The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-14
sowr oV ovp uNsUHANCE COMPANIES.

n ID q rlatter of rotorety, that several
.,ent,amnn oocupying positions OF authority
and trust in our insurance companies, men oi
,anutad sn,elllgence aud business capacity,
are exceedingly active In opposing the cleo
tion If every candidate for the convention,
who is I'm favor Of rejecting the fraudulent
mart IL the public debt, and reducing the
intarest on the remainder Although known
10 be excellent gentlemen. j do not ascrlpe
their course In the premises to hlgh moran
considerations, or a regard Tor the pnphc
veal but presume that the companies they
represent are interested In city or state
securities. and that eelf-nterest alone inspires
their proeedings
Their conduct In this matter ! believe not
only TO be unwise, but positively suicidal TO
the interests Of their companies. lhey grasp
at what appears to their short sighted VISION
to I've erl'jmnedate benefit, entirely obltviouF
to the patent fact that this benefit cannot he
attained but on the contrary, the effort would
result TO their pecuniary loes. Speculative
reasoning has long since proved that the I'M
mense taxes levied on the city and State
would year by year diminish the capital oi
the community, cuitail ats pfooucuolls' ano anu
would render the people year by year less
able TO meet the requistion5 0f tho tax col
hector. ii ever the deductions of q miori
reasoning were verified by experience, these
were. as every man not landholder, or
struck with judicial blindness. has seen the
utter inability OF the people TO pay their
taxes.
That very respectable class directly inter
ested IN bonds, by the ald q t sunsinneh J. l'd
wink the people on this important SUBJECT
but II ever successful they can be SO no
longer. Notwithstanding the elamors OF the
Interested and their dupes about equalization
of assessment which means an increase OF
taxation I'm the country-hy which ~ IL Claimed
that our burdens will he hghtened by inoreas-
inu their weight, every mau knows from ex-
parjanrp that our present taxes cannot be
paid, and all the enactmeDts OF constitutional
conventions or Legislative assemblies cannon
extort them from the people. Blood cannot
be taken from turnips. -
Therefore our insurance gentlemen Will
frajn nothing towards enhancing the value OF
fheir bonds even II successful In having all
their candidates elected and their measures
carried in the convention. But on the othef
hand let us see how their interests are Affect
ed If the fraudulent bonds are rejected, the In
terest on the valid decreased from to per
cent and as a consequence taxes reduced anu
limited to per cent ON the state ana pet
cent ON city property. This, of course, WOULD
leave go much more capital in the community
to be used productivity, by which real estate
would be enhanced in value, business would
improve and as n result insurances would IN
D crease also, rs IHS DNsbltstS, iiht cNciS cthc'
is affected by alI that affects the general
prosperity. IN,
Hence the bonds Of these gentlemen will
not be increased In value by the continuance
of the present rate of taxation, but II not
fraudulent will surely increase In value by
its reduction, but let that be as 1t may, the
interests of the institutions they represent
will he subserved by reason of increased busi-
ness. even IL their bonds are thrown into the
fire,
How the customers of the insurance compa-
niea the owners OF real estate, who are directly
Interested I'm decreased taxation, regard the
active exertons of these gentlemen In direct
opposition to their interests cannot say, but
| must assume that they are not without
some Of the feelings common to the rest OF
mankind, and must regard with no favor
those who wantonly inhict injuries on them.