The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-14
TN CONSULTATION.
~rrruNG or CITIZENS AND CONyEN-
TON COMMITTEES.

Tbe several committees OF the Convention
having In charge the consideration of questions
relating to the State debt. assessments. taxa
tjon. and limitation met last night In consuita-
ttou with two committees Of citizens one com
,,osad az capitalist and the other representing
..industrial classes" of the community. relative
" the settlement OF the State debt.
The meeting was presided over by Judge
Ticbardson, and was called to order at about
1.ao O'clock, After some little discussion 1T was
decided to permit the members OF the press who
,rara nresept TO remain, and the meeting was
dacared ready for business.
mi Gbss e. Fenner was introduced a. the
arat apeaker on behalf of the committee 81 cap
italsts.
IA hogan his address by saying that the mem
hara 81 bjs committee had carefully considered
oil Tho circumstances attendant on and sur
rounding the State debt. and the proposition
which they would make was based upon them.
The frat duty of an individual and Of State
,vaa tha payment of Just debts. He then spoke
of fhe character of the debt and of It's acceptance
Nv The people, and. continuing. he said that.
notwithstanding the fact that the people had
heen burdened and oppressed and that some OF
the debt might have been unnecessarily created.
tbev could not close their eyes to the fact that
tha total of the debt as Il now stood was not
much IN excess of that imposed by the acknowl-
edged legitimate representatives OF the people,
and Who could distinguish the excess. The
honda had been passed about from person to
person. and no one could separate them.
Considering all the circumstances tho COM
mtttee had come to the conclusion that some
concession was due the State. and they prop osed
~ recommend proposition which would be a
\, tab fhn ~
tee believed, be accepted by the bondholders. 1t
WAS Tho duty Of the Convention. and IL was but
inst to consider, not only the interest OF one
class of people, but OF all classes-not only the
interest OF the bondholders, but Of the t8xpay
ers. II was proper for him to appeal to those
considerations affecting the credit Of the State
ahav had weighed with the committee. and
ahould-and the speaker believed would-weigh
with the members Of the Convention. There
should at one and the same time be sacred
regard for the credit OF the State and for the
rights OF property. II was the interest Of every
man who owned property or expected to own
nroperty to maintain the credit of the State
There were different kinds OF property how
ever and a bond for which value had been
given Was one class.
n wac the interest OF every class OF citizens
Ia have the reputation of the State maintained
uutarnished for it's credit affected. the credit Of
the people was damaged
The committee did not believe that 1t was the
real estate owners.
THE TAXPAYERS.
who advocated Reputation and as regards
business men all knew that the life and saliva
tion of business was credit. and the credit Of
the business man was In no small degree Rf-
fected by the credit of his State. Business men
"a 4, nF,ra thax rto {p1x, ~
approye OF Reputation. AS to the masses. the
laboring classes. the old spun-out theory that
on them finally fell the burden Of taxation.
would hardly hold In the present case, Was It
not evident that II was to their interest to have
captal come to this State? and capital certainly
would not seek aed In a repudiating State. 1t
was to their interest to maintain the public
credit. and that nothing should be done which
would brighten of capital.
He was opposed to Reputation. 1t was not
Reputation to say that we are not able to pay.
and to call on our creditors and tell them so and
show them what we can honestly do and as k
them to help us out. and the committee. after a
careful consideration OF all the circumstances.
had arrived at the conclusion that the State was
able to accept their proposition.
They recommended that the interest be fixed at
n ner cent and proper tax levied with guaran-
fees of collection to secure Its payment. This
was entirely within the ability and province Of
the State.
If the proposition was favoraby received and
acted upon BY the committees and the Conven-
zion. the committee which the speaker repre-
sented pledged itself to use every effort to secure
its acceptance by the bondholders.
Let the matter be considered In Its proper
,,yht. Concessions must be made on one side
or the other and there was difference be-
tween a concession which might be asked by a
debtor and one allowed by acreditor.
Tot them consider what the additional mill
ana balf required amounted to. One and one
ha,f mil, tax on 800 would be fifteen CENTS on
s,noo Il would be 81 80, and on slo.oooit would
Ia ns. and who owning the money named
would object to the amounts specified Il u would
save the credit of the State;
n the ulan was adopted the State would be
aaved and renewed course Of prosperity would
be opened up.
HON CYRUS BussEy.
rresident of the Chamber of Commerce. was the
nayt sneaker on behalf Of the committee of
nanitaists. He felt some diffldence. he said In
addressing the meeting when he saw so many
gentlemen present members OF the Convention
nosted regarding the State debt that they could
thaaeh himself and others something In relation
hs he saS
did not n come as ring Of bondholdeIs. As for
himseif he was not and had never been inter-
natas IL honds. and he had come as citizen
Knowing the wants and necessities OF the com
merciai class and what was necessary Tor their
he found State debt an amounting t. abo n
~ q naople's sanction and acceptance thrown
around it. with guarantees that induced the
widnws and orphans to invest all their lost pro-
tectors had left them in the bonds which repre-
scented 1t. t..., +.,,.,,nr ~, t,x
al ility Of the state TO pay. sso,5 30,
In the census Of 1870 the people had sa,d .na'
Under cultivation. and the. value Of this land
was s75.3747s4: their iarm plna raa,S ~
to s4aas their garden products to - s7a sss
live stock was Sill. e2e lss 1t was an indtsputa-
Bic fact that since that time the productions
had largely increased.
Then the ietties had saved to the people o.
this State and would continue to save. over q.
400 900 annually on cotton freights alone. There
was no agricultural community In the world
81 the came size which could produce greater
al nd injuries