The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-15
THE BoNpHoLDERs.

! the Convention, when he says:
i It was not Reputation to say that We are no
able to pay and to call on our creditors ana tei
i them 80.
| It Is to be hoped that our business men Will
| continue their efforts to show the bondhold-
ers that they are wasting precious time.
sleeping upon their fancied or real rights
whilst the conviction is rapidly growing upon
the minds of the delegates that the bondhold-
ers will not recognize the inaplllty 81 the
State, as they have failed to organize, either
! In foreign parts, New York or in New Orleans,
or Of themselves to make any advance toward
the Convention, or to present their equities,
We very much fear that the b0ndholders
have given too much heed to the assertions of
gentlemen like Gen. Bussey, who Indicate a
disposition to stand upon the legal rights Of
holders Of bonds, and maintain the ability Of
| the State to pay the entire debt and Z
| per cent interest upon 1t. @
| Gen. Bussey asserts In the most dogmatic
language that Louisiana was just as able to
pay per cent interest on her debt as the
city OF New York was able to pay interest on
It's debt Of Sl2O,0OO,OOO.
To prove this fact, Gen. Bussey quotes the
census Of 1870 and condition Of affairs pre-
sumed from that report. Not a word, how
ever, Is said about the overflow, loss of crops,
loss OF trade, or the thirty three millions col
lected from the people since 1870, as appears
from the report Of the Auditor, submitted to
the Convention. We are surprised that itdid
not occur to Gen. Bussey In his zeal to
place the bondholder In the position Of
a badly treated Individual; that the
honorable and intelligent gentlemen COM
posing the Convention, who are In every
way representatives of every section of the
State, are the very best judges Of the condi-
ton OF their people, and that he has imperti-
nently assumed to decide the very question
which they, and they only, are competent to
pass upon. One Of the most distinguished
lawyers In the Convention from the city Of
New Orleans favorable to the maintenance
OF the five and half mill tax, admitted some
days since that there was "evidently con-
dition Of distress and poverty existing in
many parts Of the State which he had never
dreamed Of"
We assume no right to advise the bond
holders, except the right OF any citizen who
may be sincerely DESTROYS Of securing such
an adjustment Of the question Of the debt as
will lift the excessive burdens from the peo-
pie, and take this question out of the politics
of this State in the future.
We observe with regret the effect Of
the coercive threats of the Times and it's
reckless charges Of Reputation; the declara-
tions OF Mr.. Surl, assuming to represent one
million OF bonds, that he stands upon his con
tract of s. mills and per cent interest. and
the position assumed by Gen. Bussey that the
State is able to pay and that the bond
holders will only consent to such action
as will increase the value Of his secu-
rity. All this Is not calculated to pro-
mote an adjustment, and the sooner
the bondholders recognize the fact that the
delegates In the Convention are body Of
honorable men, holding dear the honor and
welfare OF the State, but that they are deeply
impressed by the impoverished condition OF
the people they representative sooner, we
say, these facts are recognized, and the bond
holders organize and treat the representatives
Of Louisiana as reasonable, honorable men,
and recognize the real situation of the peo-
pie Of this State, the better for them and for
the interests of our State. .z-.5.
On the other hand we have little patience
with the advocates of Reputation who ar
gued before the committees that they re-
garded public credit as ruin, and that the loss
OF public credit Is q benefit to private credit,
and we express the opinion that DR.. Brickell
and Mr.. Mitchell do not represent any con
siderable sentiment In this community il ex-
pressing such views. We're the theories pre-
sented by these gentlemen to prevail, all
great public enterprises would be struck liter
ally with paralysis.
Had they prevailed In the past, little or no
advance would have been made In promoting
the wealth and prosperity Of this country.
A wilder fallacy could not be advanced In an
enlightened commercial age. While enter
tanning a very high esteem for these gentle
men, we trust that the Convention will not be
Influenced by their peculiar vagaries on this
subject.
The highest public interests demand that
the Convention, in the settlement Of this
question. shall be guided by the most liberal
and enlightened views. The question should
be settled with two objective points Ia view:
First, the taxpayers and the industrial classes
must be relieved Of the present burthen of
taxation; second, the honor and credit of the
State must be maintained. If the question is
settled upon any other basis than that estab-
lshed by these two great principles incalcu-
liable disaster will result to the State.
The relief OF the people and the preserva-
ton Of the public credit Is the great problem
the Convention has to work out III the inter-
est Of the property, commerce and industry
Of the State. Let the adjustment be effected
on this ground, and the arbitrary doctrines of
Mr.. Bussey and the vagaries Of DR.. Brickell
and Mr.. Mitchell be ignored.
SAVING THE RICE FIELDS.
We stated In the DEMOCRAT, in its issue Of