The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-02-26
REPUTATION.

To the Editor of the Democrat:
In these columns two articles have recently
appeared-the one In favor, the other against
repudiatng our State debt While he pre-
cous commodity Of honor always stands by
just contract 1t also stands by to detect, ex-
pose and repudate an unjust one While it
always takes two parties to make contract,
justice and law always watches and protects
alike the rights Of each. If the pound Of flesh
benominated ia Shylock' 8 bond it gives him no
right to take the blood. Then let the credit
ors show that their bonds on Louisiana were
not like David, conceived In sin and shapen in
| iniquity. Or IL they say that they are not
bound to prove a negative, then the State
| may show the want of consideration and alb
solute imposition in the issuing and subse-
quent history OF these bonds. 1t is beyond all
question that they went into the hands of
spectators and money brokers, not to say
gamblers, who chose to risk their chances on
their rise and fan, as upon all other stocks.
1t Is well known that railroad companies,
municipalities and governments are mortal
and sometimes dissolve, hence all dealing in
| their paper must take their risks.
1t IS, moreover, quite superficial, amount
| ing almost TO humbuggery, to raise the cry
| as a scarecrow-of reputation. Every man,
| however just and solvent who finds himself
unable to meet his debt by prompt payment,
| is at once involved In the principle Of repu-
diation: The protests OF notares public
mean thts-no more nor less. Every insol-
vent debtor and bankrupt act means the
same thing. II, therefore, the principle be 50
| very diShonOrable, then our State and ma
tional Legislation legalIzing it is simply a
| burning disgrace. Indeed, the unfortunate
debtor unable to pay is forever dishonored
and fit only for prison, as used to be the
custom.
| Besides, whenever any government fails to
| pay its debt in par money the day 1t is due,
reputation results, certainly to the extent OF
| it's fall In the market. OF the millions yea
billions, OF bonds now in the hands OF
moneyed monopolsts and spectators, more
! than one-half are below par. Some are worth
no more than forty and fifty cents on the dol
lar. Surely the one-half the debt as shown
| by the face OF the paper is already repudiated.
Then, according to principle and indisputable
| logic, the disgrace Of Reputation, as the shy
| locks will have II, has already attached; one
half the loaf Is gone; nor can the dishonor
grow much worse by cleaning out the whole.
| Finally, there Is no dishOnor in being i'm
DOverished by OppreSsors and swindlers.
True, one might most as well be called a
knave as fool; but even this epithet does not
attach to the honest citizens of Louisiana.
| They were not So much fooled as forced into
the debt, and now absolutely find themselves
unable to payit. Already have the enormous
taxes in too many cases swept their lands
and their homes from them. Their sympathy
for their wives and children their distress
in being driven from their homes and
| forced into the restitution of tramps,
have in numerous cases undermined their
health and brought them to premature graves.
In other instances they have taken Shake
speare's more efficient alternative, and ended
their "sea of troubles" by suicides bod
kim" If such misfortunes and expressions,
| il such dismal ends be dishonorable then
| think Henrys exclamation, "Gve me liberty
or give me death !" comes to our relief
| The constitutional agument may be con-
sidered, If the editor please, in future num-
| ber W. p