The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-26
THE STATE DEBT.

Of the situation. Heretofore IL has held that
the State debt was inviolabe; that the five
and bali mills interest tux was binding
and sacred contract; that no power on earth
could touch the debt, as II now stands, princi-
pal and interest, and that, even In defiance OF
| the constitution. the bondholder could strike
down the State II Ii attempted to. I'll any man
ner, shape or form, adjust IT, We were con-
fldent that when the Times heard from the
| people II would ilnd II necessary to change
Its position on this subject. 1t has heard from
the people. and In its issue of yesterday morn
Ing we find an editorial, from which we ex-
tract the following very sensible and timely
paragraph:
The Times is not adverse to any honorable
compromise with the pnbliGsereditors. What
W. have opposed nnd what we shall fight. now
and at ell times n the nerDieinus ard disgrpge
~ d e. that Bate can break faith " yo-
yeution Indicate IT, the financial world TINT. go
far ~ Louisiana = concerned, rspudiaiion N
there BE- little difficulty ID an honorable and md
equitable adjustment OF the public debt but
millions ct pva,e cahplfa VII flow Into the
and manufacturing localities.
Here we find the Times assuming s,ibstsn-
TALLY the position the DEMOCRAT has all
along held In the midst OF the Widest and
most seDseless clamor about Reputation.
The purpose OF the DEMOCRAT has
been to bring about what the Times
now humbly declares 1t 10 not adverse &C.,,
IAN honorable compromise with the pub
lie cfeditora.' When our Camp street con
temporary wildly esclaims, "What we have
opposed, and what We shall fight now and at
all times. Is the pernieious and disgracerul
doctrine that State can break faith or vio-
late its contracts with impunty," IL ID simply
blowing. Itreminds US Of the bully stepping
around and swearing vengeance on any man
who may dare 70 step on the skirt Of his bob
tall coat.
The DEMOCRAT has led the cause of the
people In this struggle with the boudholdets.
but II has never proposed reputation, and
we are not aware of any man IN our whole
population who has proposed reeklessly and
Unfortunately to repu late the State debt.
What W. have fought for, and what WI are
still fighting for. Ia just what the Times CON
fesses now that 1t is not opposed to, ian hon
Orable compromise with the public creditors /"
But The public creditors must compromise.
There has never been time when the
| DEMOCRAT expressed tho opinion that the
State could violate It's faith and obligations
with impunity. We have held. and we hold
now, with that illustrious statesman, Daniel
Webster, that q State has moral obligations
| In this respect which 1t cannot disregard
without disgraeing itself Mr.. Webster said
| In his celebrated letter to Barring Bros. d 90
| III It were possible that any one or the States
| shou u NJ any time go entirely ~ q her set ~
F..S has
| soIemuly. lledged for. her peenniury engags
menta. believe there y no country upon earth
| not even that of the Injured creditor III which
| euch proposition would meet with ie4a epun-
tenance or indulgence thar 1t would reeel va
from the great masses OF the Amer can people.
We fully and cordially agree to this propo-
sition Of Mr.. Webster; but we insist that oh
his propositions on this important subject
shall be taken and accepted together. In
another portion 81 the same letter he says
The security for State loans Ia the Die dyed
faith OF the State. as q political community II
rests ~ tha same basis M Other contracts with
asta 7. Il. governments, that
making me loan and its ability to futfI liz en-
gdpenenfs,
Reputation. pure and simple; population
prompted by an insensibility to honor or de-
cency; reputation dictated under the shield
OF arbitrary sovereignty; Reputation sug-
gested by vicious and demoralized public
sentiment, liz, Of oil the acts d State OF SOW
eretgnty can perpetuate, perhaps the most
disgracefu and we trust that Mr.. Webster
Justly estimated the American people when
he said they would condemn It.
But who has proposed population No
voice within this State. All that has been pro-
posed, all that has been determined upon BY
the people of Louisiana, is d just aud honor
able adjustment of the debt, In the language
81 Mr.. Webster, to tho ability Of the State to
fulfill Its engagements. This adjustment the
Times and the bondholders have bitterly op-
posed: they have stood upon the letter of the
bond, they have held that the homes and
property OF the taxpayers should be, II neces-
sary to pay the debt and interest sold over
their heads; that the sovereignty of the
State should be trampled under the heel oY
the Federal Judiciary, and the constitution,
the sacred charter and bulwark of our lber-
ties. overturned before one jot or little OF the
debt should be abated.
We hold, on the other hand, that the prop
erty Of the people ought not to be either con-
fiscated Or impaired for the benefit Of the
bondholder, and that there Is no power on
earth that can control the action or judgment
81 the State Ia arranging and settling the
debt upon great political and economical
principles determined by itself The Times
now accepts this position, and rs 1t has
represented the bOndholders we assume that
they are willing to meet the representatives
OF the people and consent to a just and hon
orable settlement Of the debt.
And, at the outset, the bondholders here and
abroad ought to be reminded that no people
have displayed q fairer disposition or
made greater efforts to pay their debt to the
last cent than those Of Louisiana. 1t is need
less now to go over the history of the debt
and to again repeat what no man or journal
has ventured to dispute, that for most
of the Indebtedness now hanging over this
people and expressing every branch of trade
and industry they have received scarcely a
dollar OF benefit, and that the debt represents
simply the shame, ruin and impoverishment
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