The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-16
SHYLOOKISM AND REPUTATION.

These words Indicate. as foreibly as we can
express, the two extremes OF the opposing
parties In the solution of the financial trouDle
III this State. The one expresses the demand 81
those bondholders who insist upon the letter
Of their bonds, and invoke the power OF the
Federal government through It's judiciary to
enforce the same. The other indicates the
desperate resort of the taxpayers. In resis-
lance to this demand and pretension
Between these two extremes lies the course
Ut wisdom, Of sound policy and OIL true patri-
otism and public duty And 1t is this path
we desire and labor to pursue.
We believe that the recognized and lawful
debt III the State should be met to the same
extent and with the same conditions which
men III their social and commercial relations
observe In the discharge Of like obligations.
We do not think that men should starve their
families. submit to the eonfiseation Of their
property, Or appropriate their seed corn to
satisfy their creditors Such a course Ia alike
destructive to debtor and creditor. There
should. in such circumstances, be mutual con-
cessions and forbearance.
The goose which laid the golden egg must
not be killed and cut open to realize the vain
hope Of efecting an immediate satisfaction 81
our avaricious longings.
II would he ruin to this State, to her hopes
Of resuscitatiOn and revival. to Increase or TO
continue her present taxation. 1t is even now
far too large for her resources or means oil
payment No State In like circumstances
and with like benefits ever endured such a
| rate of taxation. Paying the largest tax 81
any other community, what do we receive In
| return2 There never was poorer people,
with fewer resources or benefits from
40 severe taxation. Added TO local and
municipal taxation, the aggregate burden of
the taxpayers amounts to , per cent on oil
taxable values This Is more than the people
can stand on their present assessment
The net profits on labor and pro-
duction In the most ilonrishing COM
munities Of the civilized world do
not exceed two and half per cent. III is
proposed In this poorest Of States, to sweep
this whole profit into the Golfers OF the State
What chance or means of resuscitatlon will
this leave to the people2 What Ia left to the
producer or laborer TO increase and stimulate
the production Of the ensuing year after all his
profits Of the present year are thus seized by
the Slater
There Is nothing left to him but to resist
such rate or taxation or abandon this State
and remove to some locality where he will
have better opportunity OF feeding his
| family, educating his children and saving q
little to begin the new year with. Hence our
demand In behalf Of the people, that
the taxation shall be reduced to O
| figure which the people can bear.
After fixing that rate and providing for a fair
and just appraisement Of property, we shall
be prepared to determine what portion OF the
same-after o reduction OF the expenses Of
the government to the lowest figure practie-
able--shall be set aside to pay our debts.
These preliminary conditions should be
insisted on before any agreement or COM
promise be considered and acted on. When
SO acted Oh and approved by the people we
are willing to see the contract made the most
binding which ii il possible to make and to
regard 1t as a question Of honor and
faith that 1t shall be observed. The
bondholder must moderate his claims
and trust to the effect Of low taxation
to augment the finances of the State upon
which he must rely for his eventual payment,
instead OF upon present confscation. He
must rid himself of the infatuation into
which the Times and ncdgune are seek
ing to lead him, that there il any power In
the judiciary to enforce what he calls his
contract and collect from the people larger
amount than the Legislature Of the State
authorizes and levies.