiped out: indeed. there will not
be n grease spot of any ono of them left
The holders of bonds, however, are COM
uniting a great error in pursuing a
policy in opposition to the public WILL
There is no reputation spirit of
any consequence in this State. and il the peo-
pie are fairly dealt with, we don't believe a
half dozen delegates would be sent to q con-
vention who would desire to disturb the pres
ent settlement of tho debt. But II 1t becomes
known throughout the State that the bond
holders went into the Legislature for
the purpose of thwartng the will
of the people relative to convention,
and to impose an arbitrary, discriminating
and coniiseating tax upon a large class of the
community It will not be wonderful if a spirit
of resentment shall excite an ugly feeling on
this subject. The interests Of the bondholders
of this State are noSin arraying themselveSS|
against great popular movement in favor of
a large plan Of retrcnchment and reform
which is seeking to manifest itself
through constitutional conventIn; nor
are they urging the Legislature to
adopt new and Extraordinary methods of
taxation for their benefit. Bondholders anet1
people are alike interested in the adoption Of
such measures as will give us chessTs and sat
government, and the bondholders'
interest will be secure as the people are re-
lieved of burthensome taxation and made con-
tent with the government. Y
It might not be t. best bull movemen'ep
sible, but 1t wa1ld De the best possblSmove-
mentnto make permanently secure the State
debt, were bondholders and capitalists to
throw their influence to-day in favor Of Capt.
Kids convention bill and against the Moi
Fit register wrong. Cd I'D