The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-22
TR,IPI,E SHEET
SIX VS.. FIVE.


I'LL other questions 80 conservative, that 1t 10
difficult to believe that 80 unWlse ana extreme
4 measure ais this limitation will be adhered
to. The bondholders and that element OF the
people whose interests are involved IN the set
Element OF the debt are now willing and ready
to accept any terms which DO not mean tnelr
ruin or the utter destruction OF their Claims.
We desire to impress this fact upon the minds
of the delegates, because 1t means that the
neople have won their fight, and that II Wis
dom. prudence and justice nspire the eounsels
of the Convention In the use Of the victory,
the people may be relieved Of an oppressive
burden OF taxation, harmony established %
tween them and the holders Of their securl-
Ties. and the State, for the first time 10
eighteen years, tranquilized.
This LIZ great thing: it promises wonder
MI and suspicious results. Will it then be
wise; viii 1t be economical will It be patriotic
to destroy the real and substantial benefits Of
the victory by raising the black flag, shouting
no quarter and then rushing madly down
upon the bondholders and DISCRIMINATING
them7 In no spirit Of disrespect. but seriously
and earnestly. we say to the Convention that
such d proceeding will be the Widest folly;
that IL will tarnish the reputation Of Louisiana
Tor generation, cripple her trade and indus
tries and Danish from public life ell those
worthy mistaken gentlemen who may take
part In the reckless and Incorporate proceed
ing.
IL the bOndhoIders stood resolutely upon
any proposition to comply with which 1t
would require the present rate Of taxation or
anything like It'll and If there were
no alternative but to concede their demand,
we should certainly stand against the bond
holders But such is not the case. The bond
holders have abandoned any claim to per
cent interest and to the 51a mills interest tax.
All they ask Ii that the face OF the bond
shall remain untouched and that they
shall be allowed low rate OF interest,
say per cent for five years and
Scr cent thereafter. These conditions can be
easily complied with and the limit Of taxation
fixed at Six mills under the present ASSESS
ment Of the State. But with peace restored
to our distracted State; with lines Of railroad
extending into Texas; with confidence ia the
credit Of the State restored BY the Just and
conservative action Of the Convention, and
the capital which will seek investment
amongst us, the enhancement Of property in
year or two will enable us to carry out the
conditions Of the bondholders on q State rate
of taxation as low as i've and perhaps four
mills.
And for what end does the committee
propose to thwart these results and plunge
the State into q new era Of contention and
CONTROVERSY Six mills will be sufficient for
all purposes, and the Convention has fixed
the limit at five mills. The difference be-
tween the Convention, then, and the bond
holders amounts to one mill Of taxation OF
the annual sum Of $17O 600. Can 1t be possible
that intelligent gentlemen representing vast
commercial interests, which may be ruined
bya prolongation Of the struggle upon this
question, and large agricultural commune
ties, which largely depend upon the ability
OF our merchants to aid them; can It
be possible, we say, for gentlemen
with such responsibilities upon them, for
this paltry consIde to imperil every in
terest In the State and destroy millions OF
values belonging to their fellow citizens. The
people demand relief from burdensome taxa
lion, but they do not demand this measure OF
gross and cruel Injustice They want the
taxes reduced, but they do not require their
delegates to virtually annihilate four or
i've millions Of wealth held by citizens Of New
Orleans, and as much more held by citizens
abroad, who invested their means on the faith
of the State, for the sake OF reducing taxa
ton one mill, or for saving to the great
body Of the taxpayers the paltry sum OF
$4,000.
The highest public considerations appeal to
the Convention to reconsider this limitation.
The assumption Of delegates that when they
strike the bondholder they strike the men who
pillaged and impoverished the State or the
enemies of Louisiana Is terrible mistake.
III the debt were repudiated tomorrow We
doubt IL the bank account of single one Of the
leaders In the Saturnalia Of plumber which
reigned In this State for ten years would be
affected. These men have long since con-
verted their ill-got gains into treasury notes,
United States bonds or real estate The men
who will be ruined or injured by the
threatened measures OF the Convention
are those who trusted to the pledges
Of the Nichols government; who relied
upon the decisions Of the present Supreme
Court and the action OF q Funding Board com
posed Of our oWn people. Nay, more, they
are men many Of whom bought Louisiana
consols with the view Of Strengthening and
sustaining the Nichols government, and
many OF these are our own fellow-citizens.
We know Of one corporation In this city
which holds $4,000 Of Louisiana consols,
every dollar Of which the directors pur-
chased after the inauguration of the Nichols
government. and 100000 Of which they pur-
chased after the action Of the Democratic
Convention held In Baton Rouge In 1878,
which pledged the party to the payment
OF the debt. This corporation pays
10 the widows and orphans of Louisiana an
nually fully one hundred Thousand dollars.
Alter the terrible epidemic which ravaged
shreveport in 1873 1t paid out In that city to
WIDOWS and orphans over sixty thousand dol
lars. 1t employs in this city capital Of over