The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1879-08-13
THE DEBT ORDINANCE.

THE DEBT ORDINANCE.
The plans Of dissatisfied bondhoh
ders and scheming Republicans are
being slowly upiolded, and gradually
the people Of Louisiana will 10
brought face to face with the test
issues that threaten the tranquility
of the State. It will then be deter.
mined whether or not the course I'd.
vocated by the Democrat in the 81.
Element Of the debt question recently
before the Convention. and now b.
fore the people, has been based upon
sound policy.
Until these developments, w ars
content TO pursue the course marked
out in oil Of the articles on this sub.
|ject published in our columns since
the question came before the Con-
vention, regardless Of the criticisms
Of ill-natured conireres in the coua-
try, or the comments Of bondholdsrs'
organs.
The Democrat has, in al Of The ~
ticles referred to, maintained that the
people Of Louisiana, having aequi-
esced in the debt were bound to pay
to the extent OF their ability. The
Convention has adopted this view of
the matter, and has decided upon the
measure Of the ability Of the people
to provide for the debt. It 10 worse
than folly to say that the Dsmoerss
has changed its course upon the sab
ject because We do not join in the do
nunciation Of the Convention, or I'd.
nit that the debt ordinance Is reps
diation.
It is we'll known that We advocated
q settlement upon the basis 81 ~
payment Of : per cent interest for .
series Of years and 1 par cent there
after, but the Convention, aftsr rec
ognizing the face Of the bebt, mads
the best provision for interest that
could be agreed upon, which was ap-
proved BY the advocates Of the debt
in the Convention, and il now sim
ply remains for all good citizens 70
decide whether they will accept this
measure las the best stsainsble, and
present \, supported BY Ill Glasses
Of Our citizens, or contribute 70 shs
plans OF Republican enemies. ana
bondholding cliques By saeoaragisg
opposition.
j We are in receipt Of infrnasios
confirming the statements hers,o-
fore made that leading Republicans
would combine with the dissatisfied
bondholders to inangnrate an oppo-
sition, and il possible secure a de-
feat ofthe debt ordinance, and there
by endeavor to Gx upon the DemOc-
racy Of Louisiana the stigma Of 70.
pudiation.
The money power Of New York
city has been captured, body and
brecchcs, by John Sherman, long
since, aud we are not at all surprised
that this movement should omNnxso
, from that city.
| The programme, rs outlined ~
letters 10 bankers Of this city, com
+ templates 40 organization for the ID.
/ feat Of the debt ordinance, and thea
| an aggressive onslaught upon MR.
people and State, through the fssts-
raj courts, for the enforcement ol The
Eve and half mill tax and sevsa
per cent interest.
These schemers have been qni.k
to see that the adoption Of the debt
ordinance places = constitutional bnl-
wark between the people Of the Ssate
. and rapacious creditors or schemins
; Republicans, and forestalls the coer-
Give action proposed By the bond
holders; hence their anxiety to pre-
vent the erection Of this barrier b
tween them and the accomplishment
Of their designs.
l Il remains to be seen II our ell.
= lzens who favored 3 scaling OF che
{ debt and those who favored tho pay.
!. ment or higher rate Of interest will
play into the hands Of the schemsrs
: by maintaining factions opposition
TO this measure (which will prove 4
n be the safeguard Of our people Il
: adopted, or, each yielding little o.
: prejudice or conviction, accept ths
:. action OF the Convention and pm,
this disturbing question out Of ID.
v politics Of our State.
81 On the other hand, we warn III
;: bondholders who are organizing fol