The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-27
THE CONVENTION AND THE STATE
DEBT.

TO the EultoT OF the D6mOcTM.
When men arrive at the same conclusion
and are working to accomplish the same re-
suit, difference In methods should not be al
lowed to distraes common purpose to ALLEVIATE
In sympathy those who are engaged In q COM
mon cause. But your correspondent "A. w."
In reaching the same end that and others pro-
pose combats certain propositions that laid
down in former communication touching the
powers Of a constitutional convention, which
makes It necessary for me to say word or two
In reply. as fail TO see that have put forward
an unsound proposition.
Your faeetious correspondent. who comes
fresh from "Pinafore." It seems, has evidently
been absorbed In less serious questions and has
failed to gee that In all have written about the
question he discusses. although the legal as
poets OF the subject have been considered.
have always claimed and urged that the public
debt question should not be- narrowed down to
litIgated case. bat should be raised to the
higher plane of a political issue. Your other
correspondents who have espoused the cause
OF the people have presented the same view
with superior ability. But. OF course. when we
found that the advocates of the rights OF tho
bondholders were urging that there were latent
powers in the Federal judiciary to coercs the
payment Of the interest and principal of the
bonds that view had to be met, with what sue.
cess modesty must leave the public to decide.
| briefs" and smack OF the law Office. but they
have been the result OF o studious attention to
ne pnd social 81 seepo and
who is In real sym athy with the main object
| In view. and who is so capable OF render ing i'm
interesting questions would Join US In the great
debate now going on In Louisiana 1t would be
,I an an yhb nada that could g
Academy of Music. IL seems to me "A. W. is
playing heavier part than that Of II. n. :"
| 1t ia 10 less than Hamlet with Hamlet omitted"
He rips open the bonds. CUTS them. and throw
ing the lifeless car cass-the paper shell-at the
feet OF the bondholders. exclaims with pafriotic,
| fervor: Here Is your contract, take 1t and Will
| protect ard defend you In its enjoyment. I am
no repudiator rs others are" He. reminds me
| OF the accommodating candidate for legisl ative
honors. who said he was Ia favor OF the Maine
law. but opposed to its enforcement The bond
holder may well exelaim:
mo more o. that Hal,
An thou lowest me-"
For IL the five and half mills tax is no part
of the contract. and Is subject. like any ordt-
nary act OF the Legislature. TO repeal or modi-
state consols are not worth the paper On which
they are printed.
quite agree with "A. w." who presents the
subject with force and ability. that it was not
competent for the Legislature OF 1874. either
by act or constitutional amendment. to make
any such provision. for reasons that we have
both given: but 1t seems to me the true arRu-
| ment Ia not advanced by him. His idea seems
s lax b
called OF 1874, but being no more than an or
binary Legislative enactment In the funding
manner BY subsequent legislatures. This is an
error. The funding act Undertakes to set apart.
levy and appropriate, five and half mills on
the real and personal property OF the state. for
| each and every year. until the maturity Of the
bonds for the payment OF interest and princi-
OF the same shall constitute contract bet ween
the State and the bondholder. The amend
wh a pToydss bs D 81 es
the oonsois. shall se levied and collected sach
What Why Of eouse he ys snd
half mills. II the amendment had said "the
tioe and half mills interest tar required" etc.
1t would not have been any stronger. But for
all practical purposes this error amounts to
nothing. because "a. W." will. admit that it is
OF the State in the matter Of taxation. By a con-
5titutional amendment as by an act of the Legis-
lature.
In my opinion the only solid ground to oe-
cupy 10 this business Is to say that the whole
thing was fraud. In excess of Legitimate power.
binary proceeding by Kellogg and his crowd,
and had but one purpose-to give value to the
spurious bonds BY undertaking to tie up the
hands of all future legislatures.
Ii the bonds had been based on an honest
foundation. 1t was reflection on the good faith
Of the people Of Louisiana to express a fear in
tn1s manner that the interest and principal
would not be provided for in the usual way. II
the inventors Of the scheme knew It was fraud,
IT was an insult TO the people to try to palm Ii
on on them In this way, and cat of the means Of
future inquiry. This was the fact about 1t. In
former article "A. W." who is 50 Intelligent OF
Louisiana affairs. tells us that he opposed the
funding scheme because 1t was forced repudia-
tion. and that the whole thing originated in
to cut out Warmoth and Warmoth was trying to
cut out Kellog In getting a recognition Of the
l will say to "A. W." that the people propose to
step In and cut them both ont .
! intended to no. Zee some errors OF A w,
which must reserve till another time.