The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-04-16
THE STATE DEBT.
caldwell Herald,l


#+.. caldwell Herald,l
The constitutional convention will convene
on the twenty-ilrst of April, In New Orleans
to frame a new constitution and make a.
rangement about the State debt. Out OF the
large number of delegates elected the bond
holders have managed to elect few that
favor their interest. How many there are oil
this kind we arc unable to say, but they have
inserted their wedge, and now 1t will be their
aim to drive it to lis futthest extremity, and
use them to try and accomplish the object
they elected them for. These fraudulent bond
holders used every means TO cheat inc peo-
pie out Of a convention. and when they 1ounh
they could not do that they then set to work TO
elect men Of their own kind and kidney.
These men realize how they stand before the
people. and they will care very little Il Their
actions and dongs do not meet with favor
They made great strides to get seats In the
convention. and now that they have succeeded
their influence will be used to glut their mas
tcrs pockets, the fraudulent bondholders.
You delegates that have the interest OF
Louisiana at heart, and have waited with
deep anxiety and patience for twelve long
weary years for this momentoue day when
YOU could wipe out FROM existence forever
the shameful and yillainOus work the Radi-
cal regime have wound around the neck OF
the people of this State, and have kept them
undps the tvrants' yoke. You have the desti
nv of this State in your handafo veal or for
woe, and 1t now becomes yonto % watchful,
patient, careful and show wise head aud
akilful hand in playing your part. The eyes
o js tha people and the press will be upon you,
and will scrutni5s your actions rightly; and
each man will be held accountable for the
| part he will perform, whether good or bad
Ii the peoples delegates remain united
] they will be able to accomplish what they
| were sent to the convention for Remember
| the words of the father of your country,
Omitted we stand. divided we fall" 1t will be
| the aim Of the bondholders to cause division
1 ltE-IN{ l,s
dirty work. They have studied how they
might entrap and tangle you In the web they
| have been weaving like the spider does the
/ Hy. Beware! Not stone will they leave I'M
! turned, and money will be lavshy used, as 1t
has been done, to accomplish their aim. They
will make desperate fight and die hard, but
die they must II the peoples delegates will
| stand firm and true to their cause, and the
victory will be gained and the curse will be
swept from the State.
Lafayette Advettiserl
! The organs or the bondholders place their
opposition to REIMBURSEMENT of the State
debt upon three grounds, which, without lay
Ing claim to any wonderful knowledge of law,
we think have no force.
They cay, first, that the scaling OF the debt
by the funding act OF 1874 and its ratification
by the adoption Of the constitutional amend
ments at the election In November, 1874.
makes the whole funded debt solemn con-
tract between he State and the holders Of the
|
cannot In law or equity be pleaded.
question of fact is raised In this propo-
sition. Did the people at the election Of 1874
ratify the proposed amendments Will any
honest man lay his hand upon his heart and
say that he believes the white people of Lou
isiana did not carry the election OF 1874
The platform adopted at Baton Rouge con-
templated just such cries as are now raised
! The convention then assembled declared the
intention of the white people--the taxpayers
ff,n a bnpaGt Inbt nf taft nj
declared at the same time that investigation
must be had. and advised voting against the
amendments. None knew this better than
! the bondholders. and the counting out Of
that year meant great deal more than sim
ply depriving John 9. Moncure of the office
IF State Treasurer. The sO-called amend
! ments of 1874 were never adopted by the peo
pie. a."-5n#
But conceding the adoption Of those amend
mpnts and the constitutionality of the fund
ing act, inquiry into the origin aor considera-
tion of the debt Is not barred.
The maxim that the Flaw looks to the prox
innate, and not the remote cause, Is bounded
and hedged by that principle, that the law
will take cognizlnce OF the corrupt begin
ming that fraud is not purged by circuty.
Their second ground that in the hands Of
innocent third parties the bonds are not sub
ject to equities which might otherwise exist
answer to this is but corollaty or the answer
to the first point. Moreover, these thirt
holders are not 50 innocent They knew-th'
whole world knew-that the Democrats woult
|. investigate this Indebtedness; that the whit
people OF Louisiana have never for mo
ment ceased to protest against this fruit o
I iniquity
Notice was served on them and the hes
evidence of that notice was the market pric
of the bonds.
But, say they, the promise to pay has beer
I renewed by the assurances given since 1877
II the bonds were good In the first place, III
pledges were needed. And who gave thos
2 pledges? Were they not from the mouths O
those individuals who were best acquaintet
with the rear entrances to the Offices of kellogg,
and Warmoth. who aided and abetted these tw
worthless In their wickedness and shared theil
plumber?
, That it is against sound public policy t
place Louisiana in the attitude of a defauite
, by reputation. say the bondhOlders.
Reputation Is sophistical word in thi
: connection, and the country members OF TIN
: convention will not be the least frightened a
. its sound.
7 1T is as clear as mathematics can make |
= that the present rate of taxation is not suf1i
! Client to meet the interest on the debt Thel
4 the question shapes itself in this way: Is i
sound policy to increase the rate of taxation
to eighteen mills on the dollar to meet the In
: terest on a debt, great part of which has it,
origin in fraud and iniquity, and agains
: which the taxpayers have necessarily pro
tested2 Will capitalists create property her
!. thai must ne taxed 70 dehthS Can our owl
y people heartily set to work to develop the re
g sources of the State under such burden
:, The quaint language Of Lord Bacon is: 9Th
. blessing of Judah and Isaachar will neve
! meet; that the same people or nation SHOULD
!. be both the lions whelp and the ass between
:, :, burdens; neither will it be that people over
laid with taxes should ever become valian
and martial No people overchargeC
: with tribute is fit for empire"
= The people demand at the hands Of the De
!. :. mocracy sure relief, by the Sitting and win
. by the scaling of the remainder to an amour
: within the power Of the State to pay, and b,
> the reduction Of the rate Of interest to De
:, cent
: Al-r,rc raod,, ,,aad 80, o,>olx;.,, cl.1,