The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-06

economy and industry ne can bring to bear.
utterly impossible to extricate himself from
his difficulties, Is 1t not wise in him to en-
deavOr to make some composition with his
creditors2 And will it not be the part of wis.,
dom In them TO grant him every chance need.
ed to assist him In discharging his obligations
to the best Of his ability? | answer emphati-
cally, yes-they must compound The honest
and bona fide creditors must yield something
In their demands upon our insolvent treas
ury.
Let them decrease their interest and grant
the State the time necessary to meet these
obligations.
h Let salaries Of officers be scaled, but let the
constitution provide that the expenses OF run
ming the government shall be first paid. This
would be material aid to the State and actual
gain to the officers. Where constitutional
ohcer 1s promised $1,000 he collects only s400,
and that at the end of every three months.
The people generally do not know this. They
think the officers are coming money. When
they know the value of State warrants and
know the cause to be this debt, whose interest
we do not pay, they will see the necessity of
determined action. am in favor Of compost
ton, forced composition il necessary, but not
OF reputation. Those debts that can be
clearly proven fraudulent should not be paid,
and the convention should make some proviS-
ion inquiring into the matter.
ICaldwell Herald.l
The time for the election of delegates to the
constitutional convention being near at hand,
our people should make up their minds as to
what course they wish their representative to
adopt, and instruct him accordingly. One OF
the most important issues that Will arise be-
fore the convention will be the status OF the
State debt. The present constitution of the
State limits the funded debt to $15.000,000,
which limit has been or will soon be reached
by the funding of old securities II Is uni
versally admitted that OF this sum fully one
hall was illegally and fraudulently contract
| cd, and would never have been saddled upon
h0 hnNr Inl txsff fkr4.z
own destinies. They were made the unwilling
victims Of Warmoth, Kellogg and others OF
that ilk. The people had no voice In the
choice OF their rulers. Ignorant negroes
men who were anxious only to glut their
pockets with the spoils OF State that was
once one of the wealthest under the sun.
These men had no interest in the welfare of
| the State, and In place of exerting themselves
to build up her broken fortunes and to hus-
band her languishing resources, they set de-
liberately to work to pile millions upon mil
lions OF new debt upon her, aud to invent
methods whereby they could the more surely
suck her life's blood and break her down for
ever. 1t is this debt that the organs of the
bondhOlder are now declaring sacred in the
eyes OF the law and OF men; and demanding
OF the convention that is to frame new con-
stitution, that the constitution shall ratify
this debt, that stinks in the nostrils OF every
honest man. Ii the bOndhOlder has his rights,
30 also has the citizen and taxpayer Those who
puTcnHSeU GneSe DOnuS KNEW tno ballL ulab
rested upon them, and bought them with
their eyes open. The corrupt administration
OF Kellogg funded these bonds, (many OF
which could be bought in the open market for
Is to 3Oper cent OF their face value) at 60 per
cent OF their face value thus deliberately
placing in the hands of spectators and
brokers from 30 to 45 per cent more than these
bonds were worth in the markets OF the
world. And now the Picayltne and all other
bODdhOlderS organs come forward and plead
that 1t would be dishonorabe to refuse to pay
these debts which were fostered upon the
State In the most shameful and dishonest
manner known to history, and in direct op-
position TO the will OF the taxpayers whose
property they were conti5cating. No man Is
morally or legally responsible for debts that
he never contracted, nor do we see why the
same law should not apply to communities
States or nations In short the white men OF
Louisiana, the men who pay nlnety-nine one
hundredths OF the State taxes, did not contract
this debt, nor did. they authorse any one
else to contract it. and we, for one, shall
advise them not to pay it. All the twaddle
that iS written about the loss the State would
sustain in her credit and resources Is mere
moonshine. The State has no credit now nor
any resources worth the mentioning that
would be damaged by relieving her OF bur-
den she has borne so long. The organs clamor
that, by lessening the burden upon industries.
and capital, the State will ba struck mortal
blow. We would ask the Picoy,sne and her
followers II any capital has sought invest
ment, Is seeking 1t now or is likely to seek
1t In Louisiana while the tax upon 1t amounts
to upwards OF per cent; or, II any industry
can flourish with such milestone hung ABOUT
Its neck. Such bold sophistry Is hardly worth
refut!ng, and certain it is that 1t will
not lead LOuisianians to accomplish their
own ruin, IL they have fair share of
that common sense for which American citi-
zens are so widely noted.