The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-01-25

ton. Indeed, II seems asyif the bondholdere
nad made up vast Islander fund with which
to hire every scribbler In Washington to de-
nounce and misrepresent this State. The
washington correspondent of our neighbor is
put very weak imitation of the chief hired
mar OF the New York Times, &c. Co." and the
hirel1ng scribblers Of the Northern bond
holders In other Northern and Western Jour-
nails.
IL 1s true that this State has defaulted In
the interest on Its debt. But it is also true
that prior to 1877, for ten years or more, the
State had been plundered and impoverished
by the men who contracted the larger por-
ton OF its debt by fraudulent processes prac-
tlced under the power Of Federal bayonets /;
that pestilence has succeeded carpet baggery,
and that resumption with Its depreciation of
values has followed upon the heels OF both.
These facts should have influenced the
holders of Louisiana consols to deal Ieniently
with the State, and regard with something
Of consideration its oppressed taxpayers.
But such has not been the case. An army of
slanderers has been organized, and they have
filled the papers OF the country with the most
abusive attacks upon the State government
and the people Of Louisiana So far has the
avidity OF the bondholders In Che North car
ried them that they have threatened to en-
join the payment OF the salaries of the copsti-
tutional officers OF the State If the interest il
not provided FOR, or il any steps are taken by
the Constitutional Convention to reduce the
rate OF interest from per cent
Now there has never been an influential
In is int ros- T. r
tlon; but the masses OF the people under
stand the situation. They know that the re-
sumption policy Of the administration has
reduced values in the State fully forty per
cent; they know that the value of their plan
tatiOns, their farms and their town propertv
has been reduced to a gold valuation. Fur
Their, they know that the price Of their cotton,
rice, sugar and tobacco has been re-
duced to gold basis, and hence they
arr determined that the holders of Louisiana
bonds, who were parties to the resumption
scheme, shall submit to reduction of the in
terest on their bonds. Nor Is it improbable
that the Constitutional Convention. represent
senting the sovereignty of the people Of Lou
isiana. Will insist upon overhauliDg the debt
as It stands; investigating the funding opera
lions prior to the Inauguration Of the present
government, and eliminating the fraudulent
portion OF the debt, which is estimated to be
fully four millions of dollars.
The violent expressions of the Northern
bondholders are only calculated to damage
their interests. Ii they resort to the extreme
measures they threaten the consequence will
be that reputation sentiment will be
aroused throughout the whole State, and
their bonds will, In the end, yield them as lit
tie as the State has derived from their ISSUE
We advise the bondholders to call halt
to their brigade OF slanderers; to consider the
condition OF the impoverished people of this
State, and to consent to an adjustment OF the
interest and, If necessary, the principal of the
debt they hold against the taxpayers OF
Louisiana. We speak In the interest Of both
sides in the interest Of the taxpayers and in the
interest OF the holders OF the honest oblga-
tions OF Louisiana. These are words OF wis
dom and we warn the bondholders and the
spectators In bonds to listen to the admoni-
ton OF q journal which represents the senti-
ments OF the people Of the State, rather than
TO the words and meaningless rawlings OF
papers which are mere interpreters Of the
wishes OF the bondhOlders.