The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-08-01
THE TRUE REPUDIATIONIsTs

THE TRUE REPUDIATIONIsTS.
During a heated discussion on the settle,
ment of the State debt in the latter days o.
the Convention, reliable information was re
ceived that John Sherman had telegraphed to
the leaders Of the Republican party here to,
by all means, prevent a settlement. The
Democrats were In a large majority In the
Convention, there was intense feeling
throughout the State on the subject of the
debt, and the bondholders, as O class, every
where were watching with feverish interest
the action of the delegates. Very shrewdly
John Sherman, the MephistopheIes of the
Republican party, assumed that if q settle
ment of the debt could be prevented in the
Convention the subject would be thrown into
our State politics, that the Democrats would
be divided and weakened and that 1t would be
easy for the Republican politicians and press
throughout the country cooperating, to cast
the odium OF reputation upon US. Inc pur-
pose of Mr.. Sherman was Immediately per-
ceived by the Democrats, and they soon
agreed upon q plan OF settlement, which it Is
believed, considering the impoverished condi-
tion Of the State and the fact that holders of
the consols purchased them at a large dis
count, is just to all parties.
The Democrats as a body propose to vote
for the ratification of this settlement, and, Ii
leftto the promptings oftheiroWn judgments,
there is no doubt that the colored voters OF
the State will pursue the same course.
But it is necessary to the interests of the
Republican leaders, both here and in the coun-
try at large, to Keep this question open as a
disturbing and isdisentegrating force in the
Democratic party. Hence the New Orleans
Times yesterday morning formally and dis
tinctly declared its purposet to oppose the rati-
ficat1on Of the debt ordinance. The pur-
pose of the Times is obvious. That paperi is in
complete accord with John Sherman on this
question. Its purpose is, not to maintain the
rights Of the holders OF Louisiana securities
or the credit Of the State. The real end is to
prevent q settlement OF the debt, the continued
anitatinn 81 athinh 10 r,nil calculated tn involve
our people In fierce and vindictive contro-
VERSES, divide the Democratic party and
bring upon it the charge Of being q Iepudia-
ton party.
The Times has not advanced its banner
and announced its wal upon the debt ordi-
nance without knowing the following upon
l Ii1I - SdULh 1872 49, ~ 'ApA ~ ~
%straightout hard-headed repudiationists
who believe that the salvation OF the world
depends upon saving the State of Louisiana a
few hundred thousand dollars through repu-
diation. 2. 1t will have the Native Americans :
not because they are particularly regulators
or debt-men, but because they desire to effect
d d~isintegration of old party lines SO that
they may .'get in" 8. 1t will have the aid and
influence, perhaps, OF a portion OF the patriots
OF Carondelet street, whose earnings depend
upon the auctuation OF public securities, most
frequent in times of doubt and uncertainty.
4. it will have q mongrel herd OF soreheads,
stalwart Republicans and colored and white
men who are ready to follow any turbulent
or anti-Democratic movement.
This is the mongrel army the Times expects
to lead in its crusade against the debt ordi-
nance. 1t will not command the support OF q
single one of those able and influential Demo
Gratis who, on the floor OF the Convention, sus-
tanned the rights and interests of the public
creditors. Messrs. Semmes, Mcconnell, CAT
frey, Phelps, Kernochan, Breaux, Denis, Bell
and Chafte all voted for the ordinance es it
now stands. These gentlemen wisely, ably
and conscitntiOuSly opposed all measures OF
reputation, and they finally voted for the
settlement as proposed In the debt ordinance
as the very best terms that could be obtained
for the bondholder5.
If the Times were really Interested in the
cause of The public creditors it would promptly
give its support to a measure which these
| gentlemen have consented to and accepted.
But these gentlemen and the Times have diff
ferent ends to serve. They desire to tran
| quilize the State; the Times desires to pro-
long agitation and strife. They seek to har-
monte the people and reconcile the public
creditors to the best settlement that can be
made; the Times purpose is to divide our
people. encourage the bondholders to contest
the settlement and to heap upon the Democ-
racy OF Louisiana, il possible, the odiuln of
being repudiationists.
This Is q clear and u~nvarnished statement
Of the position of John Sherman, the New
Orleans Times and the Radical leaders in
Louisiana, and it means in plain terms that
they are the real regulators OF the debt Of
Louisiana. Working in the interest Of the
great money power Of the country, they are
ready to sacrifice the public creditors Oh this
State to accomplish their purpose of misTep-
resenting and dividing the Democracy of
Louisiana and handing the State over to
their partisans.
The statement of the case is bries, perfectly
plain and simple. II the debt ordinance is re-
iected BY the people, the rate Of State taxa
ton will be limited to five mills; there will be
no provision for the debt or the payment Of
the interest On il, and the eonsols will be
worth little more than thu paper they are
printed on. II the ordinance be ratified, the
rate of taxation will be six mills with a three
mill provision for the payment OF the interest
allowed on the debt, | d case there will be