The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-09
FERIIC DEBT ANn PUBLIC CREDIT
THE ENEMIES or PRIVATE CREDIT.


To tho Editor of the Democrat:
The great question OF our financial condi-
ton is prominently before the people OF city
and State, and 1t Is plain that IL Will pc one
or the most absorbing questions at our ap-
proaehinp constitutional convention. read
with very great inter, 81 the opinions ex-
pressed In the press OF city and country. ana
1 cannot be- blind TO the fact that sophlstry
and assertion are favorite weapons Of the
money power. Among the dogmas assidu-
ously urged are two, so frequently, 80 per-
sistently get forth, that to doubt Is almost
oertain damnation. No form or item OF re-
ligious creed, no pulpit utterance, is consld-
cred more sacred than those, none more
necessary for our happiness here and here
after.
The first is, the paramount importance oil
"Public Credit" the second is, the absolute
dependence OF private on public credit.
For one, openly confess my want Of iaith,
my entire skepticism. IL to doubt is to be
damned then my utter iniidelity makes my
situation truly appalling.
That thing called credit" Is simply con-
venience among men as organized into what
we term society. 1t makes what We call
money more readily transferable from one
point to another, and 1t enables the business
enterprises OF individual men, or OF small or
EXAMINATIONS of men, to be enlarged within
reasonable bounds, these bounds depend
ing on their absolute aceumulations Of
property together with their ascer-
tanned moral character their business capa-
city and their industry. Bring together in
one individual ample accumulation. best
moral character, industry and business capa-
city, and you have what Is termed "A1"
credit. Eliminate any one factor, and the
grade is impaired; eliminate more than one,
and, OF course, the impairment Ia proper
tionately progressive. But, strange to say
Gas the optimist would presume), The least IN
.j,apresultant on the elimination Of any one fac
tor is aUiten moral character is dispensed With
In other words, give man money, business
capacity and industry, and his Credit will
be good even although he may have recently
served term In the penitentiary. Give him
money and business capacity, and he may be
lazy and yet have good credit Finally. take
all away save money and as long as the
money lasts he is not without credit, Such is
the great rule The rare exception is to find
moral character alone commanding credit.
Rather oftener business capacity and indus
try combined with integrity will command a
certain amount Ut credit.
Such are the inevitable conditions as applied
to private credit" 70 some they may ap-
pear harsh; but sentiment has nothing to do
with it, and the conditions are the most
natural imaginable
And vet with absolute law like this govern
ing the subject, Ii not private credit every day
abused? Are not hearthstoneS made miser-
able-those OF both creditor and debtor2 Are
gNN fy.glf rFtyItI h Int IT,.
yiduals; are notbanks, insurance companies
aye, are not even churches wrecked by abuse
OF private credit? Are not even cities and
States shattered ny the aDuse OF private
credit Have not the people Of this whole
countr witnessed this condition OF things
ever since the fall Of 1892
And If this can come in spite Of all the safe
guards instituted by man over each other: I'm
spite of the natural laws of surveillance !
have pointed to, who shall dare check the ex-
treme danger incident to that football of the
so-called fnaneer, public credit I" Ii, then,
men In their private lives are 50 unmindful Of
themselves, SO utterly obltvious OF their
fellow-men so ignorant or regardless OF the
natural laws that control business how can
we imagine that "pubIic credit lisa blessing
indeed, that 1t is anything but curse2
mean Ia his private relations, with his moral
and business character and his own
money, with the happiness of his own
hearthstone at stake, Is MS truly represent
him, whet are we to expect OF him stripped
Of this great shield and either legislating away
or officially administering the taxes levied on
the toll and industry Of his fellows? Let
every man ask himself TX he does not see
every day and hour OF his life men who are
tlagrant illustrations Of failure OF private
effort put to administer the more intricate
affairs of the public purse; aye, men put
to legisate, to create public debt" to
establish ''pubc credit" who have no
money nor credit OF their own. No, not even
the least important factor OF private credit,
,,,, nf,,t 4 ot ma nClf
himself IL he ever saw the State or city buy
anything or do anything at the same price
that private individuals could, at the same
time have bought the same thing or have
done the same thing. The answer Is inevita-
ble-in all such matters the State or city is
but the prey of men who live and grow rich
off an artificial and unnecessary business
originated and fostered by the so-called ser
wants of the people" A State or a city starts
with a certainty Of income possessed by no
individual, yet they buy and build always on
credit, while the careful individual seeks to
buy Oh build Mt the lowest cash price
But it will be argued that States and cities,
like individuals, must engage in enterprises
beyond their cash ability; hence public
debt" and then follows the necessary foster
ing of '.public credit" Let any honest and
observant man look, and he must see that
nearly all schemes OF so-called public i'm
provement" are In reality but rotten schemes
Tor private enrichment. Here at home we
have but to look mt our levee companies, our
Penltentiary contracts, our railroad schemes eg.
inc proyes the charge. All, all is the rape OF
the products OF the legitimate industry u the
only men who are OF real value to city or
State.
No; II Louisiana and New Orleans cannot
be freed utterly Of all debt tomorrow the
man who would advocate the creation oil one
dollar Of public Indebtedness should be re-
garded as the worst enemy OF city or State.
On the contrary, every man should raise his
voice for constitutional prohibition Of public
debt" Our motto should and must be
Public debt" is a curse, And there is a twin
sister Of public debt, viz: "PttbIic credit"
zoo send the members Of the coming con-
stitutonal convention may become of this
CONVICTION! Then l will believe cur saliva
ton Is near at hand
The second dogma Of the money power Is
that pirate credit is dependent on public
credd." You hear this dogma preached every
R9nr s Q t qt t IL E nrnt most intelligent
ought to go for little in this enlightened age
! say to them Give US the proof reason IN