The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-21
IA MATTER e ONE MILL.

Il 80 - = = 49, $500 t-.AAA5Ae'
Yesterday we published q memorial from
Or. Bruins, Cen q. N. Ogden and other citi-
zens, addressed to the Convention, In which
the memorialists urged the recognition OF the
State debt at its fece value, In consideration
OF q reduction OF interest, to be agreed to by
the bondholders.
This memorial begins by urging that the
resolution OF the Nichols Legislature Of 1877
settled the State debt as at present outstand.
ing. 1t AYERS that many of our people 30
accepted that resolution, and were induced
BY 1t to make heavy investments In State
securities. The people who made these In
yestments were made to believe, not only
that they would prove profitable, but that II
was patriotic act to make them, In order to
give fiat denial to the charges Packard was
making, In order to influence public sentl
ment at the North, that the installation of
Nichols meant reputation.
| But, without reclting the several arguments
urged by these memorialists, lot US get ct the,
gist Of their propositions. They say:
We have reason 70 believe that large ma
their iH demand for 9 low limit 81 taxation. and
thss hs ss &c
LII 5s the Convention. then starting on basis
SLIT 900 to $50 900 600 fix the limit Of taxation
for al purposes OF six mills, and fixing . poll
e 9ly Tee s 9 q e e. ey r s III nsos
sary prerequisite for exercising the right Of
franchise. the revenue would be-
From poll tax TOO 900 voters). 100000
Licenses from lotteries. bar-rooms. cor
porations. beer and concert saloons,
~
trades. etc. ........ 100000
We believe that q proposition to pap per
cent interest for five years and per cent there
There would then be needed for interest during
the first I've years per cent on ei2000.0 600.
saso.ooo. leaving q surplus Of $l,2eo 900 for ex-
penses Of the govern ent. schools. sinking
We do not believe that the gentlemen whose
names are subscribed to this memorial would
have thus spoken entirely without some at-
thority for their representations. They say
that they "have reason to believe that a large
majority, If not nA OF the holders OF State
bonds" concede the necessities OF the people
and the justice Of their demand for relief
from taxation. Again, they affirm that q
proposition looking to the relief Of the tax
payers would be readily accepted. They sug-
gest the basis 1t Is 8 per cent for five years,
and per cent thereafter. They, beside,
60 on to suggest the basis Of taxation as well
as the amount. They Tx the rate at Six mills
and venture the assurance that this amount
Of taxation will meet al exigencies that may
arise. Their assurances are based on facts
and figures, and they provoke consideration.
They come, too, from gentlemen Of the high
est reputation and influence throughout the
State, and whose standing and associations
with business men have afforded them every
opportunity to know the sentiments Of the
commercial community. and qualified them
tospeak for It's interests authoritatively. These
gentlemen believe that settlement satisfac-
tory to all parties can be reached on basis OF
six mills; the Convention fixed the limit yes
terday at five mills Here Is difference Of
but one mill, and when we come to consider
the wide difference OF opinion, the uneasiness,
the dissatisfaction and bad feeling that lie
within these confined limits, we do not
believe there Is q thoughtful man In the State
who would not willingly accede to the higher
rate. There can be no question that II the bond
holding and taxpaying interests within the
State arrive at an understanding they will
be sustained by public as we'll as CONNER
cial sentiment, which will forbid all efforts
on the part Of foreign bondhoiders to disre-
gard the agreement arrived at. This, alone,
Is consideration which should have great
weight with the Convention.
We see nothing In the present situation to
forbid the hope Of a satisfactory settlement,
and this we confidently bespeak.