Louisiana capitolian., 1879-08-09
THE LOUISIANA BWINDLERS,

jority Of the Louisianh Constitutional
Convention have, at,last, decided to
recognize the validity of the consol-
idated bonds of thd State, bearing
seven per cent. interest, and to reduce
the rate Of interest 'on the same to
two per cent. for they first five years,
three per cent. for the next fifteen
years, and four per'cent. thereafter.
The bondholders, if they do not like
this idea, have the OPTION of exchang-
ing their consolidated bonds at sew
enty-tive cents on tip dollar for new
bonds bearing four FER cent. interest.
1t is provided also that the coupons
of consolidated bond, due in January,
1880, shall be RENTED to the State,
and that all interest-tnnd money then
on hand shall 60 to TIE general fund,
for defraying the expenses of the
State. Such is the result of the long
struggle in the Con- ,cention with re-
gard to the State debt.
This action must gY before the peo-
pie for ratification or rejection at
the ballot-box, and the question is
whether they will endorse the outra-
geous swindle here proposed. The
debt of the State has teen scaled down
fifty per cent, reducirfg 6 it to S12,OO0,-
600; and at the same time a solemn
guaranty was, by the amendment rati
fed in 1874, incorporated into the
constitution of the State, providing
for the payment of the interest at
seven per cent. and ofIthe principal at
maturity. This was understood to be
a finality, and as such was accepted
by the bondholders. 'They gave up
their old bonds and topk up new ones
at reduction of fifty per cent. Now,
however, it is proposed to break faith
with these bondholdefs in the most
fragrant manner. Tho amendment of
1874 is to be swept ;way, and this
will be done if the pebple ratify the
action of the Convention. The debt
is to be scaled down ,again, and all
this is to be done in tbs name and by
the exercise of State sovereignty.
Shame on such Statb sovereignty
1t ought to be spit upon. 1t is less
decent than the sovereignty of a high
way robber, who gives his intended
victim a chance to fighthim and takes
the hazard Of being killed himself.
Nobody can fight the State. Nobody
can sue it and compel " to be honest.
1t can suck the blood out of it's VIC
tim, and for him there is no relief.
He must take what hesitate chooses
to give, OR take nothing.
Will the people of Louisiana con-
fess themselves to be open and undis-
guised swindlers, by rratifying the
programme of this swihdling conven-
ton. Louisiana is not poor. The
plea of poverty is lie.; She can pay
her debt-interest and principal-if
she will. The only question is whether
she will, and this is simply a question
of honesty. If the people ratify the
action of the Convention, then the
majority Of the people are knaves
and swindlers. This is plain talk,
and yet it is the truth. Are there no
men in that State who, from a mere
sense of shame, if for no higher rea-
son, will march through the State
and cry out, in thunder tones, against
the proposed infamy7 There ought
to be prophets of wrath in Louisiana
who will make the air ring with their
denunciations.-N. Y. Independent.
And so goes that dclectable high
strung fiddle, the New York Indc-
pendent. Tuned up to the tightest,
it assails the Convention and the peo-
pie of Louisiana with the most violent
epithets that Tilton's virtuous (?) in
indignation can suggest. Red in the
face is not a circumstance to the
claret hue that suffusts the honest
writer's check as he cl'aracterizes as
swindlers those who lave dared to
propose a settlement 2f the bonds
contracted by those holy, governments,
administered by kellogg and War
moth, maintained not by the will of
Louisiana, but by the divine (') inter-
position of Federal bay9nets.
When this people agree to pay even
the sums covered by the terms of the
debt ordinance, they are paying about
twice their legitimate Indebtedness.