The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-31
TIE STATE BONDS.
value of the Indignation Of the BOnd-
hOlder-A Demand for Justice
to the Masses.

Morning Star and Catholic Messenger1
Bondholders and their organs are horrified
at the thought that such sa 3red obligations
as those in which they are specializing should
be questioned for moment. Pay me my
bond, dollar for dollar, says the indignant
silk-stocking. Wonld you deprive an honest
creditor OF his rights Ask the indignant
gentleman when he came into possession OF
his bond and he will probably reply, Last
month. How much did you pay for it !?
Twenty-Five cents on the dollar. Twenty-Five
cents last month, and now you want it to be
worth dollar for dollar? Now you grow red
in the face with indignation at the suggestion
of scaling your bond down to fifty cents on
the dollar, that Is, twice as much as you gave
for ii +?
We admit that just obligation ought to
be paid to its holder, no matter how little he
may have given for it. But if there Is a
question raised as to its justice, we think the
Indignation Of the holder ought to be gradu-
ated In accordance with his actual outlay LII
he gave dollar for dollar for it, either in
money or in material or in sweat and labor,
then he is excusable for some mild excite
ment If he finds that he has had bogus bonds
pamed off on him, just as though it had
been counterfeit greenbacks. But II he got
four prices for his outlay, his disappointment
ought to take the shape of only one-fourth
Indignation and three-lourths sheepiShnesS.
We all know that the bondholders are i'm
pOrtant men-tO some extent, great men-
that they ought to be humored little in
compliment to their great responsibility, and
we all know that they have q welghty infiu-
ence with the daily press. We find, as q
matter Of fact, that most Of our daily press
is greatly exercised In sympathetic alarm
over the prospect of a fresh deal among the
bonds. Arguments upon arguments crowd
one another in their arguments le-
gal, social, economic, financial, pathetic, hui
morous, patriotic; arguments scorDful, ar
gumentS prayerful, all kinds OF arguments
all sustaining the dollar-for- dollar theory
But it is OF no use. People nowadays are
o wide-awake lot, and are especially wide
awake to the pecuiarities of newspaper elo-
quence as found in large advertising me-
diums. They know, just as we'll as printers,
that advertisements are not always put 1n
small type, and that editorial puffs some
times extend to the proportion OF leaders.
The fact Is that the daily press has gotten
for itself such a reputation for trucking to
the whims and interests Of big corporations
and capitalists that the people instinctively
take the opposite policy from what they find
1t advocating. And we heartily congratulate
the people on possessing SO just an instinct.
Let US have neither bulldozing. nor
wheedling, nor befogging with sophistry
Let justice be done, and though certain
Organs assert that the city members of the
convention will maintain Louisiana respecta-
bility on Wall street by paying all the bonds,
right or wrong, we do not believe it. A good
many may consent to that policy, but we
know others who are too honest and too brave
10 SHHcUOH Such fOoDeTy. hHa even III euey
could all be whipped into the bondholders'
traces, the country members will come strong
enough and resolute enough to break the ring
to pieces.
The bond debt must be sifted through fine
sieve, and all the trash thrown away But the
genuine debt will, we are sure, be sacredly
respected. 1t is essentially a debt of honor
that is, there is no way of enforcing its pay
ment. The people of this State have shown
their willingness to vindicate her honor on
the field of blood; they are not going to sell it
for money.