The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-04
THE STATE DEBT.
[Natehez Democrat

[NRtehez Democrat
Our dispatches Of yesterday announced
that the Louisiana constitutional Conven-
ton had, on the day previous, under consider
alton q resolution toinstruct the state Treas
urer not to pay the July interest on the State
consols for which money Is already III the
treasury, until directed so to do by the Con-
ventlon.
We have never seen anything showing to
all appearances, more glaringly, the intent to
repudate than this resolution shows or seems
to show. And yet We may mistake the NO
tive. We hope we az. Mississippi once lf re-
undated debt-the Union Bank and Plant
ers' Bank bonds-and the stain Of that repu-
dlation has chung to her for forty years like
the shirt Of NesSus, and remains to this day
the only blot upon State escutcheon other
wise as pure as snow. It seems as though the
credit of Mississippians engaged In any great
public enterprise requiring large sums OF
money never will be restored to that degree
III which 1t was enjoyed before the people
sanctioned reputation. Even now, forty
years after the act, when nearly all the actors
agent for any Mississippi enterprise appear
iii any market to negotiate loan, and no
matter what may be the merit of the enter
prise or the profit Of the investment, he finds
himself met. everywhere by some capitalist
who has 1t from memory, or tradition that
Mississippi once repudiated, and gets the cold
shoulder.
Louisiana has once recognized the validity
Of every dollar of the debt represented by the
State consols, by scaling it with the consent
as ID now claimed, is In 9 condition to COM
pound again with it's creditors, let it be done,
but by an arrangement with the creditors Of
the State, and not by any such arbitrary act
as will bring with it the odium OF repudia-
ton, with all Its baneful results.
In this connection IT occurs to us to suggest
the question whether or not the Treasurer OF
Louisiana would be in any way bound by any
act Of the Convention until the same should
DO ratified by the people Of Louisiana. We
are inclined to think that, even Ii the Con-
ventlon were to adopt this resolution without
q dissenting voice, 1t would have no force and
effect before the people sanctioned It, and that
the duty Of the Treasurer OF Louisiana would
be, as the law directs, to pay the July inter-
est; In other words, to obey the law he has
sworn to obey.
I"Toiler' In Claiborne Guardian.l
New Orleans bowls out, .We own $4,000 600
Of these bonds, and Ii you throw them out we
are ruined" THAT is, she will have to reduce
children will have to wear calico and go to
work" Who cares Misery loves company;
besides, New Orleans should have kept her
hands elean and her honor clear OF wicked
ways. She should have remembered that
'sthe wages Of sin is death"
You, New Orleans, sit near the mouth of
the great river, and, like great spiders web
with d monster therein stand ever on the
watch ready to seize and entangle anything
that comes In reach of your meshes, suck out
all the substance, and then to the country
you cast out dead carcases, cancerOus bonds,
to prove your thorough work and magnani-
nous zeal. But, New Orleans, II you cannot
help the State free herself from her bondage,
you may prepare to howl in earnest, for the
spider will spread his web over your doors,
the grass will grow In your streets, the
ominous owl boot Ia your palaces, and the
proud empire OF your trade will be driven
away by means OF your wicked conspiracy
with false and fraudulent politicians, to find
other and better channels Of commerce for
the labor and toll OF the country.
The trick Of the bondholders now is to
worry the Convention out OF patience, or hold
1t on until an epidemic scare can be safely
had, SO as to drive away the country dele
gates, and thereby save their ill-gotten gains.
But lit the Convention stand firm, give the
cormorants that only that Is justly due them,
and the people will be content. Heed not the
cry Of revolution, Of commission. of repudia-
ton; the people now demand open-handed
Justice, though the mourners go about the
street, and though the heavens fall.
The rejection ct all spurious claims will free
the State place her within the capacities Of
life and credit, and soon her word and bond
will attain Its par level In commercial circles.
For the brave stand Of Judge Land, Of Col.
Kidd, and their unfinching coadjutors, the
people will rejoice to heap up honors. For
your outspoken article last week, Mr., Editor,
the people OF ClalDOrno thanK you.
[Amite INDEPENDENT
The Convention has passed an ordinance
limiting taxation for all State purposes to
five mills on the dollar, for the parishes the
same, and for the city OF New Orleans ten
mills. We have nothing to say against this
Limitation II 1t ID found to be adequate to all
necessary demands upon the treasury. The
least practicable limit Is the right one. But
we very much fear that when they come to
try this I've mills they will find 1t not enough
One thing certain, that fixing a tax limit Be-
fore the debt question Is settled and all OK
penditures ascertained, Is beginning at the
wrong end of the work
WEATHER BULLETIN.