The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-18
THE FLOATING DEBT.

| 70 the Editor of the Democrat
Being q holder of State warrants, ask b
| hearing In your columns on the subject Of tbs
State floating debt.
Several ordinances upon this subject arr
now before the Convention. An ordinance, In.
troduced by the delegate from Rapides, pro
yidas for the levying Of tax for the years
1880 and 1881 OF enc mill, for the purpose d
distinguishing the floating debt. Another, III
troduced by the delegate from Catahoula
provides for funding all valid warrants issued
between the first day Of January, 1874, and
first Ut January, 1879, IN State bonds. payable
In forty years, bearing interest coupons. pay
abls semi-annually, at per cent per annum
| Still third approprtates all back taxes of all
denominations, to the extinguishmeDt of the
| floatlUg debt, or, In other words, makes all
warrants Issued prior TO 1879 receivable for
| all back taxes.
Each Of these plans have objections urged
! against them, the first on the grounds that q
| one mill tax for two years would be made
quata to redeem the foatinR debt. The see
ond, that the funding of the deiM would add
| litigation, vexatlous and endless. would arise
therefro1n, inasmuch as the present bonded
debt claims five and half mills from back
taxes Of all years since 1874; the schools two
lulIlS blel GFNaf blThe IllilE, GU.
Now, Mr.. Editor, wish to offer some sug-
gestions which, II adopted. would, believe,
give satisfaction to oil parties concerned.
Let the Convention provide for the funding Of
the floating debt In State bonds, due In forty
years, and bearing interest ut 4 per cent.
payable semi annually, as proposed In the
ordinance introduced by the delegate from
Catahouta, and In addition set aside all back
taxes, that can be applied for that purpose
as o sinking fund to redeem these bonds
This r,lnfl tUf,tfId it nh nVI
holder Of State warrants equal justice. equal
rights and equal pay. which no Otner measure
that can be adopted will do, and at the same
time avoid the necessity Of placing any CON
siderable additional burden upon the people
i, as the. advocates Of the back tax plan
claim, the back taxes are more than sufficient
to pay the fiOating debt what objection can
they have to place each and every creditor OF
the State holding State warrants on an equal
footing. They claim that should their f,lan
bs adopted the brokers would at once give
eighty cents on the dollar for oil outstanding
warrants. Now, Mr.. Editor, ] for one protest
against being left TO the tender merc.s Of tho
broker. Not public officer til Louisiana
sir; the brokers make fair and flattering
promises until the poor warrant holder ID
placed In their power. and then proceed re-
morselessly to pick his tones. Mr. Editor.
the holders 81 the state floating debt
in the hands Of men to whom II was
issued for services performed and
work faithfully and honestly DONE Moreover
sir this debt has been contracted by the great
Democratic party, and that party Ia uDdeiia-
bly, responsible for 1t. It fs mainly due to
judges and other constitutional officers, and
to men who have furnished material for the
State and have done honest work at times
prices. These men, while others have received
full pay for services performed and work done
Of the same nature have become creditors Of
The State not from choice, but from the url-
fortunate condition of the State finances.
Would ID be right, just or equitable, Mr.. Edi-
Tor, 10 compel these men to stu carry In their
pockets for an indefinite period warrants oY
the State for which they receive not dollar
81 Interest. and for which they have per-
formed honest service at cash prices while
others have been paid long ago who rendered
precisely similar services2
The writer respectfully submits these sug-
gestioDs to the constitutional Convention,
and trusts that 80 august body will do jus
tice TO class Of citizens whose claims against
the State are legal, honest and j,tst.
FAIR PLAY.