The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-22
THE NEW YORK BoNDHoLDERs.

refusa any offer Of per cent interest" but to
accept per cent, "if thoroughly guaran-
teed."
No mention Ia made of the amount OF bonds
held by these parties. nor Of the reasons Tor
this decision Simply 5 per cent. and that
thoroughly guaranteed" Is all that ls vouch-
safed the people Of Louisiana by these per-
SONS who profess to hold an uncertain portion
Of our debt.
In this action we recognize the legitimate
fruits of the teachings Of those financiers ana
public journals who have undertaken TO
prove to the world that Louisiana Is sort q
masked Goleonda, that her penury and rags
are d pretense and makeshift. assumed, like
the pabardine of the midseval jew, to pro-
tect her hidden treasures from the rapacity
of tax gatherers, and that she is quite as able
to pay Der cent interest upon her bonded
debt of sl2,00O,O0O as New York upon her
$120 600.
The effect Of these misrepresentation has
been to prejudice the credit OF the State
abroad, and to create most exaggerated ideas
In the minds OF the foreign bondholders In re-
gard to the nature Of their rights and the
States resources. Whilst the Convention has
been patiently searching into the sources Of
revenue and seeking how to secure and dis
pense 1t with Judgment and equality, and
with due regard for the rights Of the State
creditors, as well as for the necessities OF the
people, these same economists and news
papers have been charging the delegates OF
the people with All intention to wantonly and
recklessly repudiate the obligations Of the
State.
Is it matter. then, of surprise that
strangers. ignorant OF our impoverlshment,
who know nothing Of the weight Of the bur-
dens under which our people have groaned,
who dream not OF the sacrifices they have
made to sustain the credit OF the State-is 1t
matter of surprise that these people should
listen with credulity to the assertions Of those
who falsely claim to represent the interests Of
our city and Slater
IT il high time these ISLANDERS should cease
I and the fact be recognized, at hUne aid
abroad, that the Convention ID composed OF
men who hold the honor of Louisiana In
higher regard than the critics who 50 reck-
lessIy assail them; that they are tender Of
the rights OF property, but tenacious OF jus
tice that justice which great civilian has
described as itself the great standing policy
of civil society"
| What more conclusive proof could be af-
| forded of the disposition and intention Of the
| people Of Louisiana to uphold the credit OF the
State than the fact that they have paid ten
millions OF dollars of interest upon the debt
since 1866 And this Id face Of the fact that
repeated Investigations and publications dis
closed to them that large proportion OF this
debt was irregularly and improvidently is
sued, and that the State had not received face
value for a considerable portion Of 1t. Why
was It that the Democratic convention OF
1876, representing the taxable property as
well as the intelligence Of the State, formally
declared in It's platform that 1--WE hereby
pledge our party to the satisfaction Of all the
legal obligations issued by the State OF Lou
isiana," and to "the preservation of the pub
lie faith2" To what other sentiment can we
attribute the legislation of 1877 and 1873, the
acts Of the Nichols Funding Board, and the
decisions of the Supreme Court conforming to
the provisions or the funding bill? These
acts all plainly and Enthusiastically indi-
cate settled purpose on the part
Of the people and their chosen authorities and
representatives to maintain the public credit
to the full extent Of their ability to pay, and
they deserve the highest praise and approba-
| ton, and not cOntumely and abuse, for their
exhaustive efforts in this direction. To these
very exertons, more than to any other cause,
Is attributable the inability Of the State to any
! longer bear the fearful burdens that have been
imposed upon her, without involving the de-
struction of her every material interest.
Relief must and will be had. and II it be not
willingly and gracously extended by the
boDdholders, 1t will none the less be afforded
by the Convention. To this end we thorough
| " approve the purpose Of the Convention tc
investigate every fact connected with the Is
sue Or funding Of the State debt. which shall
serve to place its history fully before the
world While we have never been sanguine
of the developments OF any additional inform
alton Of value in reaching settlement Of the
question, such an inquisition will, at least
disclose the character Of the debt which thu
people the slandered and illuminated people
of Louisiana have made such extraordinary
exertions and sacrifices to pay.
When this investigation has been made ant
the resources OF the State aseertained, we ap
prehelA that the Convention will proceed tt
reduce the expenses Of every branch Of The
government TO the lowest possible standard
and then to accord to the public creditors tn,
utmost measure Of consideration that the as
sured resources Of the State will admit
What amount will be allotted to the redamp
I tion of the debt or the payment Of interes
, thereon will depend entirely upon the ascer
tanned ability Of the people to pay.
, TO those iinancers and journals to who's
, teachings and representations we have at
tributed the action of the New York bond
, holders who have been in the habit of com
, pairing the taxable values owned by the pee
pie OF the State with the State debt, and ask
ing what would be thought OF the merchan
whose assets 50 far exceeded his liabilities
/ and who yet declared himself insolvent- II
these tinanciers and journals we common
the following passage from the writings {
Edmund Burke
The fortunes of individuals, whether DOS
: sessed by acquisition Or by descent, or In VII