The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-19
srATE DEnr-uoN. RANDALL 4. GIR-
son.

son.
70 the Editor ~ The Democrat:
At thls hour, when all minds are agitated
and deeply Interested In the complexion Of the
convention about 20 be held In our State. and.
iust on tho eve Of the election Of delegates to
that convention. deem IL proper to ask tbs
use Of your columns to let your rea1efs Know
fIe uninlona 81 one of LouIslana's most gifted
and honored SONS The Hon. Randall u. tip-
sop-who writes to me az follows: ~ observe
what you cay about the public credit OF our
state. When our government was ina1gu-
rated many friends here and throughout the
rsmptry consulted inc In regard To the new
State nonsOla and whether the Nichols gov
eminent would be disposed to recognize their
validity had been 50 much absorbed In
uueetinns concerning our political relations
with the Federal government that | was In
absolute ignorance Of our financial condition
NJ home except that | knew that tho
taxation upon the property / own had been
for years past equivalent to confiscation.
There was not a piece Of property upon which
! had not paid In the preceding ten years In
taxation an amount quite equal to It's market
value. therefore consulted with the lending
representatives of the Nichols government ~
home. and with our leading business men and
was informed without dissenting voice that
the debt had been ecaled down to sum not
beyond the ability Of our people TO pay. and
that the ancient good name Of our State and
the confidence that would he restored by put
ting the government into the hands 81 tho
property owner. the character and intelH-
qence OF the State would be q guarantee
against Reputation. | gave these assurances
10 the many perpons here and elswhere. who
consulted me, and have been informed that
many on them purchased our bonds Some
/ know invested trust funds for charitable
institutions In our bonds. i have felt that tho
creditors Of the State should take into
account tho calamities that had fallen upon
our people. The loss Of the sugar crop and the
yellow fever epidemic arc alone sufficient 70
account for our temporary Inability to meet
promptly the interest upon our bonds. Ut
must be confessed, too, that, owing In part 10
the defects of the constitution OF 1868. and In
part, must cay, to cur own fault, our gov
ernmenial expenditures have been altogether
out III proportion to our resources. ! think.
under the circumstances. therefore. that y
constitutional convention IL necessary 10
secure more economical government Why
10 1t that government costs so muoh IN Lou
ieiana II you will take the reports Of the
different States. you will SEQ that the people
of Louisiana pay double as much as tho PEG
ple OF any other State. IN proportion To their
population and wealth Tor ne support q
our political leaders. and while | think,
therefore, that the creditors OF the State
should be willing 10 make CONCESSIONS on
account Of the calamlties which have befallen
ala II AMI nt NIL
the fact that reputation brings not only pub
LID shame and Disgrace. but ruin To private
credit. Tho steady maintenance OF the pub
lilo credit Of the United States has enabled us
10 fund good part OF our debt In four per
cent bonds 81 rapidly that IL has been almost
impossible 10 engrave the bonds to meet tho
demand for them, thus causing saving to
the people Of the country Of more than twenty
millions Of dollars q Year, In u lower ratio 81
interest.
II am quite sure that II we should reduce
the interest on our State bonds and tho
amounts for which they are Issued. 80 that
persons of small means could invest, say
from $40 up TO $1,000. and secure the punotual
payment OF the interest, ard by efficient
Legislation provide for sinking fund.- the
creditors should be- satisfied and our credit
would again rise to par. The amount To be
paid In interest would be an insignificant
Item In our expenditure. But II on the con-
trary disposition 20 repudltc the debt Of
the State should be manifested and there
should be an uuwlllngness TO provide for
the interest, our citizens would experience
a calamity In the loss Of credit twice as
great "a they did by the failure Of their
crops In 1878. For what We who are en-
gagged In planting require, above all else,
Ii good credit, aud il we repudato our
State debt we will pay In higher interest
alone upon the money we shall have TO Dor
row every year, n sum nearly twice rs much
as we would have to pay II we maintained
our State credit capital would continue 10
be withdrawn, M II has been during the past
winter; our planters would be unable to get
advances To carry on their operations, our
lahorers would be unemployed, more and
more buildings in the city OF New Orleans
would become vacant and the number of
mechanics. artisans ana the iaborinK classes
out Of employment would Increase; many
men Of enterprise would quit our State for
Texas and the Northwest, and we should In
the end rue the day we were tempted to try
the expedlent of reputation
81 know how easy II IL tor men occupying
positions of responsibility 10 set their sails to
catch the popular breeze, and how difficult 1T
u.s. what courage 1t requires to stand up to
what IL right and true against popular cries
and popular decisions Of the hour.
"All we had left after the war was our lands
and our character; the people of Louisiana
are rich In those though poor from misfor-
tune. The welfare of the State is in the hands
of the young men, and believe IL will be in
safe Keeping. We who have experienced the
Calamities which have fallen upon this gcn-
Grafton naturally enough are discouraged
and many are without hope, but the young
men who have inherited the traditions of the
honor which has always inspired the public
men of Louisiana in civil life and the glory
which they won in war will prove equal to
the task OF restoring good government, Of
maintaining her credit employing as their
rallying cry the exclamation Of great
French statesman, who, at critical period In
the history of France, when all was despair
and gloom, cried out from his death bed as
the lifting watchword of the hour. Ldbori-
mus
Ii | was disposed to add any words OF my
own, Mr. Editor, to the above, | would not
now intrude On your columns that are 50 lib
orally offered to the use Of the public, rs Gen.
Gibson's letter is perhaps as much space as
you can spare to-day. X.