The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-30
THE TWO PLANS.

The several reports submitted to the Con-
vantfon hv The committee on the State debt
will probably come up for consideration To-
tlay. The people have been for weeks ex-
cited over this grave matter; large interests
have suffered from the agitation, and new
and fierce impulse given to the gambling op-
erations on Carondelet street. ills desirable,
therefore, that the question be now settled
without unnecessary delay. We trust and
believe that tt will be settled III the interest Of
right and justice. 49, y 10y
The majority report Of the committee Is
reported back almost In Its original shape
and amounts virtually to a Reputation Of
every dollar Of the debt. We have no ldec
that this report will be adopted, hence i Ii.
needless to further discuss tt Only two rsoet
plans of settlement seem to have any 1919 re
earnest support In the Convention A. ~
these ID to scale the present body IF. tepf
rs per cent and reduce the ir.sa 2%-4 va per
cent The other scheme y yeept tne
volume OF the debt as 1t r. lands aud re-
duce the interest, paying 4Al cent F9r i've OF
ten years and per ceiaH afterwards.
The first plan would reduces the debt to
S9.oOo.OOO, the annual interest On which would
be S36o,Oo0. BIZ .tAassseond plan the State
! would pay 8 per cent Ter i've or ten years on
S12oOO,OoO, or Just S36D,00O per annum, pre-
cisely the amount Of interest that would be-
paid undeElthe plan of the scalers. Thus it
Will DE- ae1n that during the period for which
itisproposed TO pay per cent, the taxpayers
are,dceorded us substantial relief under one
g6heme as under the other.
We do not suppose that any delegate de-
eires to repudiate the debt, or any portion Of
i'd simply because the Convention has the
power to do 1t. We credit every gentlemen
who fayors these extreme measures with the
single purpose Of forcing substantial relief
for his over taxed and long-suffering people.
III. therefore, the Convention finds 1t practi-
cable to afford the people the same measure
4 of relief by settlement which will be ac-
cepted by holders OF our bonds as by plan
which will excite bitter and formidable oppo-
eition, and plunge the State into o new era Of
agitation, we believe that both wisdom and
patriotism demand that the plan Of peace and
cancellation shall be pursued.
It is true that under the settlement which
the bondholders now propose to accept, the
Interest, after term OF years, will be In
creased per annum from 100000 to $480,Oo0
] ur 100000 per annum In favor OF the bond
holders. But gloomy indeed is the outlook
L and worthless indeed will be all the work 81
this Convention the energies Of our people
the richness of our soil, the construction d
i our levees, the extension OF our railroad lines
Ii, BY the time fixed for this increase Of the
Interest, the State has not recovered Its pros
perity and wealth.
What the people require ID large, prompt
and Immediate relief They want relief II
every shape. They want relief from taxa
tion aid debt burdens, but they also want re
lief from fierce political agitation and turmoil
III they obtain the former by increasing, pro
# longing and intensif ylng the latter, little fol
the general good will be accomplished.
IL this Convention accords US relief from al
these evils the payment Of the $685. Of In
terest will be an insignificant burden to {
Hourishing and tranquil State, and when The
period arrives for the increase Of the interes
those who will have 1t to pay will not fee
the weight of the. additional 100000
In short, the only question to be solved II
this: Isit wise, and more, patriotic, after ,
series Of years, and when the value 0
property under the Influences Of peace, cheap
government and low taxes, will hav
nearly doubled, to provide for the paymen
Of this $4,000, or, for the purpose OF saving
that amount, to plunge the State into con
Illicit which will last for years, and may d
much to thwart all the benefits the Conven
ton may be able to bestow upon the people?