The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-05
THE TRUE PLAN OF RELIEF.

Inn observation Of Edmund Burke: "The
who destroy everything certainly will remov
some evil. But" continues the great philoe
opher and statesman, ITO give them eredi
for what they have done it must ap
pear that the same thing could not have beel
accomplished without producing such revo
luton" We recommend these utterances +
the members OF the Convention, and solicit TO
them calm consideration.
Those of our friends and fellow Democrat
who propose to support the majority repor
Of the Public Debt Committee, fall certainl.
in the category Of those who, by destroying
everything, will remove some evil. But ar
those gentlemen SO panoplied with arguments
to sustain their revolutionary programme
that they can 60 before the people aud prov
that It was impossible to accord the State re
lief except by repudiating our whole lively.
millions OF debt, and In the process destroy
ing IN the city Of New Orleans fully six mil
lions OF wealth staked upon the honor ant
credit Of the utterances Of the Democracy o
louisiana
We feel certain that the supporters Of TIL,
majority report are acting unwisely and with
out due consideration. We feel certain thai
they have not covered the whole field OF inves
tigation, and that II they stand by thei,
present position they will destroy everything
for the purpose OF abolshing compare.
lively Insignificant evil. In short, we believe
that to rid the State Of few hundred thou.
sand dollars OF interest tax they will wreck
that credit upon which rests our commerce,
agriculture and other industries.
Cannot the burden Of debt and taxation be
mitigated without resorting to this heroic
treatment We believe 1t can. The great finan-
cial and commercial depression In this section
Of the country is certainly largely the result
OF the financial policy Of the Federal govern
ment which has made New York the great
financial and commercial center OF the Union.
The real duty, therefore, Of the representa-
tives of our people is, not to bring this city,
State and section under the remorseless ban
OF the money power OF the East, but to 90
manage and administer our debt and financial
affairs generally as to counterfeit the disas-
trous effects OF the Federal policy and afford
real and substantial relief
Reputation, pure and simple, will not &C.
complish this end. The adoption Of the vi
clous and reckless programme mapped out
by the majority OF the Public Debt Commit
tee will not benefit u.s. These are the schemes
Of men, willing to do good to the State, but
who have mistaken the means. Indeed, we
will not deny that q knowledge Of the poverty
OF the people and sincere and patriotic pur-
pose to mitigate the burden OF that poverty
have suggested these schemes. But some-
thing more than this 10 essential to shape the
measures by which a State or nation Is to be
saved. We want the burden Of taxation re-
duced. Who will dare dispute this PROPOSE
tion2 We want the millions Of debt, with its
exorbitant rate Of interest, adjusted in the in
terest Of an impoverished people. Will any
man who hopes for honor or office in Louisi-
ana say nay to this proposition? But we do
not want reputation, the ruin Of the credit
OF the commonwealth and the paralysis OF all
our public and private enterprises.
Tho majority Of the Debt Committee have
presented their proposition, We believe that
they were animated in making that report
by an honest and sincere purpose to serve
the State. But every conservative and right
thinking man will affirm that they have mis-
taken the remedy, and proposed to relieve
OAAO OSAA ~ ohO AA0u8 NJ 6AAOA VI d kI6AtNE
one. We want. then. another proposition.
The debt must be readjusted in the interest
Of the people. The taxpayer demands relief.
The bondholder Insists that the face value of
his bonds shall be sacred. And yet there Is
no real or irremedable antagonism. The tax
payer and the holder Of the securities OF the
State may and must be brought together.
This union OF interests must not be pre-
vented by the fierce and reckless repudiator
Or by that greater public enemy the specula-
tor, who holds that the taxpayer is the slave
Of the bondholder and must pay him dollar
for dollar and cent for cent, principle and in
terest Of the debt.
The DEMOCRAT has proposed before, and It
now renews the proposition, that the six mil
lions OF the debt held here and as much more
as may be brought here, shall be converted.
with the recognized floating debt, into small
bonds OF SIS, $40, $40 and $50, and used as cur
rency.
We wish specially to call the attention Of
The farmers and planters OF the parishes, and
of the country merchants, to this proposition.
Under the national bank act no bank can
lend dollar on real estate, and the ten per
cent on State bank circulation has disabled
our State banks from aiding our agricultural
interests. These facts account, in a great
measure, for the poverty and distress of the
agricultural regions dependent upon New Or
cans, and which, In their natural resources,
ire the richest in the world.
vuffering under the burdens Of taxation,
deprived Of all reasonable aid, and impover-
lshed by long reign OF governmental spolia-
lion, the planters, farmers and merchants Of
The parishes have become to certain extent,
They have been driven
70 the wall. The bondholder has
been remorseless, the office holder has de-
manded bis stipend, and the tax gatherer
has been certain as death. Under the infiu-
ence OF bayonets, high taxation, profllgate
government and specie resumption, our very
fields have been stricken with sterility, and
even the flowers and fruits Of our heaven
blessed land have withered under the blight
ing influences Of the corruption and rapacity