The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-12-30
THE STATE DEBT.

congressman who haY come here to learn
whether or not the january interest on the
State debt Is TO be paid, and Of a member Of
the Committee Of Five. The opinion Of this
Congressman is, according to the Times, that
those least to be affected by default upon
the interest are the holders of the bonds
but that such disEonor will brand us as q
community Of turbulent regulators, without
faith and without honor" While the COM
mitteeman is reported as having said that
there can be- no question whatever that
governmental imbecility is the chief cause OF
the present exigency: that he had been relia-
bly, informed that the Governor attached no
special Significance to the non-payment Of
the coupon at the date OF It's maturity, con-
sidering that o few weeks more or less made
no earthly difference
We are not acquainted with the views of
the administration relative to the import
ance OF sustaining the credit of the State
but II they are as represented by the
prominent Congressman" and the COM
mitteeman and commented on by the
7smes Sunday morning, they are certainly
very loose. But it must be borne in mind
that the Times is owned and edited by Clin-
ton, Warmoth's ex-Auditor, and Radical Of
the most stalwart breed. That journal may,
therefore. reasonably be expected to Join it's
New York namesake and other Republican
sheets throughout the Union In attacking the
financial policy and misrepresenting the
financial views Of the present officials Of the
State for the purpose OF showing by contrast
the wonderful wisdom and craftsmanship Of
the Warmoth and Kellogg administrations
Whether 1t has done 80 or not will be mani
Test, we presume. when Gov. Nichols sends
his message to the Legislature.
But though 1t is not our business to ex
pound the financial views OF the administra-
ton, 1t Ia our business and duty to protest
against such wholesale abuse as that with
which "a prominent Congressman and the
Times threaten to overwhelm the people OF
Louisiana In case the january interest be
not promptly paid. Whether the default shall
result from the Encouragement of the al
ministration. as Is charged by the Times.
or from the inability Of the tax collectors
to wiring the money out Of an impoverished
and heavily overtaxed people, there viii
90 no justification for "a prominent Con-
gressman, or for any other sort of q
congressman, or for anybody else, to at
tempt to brand US as community of
turbulent regulators. without faith and with
out honor" Such Is not the language of
wisdom, justice and decency; it is the froth-
Ing OF the sharper and money lender whose
callous soul - smitten with grief and indig-
nation, not because his creditors win not nav.
but because his impoverished victim cannot
pay.
Heretofore there has been scarcely a voice
raised in this State In favor Of Reputation:
there Is less OF the Reputation spirit In Louis
ANA than IL any other State in the Union.
But III j prominent Congressman" and the
New Orleans Times represent the real spirit
y the bondholders, 1t will not be long before
here Is widespread revolt against the paw
nent OF the debt. 1t must be remembered
nat the Louisiana debt represents mass of
bonds corruptly issued, and for
which TIE State has received little or no
benefit Yet the people of Louisiana, with
are massnanimity, In 1874 ratified a series
II constitutional amendments devised bv
Kellogg by which they solemnly recognized
md agreed TO pay sixty per cent of those
Millions OF bonds which Warmoth and .Kel-
ogg and their rings had issued. Had the
'eople refused to ratify these amendments
hey could lcng before this have Justly repu-
lated very nearly every dollar OF the indebt-
dness created after the war. But thew pre-
erred to recognize the sixty per cent and they
made that = legal and binding debt, which
hey ought to pay and will pay. But in doing
his they did not sell themselves body and
oul to the bondholders, as "a prominent Con-
ressman" and the Times would intimate
hey agreed to pay and they will pay to the
xteAt OF their ability, but they are not likely
} quietly suffer themselves to be DETAINED
nd their interests to be injured by such un-
lst and brutal TRADES.
The interest on the State debt should be
aid, Ii possible, promptly and to the last
ant. The public-spirited gentlemen who have
ken the business In hand deserve the high
1T praise, and IL they succeed they will rem
er the State great service. Every effort of
ne administration should be exerted to the
ame end. A failure to pay the interest will
,rtainly prove injurious to our interests. Wei
and, on this point, with those most Jealous :
the public credit and with those who are !
lost hostile to any movement looking to re- g
ldiatfon in any measure or in any form. {
It'll those laboring zealously to have the
anusry interest promptly paid, we believe
at failure will 6e calamity, and we trust !
nd believe there will be no failure; but we
'otest against the insolence of those Shy c
cks who threaten. even in face of the facts. e
lat there has never been a hint at repudia- E
On from the people and that prominent and :
fuentiai citizens are using their most ear 3
st efforts to aid the State in paying this y
terest, to brand our people "as turbu- 8
ut regulators, without faith and without
'nor," In case the Fiscal Agent shall be
liable to meet the obligations OF the State.
A SENSIBLE DARKEY.
Bruce, the negro Sens tor from Mississippi
joys reputation for sagacity and integrity