The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-15
THE VINDIOATOR's PLAN.


Thoughtful article upon the State debt, sug-
gests method, well worthy Of the consdera-
tion of the Convention, by which this much
vexed question may be settled, and, at the
same time, a revenue system devised, which
would supply every need Of the State and
yet greatly reduce the burdens on landed
estate.
| The Vindicdtor regrets and deprecates the
insane swagger and bullyism OF the bond
holders, their merciless demand for the pay
ment Of the last cent their bonds call for,
their denunciation Of every proposition look
| ing to q compromise as a species OF felony,
and their absurd threats of coercion through
! the Federal courts. Upon the other hand, it
| regrets and deprecates no less the threats Of
| reputation, which have been provoked by
| the fury and turbulence Of these same organs
The Convention has not yet suggested any
| feasible plan looking to a compromise Of the
apparently irreconcilable differences between
the State and her creditors. These have been
allowed to go on increasing In violence daily,
| until now the trouble will be most difficult Of
satisfactory adjustment. Yet our contem-
porary is by no means hopeless Of attaining
| this end, and of bringing about mutual I'M
Outstanding and q fair and reasonable settle
ment by the adoption Of a wise and conserva-
| tive temper and policy upon both sides. The
| Vmdicdtor starts out with the postulate that
| the demand of the people Is for practical re-
| lief and that this can be afforded only by
"diminution of taxation upon the landed in
terests which must be fully developed before
we can enjoy permanent prosperity"
ho Efafn IN h,.or
| to an acknowledgment OF the justice or
| this demand and, recognizing its imperative
| nature must meet 1t with show Of conces-
sion and liberalty. On the other hand, the
Convention should not approach this subject
In an arbitrary spirit, but "honorably, and
| with an equitable regard for the rights of ALL"
"We lay down the proposition" says the
| indicator, "that the whole question can be
settled upon the purest principles OF political
economy, and what is more, In manner
which must and will fully satisfy all classes
| OF citizens. The plan offered by that paper
for the accomplishment of this result Ia
stated as follows:
! 1t is to first continue In force the present
| State license law. with the proviso that ali NUM-
| cipal and parochial authorities shall be pro-
hibited from leyying any license whatsoever;
| second, license should then be levied upon
all the CORPORATIONS chartered under the laws
Of this State for commercial purposes-such as
panies. the Lottery Com any. the Waterworks.
Gas and sugar Shed com panfes. By this means
an annual and sure revenue could be produced
| 81 not lees than 100000 which would leave
landed estate with but nominal tax. not ex-
cesdinR t,oo mills. to bear. We, consider the
but perfectly futile. unless it be followed By an
| act fixing maximum rates of assessing prop
erty Our plan obylates all this difficulty be-
cause 1t 10 laid on interests which will not feel
the burden, and Is a more indirect mode of
raising revenues for the State and consequently
less obnoxious to the mass OF people. because
| not perceptble.
IT we understand this proposition it simply
means that by perpetuating the present
license system on trades and professions and
the establishment of some sure and uniform
process Of assessment and collection OF
capital tax on all moneyed institutions and
corporations created by or doing business
within the State, the revenue of the State need
not be materially lessened in order to afford
the people the full measure of relief demand
ed by them, by the reduction of the taxes on
landed property to mere nominal rate.
This will at once afford the people the fullest
relief and enable the State to deal with her
creditors on far more liberal terms than she
could ever do under the present crude and
miserably inefficient and unjust system of
assessment and taxation, even were the five
and half mills interest tax perpetuated,
which, of course, will not be done.
These are views which the DEMOCRAT has
been urging for some time past We have
repeatedly pointed out the defects, ineauali-
ties, uncertainty and general inefficiency Of
the existing modes OF assessment and col