The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-14

!, tba state. They would increase with time.
and The Convention shonld remember M tnat IL y
naklns eesdren honest
and faithful discharge OF the oDllgaIuions 2. 81
ae w ea nS se es snd Ta The We e
der cultivation. and railroads Will traverse the
sss viii T live y u ses svny ao no
II It was found necessary 70 reduce the inter-
est % the State debt be believed the bondhold-
aary to reduce It because, the state could ~ MT
afford to pay more. Tor he believed i coniq pas
might t be bsss TN at t. n
cured Louisiana bond Will be worth one
hundred cents on the dollar.
JOHN B. LAFITTE ESQ.,.
was next called upon to state the result OF "a. MS
with outside bondholders.
| Mr.. Lafltte said that from bis correspondence
with New York he was satisfied that the hold
er ls OF bonds there would accept per cent In
terest. From abroad the advices were. conflict
ing. many Of the holders OF bonds Insisting IN
Of New York. in a letter had stated that the chief
| obstacle In the way Of an Engagement with
, vpcna them tRa tie State could Give better
! guarantee for the payment OF the reduced in
| tersst than was now attached to the bonds.
e nnaa IN s14 se He e Satisfied bat
the payment Of the per cent could, be made
certain that the bonaholde1s would accept IS
power to induce them to accept:
This ended the argument go far as the COM
Committee was about to retire. when Delegate
Munday arose and suggested that the MEM
| bsrs remain until the other committee had
| spoken. The suggestion was accepted.
- DR.. D. WARREN BRICKELL
was introduced as the spokesman for the com
mittee representing the industrial classes. On
taking the floor be said be was sick In body
10 him It had been plain, during the eight
years Of misgovernment, that It would come to
the position that existed to- night
SPOKE Of the trouble and he battles W9ea
despotism and the establishment of a govern
ment Of their own choice.
The meeting was scarcely necessity. because u!s
In the last canvass 1t was made plain that the
people had sent their representatives to the
Convention with the expectation that they wbnlh
he appeared to speak for industry they had
already heard from capital Eye,y man mar ,S Mhe
can be no serious warfare between capital and
industry. But State debt creates sort re-, Of
CONFLICT IL created artincally by public credit,
which means public debt, and public debt means
taxation. No proposition is clearer. tie re,
garded public credit AS ruin: take It away and
the average legislator was hoored: He pro
to n e aa aaayss 81 w s
sreatea a seant i euas educaon
Every one knew that the ruin Of our public
pressed pressed enterprise M Tell him that citizen Of
would come g this state and pay thirteen :. II
otiam and makes industry submissive. n,
When industry languish.s public credit de-
cines when industry revolts public credit dies:
The speaker then went on to show how the debt
had increased from 1888 900 In 1899 TO $50 600 600
In 1879, and how the tax h had been sMelled from
~ mills In 1867 to 29h mills In 1873. The debt he
xroc M rnp uhnllv tha nrp6unttOD of Ueg-
potism and the people never accepted IL. IheV
swore they would not be responsible far t. In
there g4 was but o one voice. we viii never recog-
| nizs this incubus placed upon u.s." The people
| OF the State and the world were warned that ,he
| But the capitalists OF the State. although I'D
| pealed to not to do 1t, because they were but
Keeping alive the despotism invested. and then
| foreign capitalists followed their example ana
invested too.
The speaker then took up the funding
have been the cause Of more humiliation than
Reputation could ever be- There was no cyl
dence that 1t had eyer been accepted, and the
| OF one man. Mad Wells. who not man present
would believe under oath. under any circum-
He considered the resolution Of the Nichols
Legislature an empty and unauthorized trans
action. without weight or effect.
kMR. LIMET.
editor of the New Orleans Bee next took the
4 floOF unu uW6lI I'll tuS VI luO ut'bt a. y
| the decrease Of the value of property. and
therefore OF the ability Of the people to pay.
| MR.. ARCHIBALD MITCHELL
was the next speaker He argued that loss Of
| public credit was a benefit to and not the ruin
OF private credit. Public credit created debt
debt created taxation: burdensome taxation re.
duced the value of property and, tho wealth Of
the citizen and made him less able to meet lis
liabilities and thereby reduced his credit.
At the conclusion OF Mr.. Mitchells remarks
the meeting adjourned.
There liz no better remedy than Reeds Gilt
Edge Tonic for dyspepsia and indigestion.