The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-10-26
THE DEBT ORDINANCE.

THE DEBT ORDINANCE.
There Ia no installing the animus Of chs
Sherman Republican Convention which re-
Gently assembled In this city.
| A Sherman convention without sn absolute
declaration In favor Of the money power and
bondholdlng interests would have been like
the play Of Hamlet with the Prince left
out.
The debt ordinance, which embraces pro.
position Of the plundesed and Impoverished
people Of Louisiana to recognize the face OF
the debt, pay n low rate of interest for q few
years and a ratio equal to the average interest
of the world thereafter, M disposed OF as fol.
lows, viz:
ResoIpe't. That tho recognized position Of the
| Republican, party gs tho party of good faith,
principle that the riRhl Of the public creditors
must at oil hazards be fully and fairly pro-
tsscten, domands that the vote, Of our, party
ebould ~ a unit be enst against the debt oidi-
nance Of the proposed constitution.
The party Of honest dealing, yorsooth
Is there n page In the history OF Repub-
canlsm III Louisiana that liz not black with
crlme2
Honest deallngl What has become OF the
|
wrung from our people by direct State and
city taxation under tho Republican eonstltu-
| ton during tho past thirteen years
| Louisiana. with rare magnanimity, has cor
sented To close the book OF crime and permit
| the past vllainles of Republlcansm to rest
| IN the grave Of oblivion. She has determined
| 10 assume the debt as Il stands because she
desires peace and freedom from the strife and
| contention which the agitation OF the ques-
ton would produce.
In liking limitation of taxation at six
mills, which is all that property will bear, and
In offering the bondhoder all that the people
are now able to pay. VIC are simply asking
the public creditor to join In IN effort to re-
store the prosperity Of Louisiana.
IT this offer liz accepted In the spirit OF the
tender, and Louisiana becomes prosperous,
the same desire Of the people to pay all that
they arc able to pay. will open the
way to tho ultimate satisfaction of creditors
claims 1t Is supreme folly to attempt to
force from our people better settlement
than the debt ordinance offers. Upon 1t the
Democratic Conservative masses have united,
and upon 1t they can and will stand Threats
81 United States courts or OF hayonsts cannot
extort from them the payment OF rate OF
Interest which Is equivalent to eontiscatlon,
aud is recognized by all the world us usurious
and unjust.
Notwithstanding these facts, and In def
ance OF d public sentiment which demands
retrenchment In government and reduction
Of taxation, the Republican Convention de-
clares It to be the purpose of the Repub-
u Ia I'm tix n ,taio
five and q half mills taxation and the pay
ment Of per cent interest required by the
Kellogg Legislation OF 1874, as follows:
Tenth-We hold that tho honor of our State
aud tho honor Of its ctizena, Ms well ms their
national interests. are pledged to an attempt In
good faith to pay tho State dobt represented by
tho consolidated bonds issued under The con.
st!tuionnl amendments approved and ratified
BY the people In 1874: and we further hold that
valid contract binding upon the State.
In other words, the Republicans propose
to increase the limit OF taxation to H. mills
by adding provision OF 81 mills for the
bondholder II his aloge.,, contract ia affirmed
to pay eight hundred and forty Thousand dol
lars per year to the bondhol,ler, instead OF
S240,00o required by the debt ordinance The
struggling people Of this State are called
upon to pay this 100000 OF an additional
burden to satisfy the demands OF the alien
money mongers who dictate from Washing
ton the Platform and the candidates Of the
Republican party of Louisiana.
The people have resolved throughout the
State to ratify all the acts OF tho Constitu
tional Convention. From every section of
the State this purpose Is announced, and the
transparent trick Of voting down the debt or
dnance thereby opening Pandora's box of
evils, will not succeed.
Louisiana needs repose, demands an oppor-
t,nity to rebuild her waste places, and her
people will not by their votes reject a settle
ment which brings these long looked for re-
liefs, nor will they consent to play into the
hands Of Radicalism by continuing q politi-
cal issue that 1t has already been seen would
have wrecked the Democratic Conservative
party Of this State but for the moderation
and justice exercised by the Constitutional