The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-09
TIE RELIEF OF THE PEOPLE THE
FIRST DUTY OF THE CONVENTION.

To the Editor Of the Democrat:
You have spoken in bold language to the
masses that the issue before the coming CON
vention, above all, Is the adjustment or the
public debt. The views you have SO cour-
ageously expressed are echoed and re-echoed
throughout the State, and have reioiced the
hearts of an afflicted and oveTburdened people.
The bondhoder has had his day in court, and
the time has come for honest toiling men to
havea hearing. The hue and cry about repudia-
ton alarms nobody, for 1t has not escaped the
memory of the population that the oldest
and most plethorc bankers and citizens pro-
claimed to the moneyed men of the nation
the people of Louisiana would never recog
nize the bills emitted by the Haytian Legisla-
lures of Warmoth and Kellogg. If such
| spokesman now turn up as the holders OF
those obligations funded in bonds and known
as consols, they are entitled to no ommisera-
| ton, nor do they deserve any consideration
| 1t makes no difference II they are held by
those termed innocent holders" for they re-
ceived them with the faint and paid but q
nominal value, value induced by the noto-
| riouS fact that the will of the people Of
Louisiana was suppressed by regiments and
artillery within bugle call of the State House.
When the slow and sure current of public
| opinion began to reach and undermine the
monstrous usurpation of the Federal govern
ment In controlling our State elections, when
| the State had been made bankrupt, the limit
of twenty-five millions of debt, under the con-
4 stitution OF 1868, exceeded, the wash cOntrived
| the Infamous bill termed the funding act, to
| float in bonds at 60 cents on the dollar, war
rants commanding about Is cents in the
market. To give a character to the funding
| Kellogg, Antoine and others constituted the
| funding board, and to confirm the act, amend
ments TO the constitution were proposed to
the people, ratifyng or rejecting the act,
and which, as matter OF course, the return
| ing board counted la as adopted. The history
of the act Is sufficient to condemn 1t.
Forms have been used to validate an In
valid debt and Louisiana has never, In
| sovereign capacity at the ball0t-bOx, pro-
nounced her fiat The coming convention
gives the opportunity, and even-handed JUS
ttce requires that the convention shall slit the
debt If possible, and il impossible because
| dishonest public officers have secreted or de-
| stroyed the evidence, then scale 1t, ia princi-
| pal and interest.
Then the honest, who voluntarily confused
| himself with the dishonest creditor, must be
scaled alike He must suffer from being in
bad company. 1t may be that ante bellum
creditors have never funded their obligations
at all. 1T may be that there are at this day
| outstanding warrants for an enormous
amount unfunded. The convention. there
| city and paroChial governments from the in
| fernal taxation levied upon fancy assassin ents
to pay principal and interest Of bonds 80
| favored that they are exempt from taxation.
1t is only by scaling and Sitting that the
| present State and city governments can be
enabled to redeem their pledges Of reform to
| the people,
| The resources of the State have been ex-
hausted by ursurpation, and when States
| become bankrupt, those who hold their
consols must fare as they did who held Con
| tinental money or French aSsignats. The
pretended or real creditors OF the State must
come up gracefully and receive whatever a
magnanimous. honest high minded people
offer. The convention has supreme power,
and there Is no power in the government, no
| law in the land, no court which can bring the
State before its bar TO account for the action
Of the people In q sovereign capacity.
The bondholder claims that the State be-
longs to him; that all property within its
borders is pledged to the payment of the
bond The time has come to explode this ex-
travagant pretension. The law of seif-preser
walton demands that something be done, and
quickly at that, to relieve city end State.
Delay not! Poverty and starvation are Wis
| IDLE everywhere; Industrial enterprise Is dried
up. How can it bs other wise when Louisiana
for ten years has been the brokers and bond
| holders Paradise? l.. l.. l..