The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-26
DEFAMATORY AND MALIGNANT,

DEFAMATORY AND MALIGNANT.
The debt ordinance Is objected to, and by
some denounced, as embodping the obnoxious
heresy of repudiatipnp
The Times derives great satisfaction from
articles In Northern papers which treat this
ordinance In style Indicative of bitter sec
tional hostility and 81 that spirit Of traduction
and malignity that characterize their whole
course toward the Southern States. Nothing
could be more false and unjust than this Inn
putation. Nothing could expose more strong
" the lack of sympathy for and OF Justice to
our people. We cannot believe that they
originate in ignorance OF our condition and
circumstances. Nor can these maligners plead
ignorance Of the terms Of adjustment offered
to the public creditors. That these terms en-
body recognition Of the face Of the debt In
spite Of the strong conviction Of large portion
Of our people Of the invalidity Of q consider
able part of It; and reduction only OF the
interest % as bring 1t within the capacity
Of the people to pay. without impover-
ishing and depressing them to degree which
would impair the security to the creditors OF
future payments. With what truth or JUS
tice can such an adjustment be regarded or
styled repudiationp Is 1t not the improperly
styled Reputation to which all indebted per-
sons or communities have been driven In
times OF great distress and reduced re-
sources2 Do not all just and prudent creditors
gladly extend such respite to debtors In the
situation of this people? And are not those
Justly denounced as Shyloeks who stand upon
the letter Of their bond and would deplete
their debtor OF his life blood2
The ordinance submitted to the people pro-
poses tax OF six mills, Or which three mills
are to be set aside to meet the interest on the
debt II necessary.
This Ia the full measure Of provision for the
debt urged upon the Convention by those who
claimed that the State was In honor bound to
pay TO the extent of her ability. 1t Ia true that
the Convention offered Q, 8 and per cent in
terest, instead OF and 4 per cent. as the DEM
ocRAT advocated. and in this respect it failed
to meet our expectations. but on the other
hand every principle for which the DEMOCRAT
commended was confirmed by the Convention
when it recognized the face Of the debt and
| fixed the limitation OF taxation at six mills,
| required levy Of three mills for interest. and
| instructed the Legislature to enforce the
equalization Of assessments throughout the
State.
No State In tile Union has suffered
SO great reduction in the valuation
of her taxable property during the last ten
years as Louisiana, and yet there are not
| three States out of the thirty-six which have
| imposed higher rate Of taxation than that
proposed Id the debt ordinance. This is
nearly double the rate of taxation imposed
before the war, when the resources OF the
State were three times larger than they are
now.
Put yourselves and your States In the
same place. YET sectional traducers Of our
State. and answer Ii in like circumstances
you would act with more liberality and self
sacrifice toward your creditors. and 1t you
would resent with less vigor and just indig-
nation the imputation Of "repudiation?"
Would you consent to burden your people
with tax which would take from your
farmers their seed corn, their milch cows.
eSpel them from their homes, and deprive
their children of education. which would dis
courage immigration. capital and enterprise,
and paralyze all the agencies in the reoupera-
| ton Of a State SO greatly exhausted, In
order to meet the demands Of the holders OF
q debt incurred when the people were doubly
as rich and prosperous as they now
are? Was this the policy or the mo-
rally Of the honest and thrifty farmers
Of Pennsylvania thirty years ago, when they
found their State burdened with a debt Of
thirty millions, and yet for years refused to
increase their rate Of taxation above two
mills to meet the interest on their bonds, and
vet eventually, through this very system OF
low taxation and the consequent rapid and
large development Of their resources, were
enabled to pay every dollar. principal and in
terest. which they owed?
| The denunciation of the money changers,
even the keen satire of Sydney Smith, leveled
at the broad brims" and Dutch farmers Of
this great State, SO far from changing, rather
confirmed them in a policy which built UP
one Of the richest communities in the world,
and enabled it to discharge, to the last dollar
all its obligations, and to establish a credit
equal to that Of any other nation or State,
To denounce such a policy as dishonest and
infamous, whether done BY foreign or domes
tic traducers, Is alike false and malignant.
The people will adopt the debt ordinance,
and the Shylocks will continue to rave as Of
old.
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