The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-11-21

tage of having their back interest paid in
bs 70 a arg g9ns aeesp
new bonds at s per cent instead OF per cent:
which later interest they are prop-rly entitled
forest 81 he city, I M p ePh aE6e !0f ra
the taxpayers q pound Of her flesh, the
city creditors Of 1852 sacrifice a large piece Of
plain enough, but the author of the communf-
cation in the DEMOCRAT allows himself to be
carried away, BY considerations, anagonlstlc
aouru eonsoldaed debt s IN 81 part Owned by
foreigners." Yes; but only q very small portion
OF t. The greater part OF this debt is held mere 81
other day day. 100000 to aid the yellow fever
sufferers. Do capitalist who act like this de,
serve to htye ther honest dyes rep ~
this confidence by bankrupting them?
Moreover whether the writer Of this comm4i-
mosf ordnary and %e o w thing to see
large debts entirely in the hands of foreigners;
who hold the Turkish debt? The French and
deb? Mainly the French aud English. Who
hold the old debt OF the kingdom Of Naples. and
he old R2man bonds The Frengh dm and
the bonds Of new Ittly? The French and Eng
fish. Who hold the vouchers of the republican
city Of Geneva? The Frrnch RIossesbb , a tba
bonds of the United STATES been scattered? In
England, In Germany and in France. ~, ,o
Nor In these countries, all or tu6m Win idTRe
debts, has q minister OF finance. lawyer. a
clerk, cashier. or an official Of any kind been
found who dared to say that the debt cnu 10 G'
part. purchased by foreigners 1t is here alone
that such monstrrous propositions can be made.
This is shameful.
The writer Of the illogical communication
says that there it will be possible at any time to
reduce this debt on the basis Of SO per cent. but
that it is necessary to go on with the city lottery
for one year more.
What does he hope for at the end Of that year?
It will be necessary in very short time to pay
&nnn nm Into For inv nroH1 oil
and without giving q cent to the holders OF con
soidated bonds. whose deferred interests will,
In the end. form I'm immense debt against the
reduced s2O,O0OoO0. Ii the city. therefore. con-
tinues to draw this lottery, thousands OF fami-
lies will be called on to pay taxes assessed o.
as long as this city lottery continues; these
famiit will be turned out Of house and rui ned j.;
the workingman will be without work, and will
will be general. Such Is the future that the
author OF this communication offers to the
And after this year of distress and misery. If
this scheme is unsuccessful, it will be neces-
sary to come back. 70 the proposed plan Of re-
for this defender OF, the cty's lottery, scheme
accepts our figures bnt wants the holders of
the consolidated bonds, who have, received
nothing for two years. to be made. for the hecond
time, the victims OF an arrangement which he
suggests to the new city government.
The decisions Of the courts, the DEGREES OF
u,
aside by the financial ID atador, who. exhibited
his knowledge. his legal and administrative
learning In the columns Of this paper last Sun.
day. Want, misery, law, suits, dispossession Of
property by seizures and forced sales, suffering
b. all classes of the population and rapudia-
ton and bankruptcy-this Is what he offers US.
And this Is what will most certainly occur IL
the present city government Is 80 Ill advised az
to endeavor to continue tho financial system Of
the past administration The city lottery should
developed in the public mind a tone for gam
spread poverty; it. has increased the misery
arounh and # has a ffb and ased
should end. Public opinion has condemned this
lottery scheme.
We address, ourselves to men Of sense; men
OF honesty and conscientious. Did we vote In
favor Of the present city government contin-
uing the unfortunate errors Of past admins
trations? Was It not understood and known
that we. were to have reform, especially finan-
cial reform in particular, without which there
can be no true reform at all?
What ought to b. the ain Of the present city
gentleman at its head It ought to aim at do
ing better and entirely different from it's pre-
decessor. # it follows in the footsteps of that
right to say: I'VE have again been deceived
the Democratic party has responded no more
to our demand than other parties ?"
The circumstances attendant upon the en-
trance of the present city government into
power ought not to allow. its members to hest
tate. Let them study this question; let them
e anq bem and oa "
| the plan most practicable and Just to all in
| terested In our finances, most in accordance
| with reform and m st productive OF happy re-.
suits. The city government will see that the
| plan suggested by us accords with public honor
and morality: that it will conciiate all honest
th VII de ap an Rq9a m
| the return and continuance here OF genera
| prosperity.