The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-08
UNFINISHED BUSINESS.

Ordinance No. 429, relative to the State
debt, passed On second reading July |, pro-
yides for the payment Of interest on the face
OF the bonded debtat the rate Of 3 per cent
for fifteen years, and per cent thereafter.
It yet remains for the Convention to provide
for tax necessary to pay the rate of interest
stipulated, and to- say what provisions shall
be made for redemption, Ii any.
Under existing laws, we believe that all
surplus Of interest money ID applied to the
redemption OF hepublicdebt II, therefore, 1t
be the desire or intention of the Convention to
defer the redemption Of any part OF the debt
until the people shall have reenperated
somewhat, it will be necessary to adopt pro-
visions Of that character.
The ordinance adopted transfers to the
credit OF the general fund for the year 1880
the surplus of interest for 1879 over and above
the amount required to pay the July coupon,
and we think a provision may be adopted
that will fully provide the funds required to
pay the per cent interest agreed upon, and
yet meet the views Of those delegates who
think that an appropriation OF three mills is
more than sufficient to pay the interest
This difference OF opinion should be adjusted
by requiring that the tax levy for payment OF
interest should be three mills, and annually,
after 1879 until 1885 OF 1890, ali surplus Of in
terest not required for the payment OF the
interest Of each year, at the rates provided,
should be transferred to the credit of the gen.
eral fund Of the succeeding year, after said
interest shall have been paid. In other words,
postponing the application OF a redemption
fund for five or ten years, and, BY applying
the surplus to the general fund.- enable the
reduction of taxation for general fund pur-
poses to that amount
1t Is useless to temporize longer with the
question OF the debt. The delay In making
proper provision of funds to meet the interest
agreed upon, and to- fix Hmitatation Of
taxation to six mills, or such figure
as will give assurancesof the prompt
payment OF the low rate Of interest
adopted, is simply exposing the question Of
the debt to operations of the sharpers and
iobbers, and 10 rapidly bringing discredit
upon the Convention In many quarters.
Many important questions remain to be
acted upon. This question OF the debt has
already consumed the larger portion Of the
time OF the Convention; 1t absorbs the
50 until disposed OF. and lit Is high time that
those delegates who have been 80 profuse In
their declarations Of desire to see the ques-
ton adjusted upon an equitable basis should
decide to act manfully and courageously, and
no longer cavil and hesitate.
These are no times for the arts and shuffiing
Of demagogues nor for timid men who fear
the shadow OF a popular frown. Occasions
weighted with the hopes and happiness of
over eight hundred thousand people, demand
the wisdom and the courage of men who dare
to have convictions, and to act upon them.
The change In the tone Of our country ex-
changes is significant Of the fact that the ad-
justment SO far arrived at on the debt ques-
ton is satisfactorily received; quite a num-
Der OF those formerly supporting the ma
jority report have accepted the settlement
and nearly all Of them have ceased any fierce
opposition, and our private adviees from
various parishes confirm the belief hereto
fore expressed. that the people at large will
acqniesce.
There is infinitely more discomfort dis
played at the prospect OF an extended SEES
sion, or that the Convention may adjourn
without completing the work for which they
assembled than is to be found against the
adjustment Of the debt question.
The reports on the judiciary, corporations,
elective franchise, internal improvements
and city affairs, nearly all OF which are quite
as important aa the unsettled questions
affecting the debt, remain untouched, and we
hope that spirit OF compromise and ener-
getic, courageous lexertion will prompt the
Convention to remove the obstacles to
speedy contamination of their labors.