The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-02-27
roxyENruOs AND THE PUBLIC
uEBT-.THE QUESTION or
TINE TIME"

=. ia Editor Of the Democrat
=, an ardent zeal TO protect and defend the
.,.,,hlic credit" and the "public honor" 1t
-sana TO me that I'D. q. L." begs tho whole
.,eation. IL Ia but vain show Of learning
~ any one to parade long quotations from
,.w hooks and the decisions of courts to es
.ablah the binding force OF contracts. This
$ not the real question before the people.
pablo opinion on this question may be d.
.tded into three shades: 1. Those In favor Of
absolute repvdiation; 2-those In favor OF re-
ADJUSTING the debt by some process OF scaling
and of reducing the interest; 3-those In
savor OF accepting the debt rs 1t ID, and who
tavor an Increase In the assessments In the
country parishes and o more vigorous collec-
t,on Of the taxes. II is not necessary to dwell
an the arguments OF this last class Of citi-
zeus nor will question tneir motives, for
eitizens not interested In public securities,
ana way or tho other, may honestly differ
anon what should be done about them. But
nj those who arrange themselves In either
The first or second class are misunderstood
and misrepresented, IL Ii well that their
views should he correctly represented. Their
postulate Is this: Louisiana is bankrupt
and can't pay, and the moral obligation to
nav Ia lessened by the consideration that
ihe debt IL largely tainted by fraud. In other
words, the question Is presented whether the
duty Of the taxpayer 10 himself and TO his
family to secure all that makes life pleas
ure instead of a burden, shall be postponed
ID the obligation 10 pay the public credItorH
III this conflict another question Is included,
and that Ii, who can best Afford To lose anu
suffer, the bondholder or the peoplef II has
now become q public question, not u legal one
It can not be compared TO an action for O
ats,ra hill pF a turn out having tpTAut
by proceedings before justice OF the peace
In such an emergency as now exists In Louis
lana, when poverty and distress everywhere
prevail and taxation has become conlscation
true craftsmanship must get out OF the rnts
of legal forms and presidents and rise Will
broader views to d higher plane. states, like
individuals, may become insovent; States
may become 40 burtlened with debt, whether
honestly or dishonesty contracted. when WI
necpssitate such high rate Of taxation thai
the State must determine whether it WI
abandon Its primary duty To It's citizens Y
protect them Ia their lives. their liberties
their properties and In their pursuit Of mop
piness. or stand by them and let the bond
holders and the public creditors go. Thes'
views are not wild and demoraizipg," but II
strict accord with the highest and the oldes
law. IL is the law OF the social compact.
Before many law books were written 1t wa
declared by the Roman Senate: The sdfetl
of the people IL The supreme lar" 1t was loDi
ago declared by great British lawyer AM
statpsman, who was never Democrat, IN
always Monarchist, that 1.-THE first obligation
of cipiI society fCus TO ats olbn members.
Louisiana will not be the first State that ha
had to apply this supreme law. The continen
tai debts which were contracted to achtev,
independence were not paid, because at tn
end OF desolating and impovishiDg wa
Il was found that the Improvement anc
proper development OF society into progress
and advancement In civilization and happt
ness, was a higher question which could no
be POSTPONED for the legal obligation TO pa.
public debts. France has always acted upol
the principle that II u public debt could moi
BE- discharged consistently with Interests
and welfare OF the people, the first obligation
to the people must be observed. No natio
to-day IL most prosperous or has bette
credit.
NV reviewer thinks have no respect 70
law. have no respect for perverted law;
have no respect for fraud under the form
OF law. admit the force Of the maxim tha
equity should follow the law" but II is tn
legitimate province OF equity to take int
consideration the real relation of the partie
and dispense Justice 1t does not overrid
the law, but says there IL no such law. In
very provisions In codes and statutes tina
speak of the sanctityuf contracts also declar
that where there is dnress, fraud or uncor
scionable advantage, the contract cannot
enforced The people Of louisiana are fami
lar with this cry about "law. vested rights
and s'sacred FORMS" When the infamou
Durell issued mldnfrnb order, ana signed
as Judge OF the United States court, to sei7
the State House, aud granted an injunctio
to prevent the people representatives froI
assembling, the monstrous act was defende
because 1t was done under the forms OF Law
When Norton was carrying on his system
robbery under the disguise Of assignee
bankruptcy, there were people who believe
he could not be called to account. And whe
an investigating committee was sent hel
by Congress to look into the conduct
Durell and Norton. there were people (thoug
"D. G. L." was not one OF them, IL / have co
rectly apprehended the initials,) who sal
there was no ground OF IL. parchment, becau'
everything hid been regularly done under I'll
forms OF law But the public eye penetrate
the thin disguise of legal forms and disclose
brace Of unmtigated rascals. The rlddant
will not be complete until the old constitution
with all its progeny, shall be swept away
EQUITY.