The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-07
was one of sorrow and of shame to our entire


State.
Dropping LudeIipg. ID. q. u. passes on to n
decision Of the Supreme Court OF the United
States, reported In 1G WALL which says 1t Is
too late to question the validity Of bonds
where IL appears they are In the hands OF an
innocent holder. 1t Is not necessary to ex-
anime the facts and circumstances which
make up tho case In which this decision was
rendered. ! will accept them as being an
alOgOus To those which surround us, but
will ask you to observe particularly the term
innocent holder" for 1t seems from this
that the court would Imply that II the holder
he not an innocent holder. 1t Is ncrcr too tafe
TO question the character of his bonds. Now,
are the holders Of Louisiana bonds " innocent
holders" in the ordinary and technical sense
of tho term2
Let us see. Several years ago the people OF
New Orleans, becoming alarmed ut WAT
moths proiligate expenditures OF the pubic
funds, and reckless and rapid manner OF issu-
ing bonds, met together to consider the sit
uation. and II possible, adopt plan by
which they might destroy the value ot these
bonds. and any he might subsequently
issue. They took legal advice, anu; a,CtI mn mn
ture elaboration. published II declaration
that Warmoth and his Legislature
wore trnnscending their authority and that
they, the people, did not INTEND 10 pay "
single obligation being then created. Ihls
document. signed by our lawyers, bankers
and merchants, was translated into the priil-.
eipal languages of civilization, and sent to all
tho monetary centres Of the world. We
warned the world, gave them legal notice
that our agents had gore beyond their pow
ers. and we would not be responsible Tor
their acts. If. after this these bonds found
market the purchasers took them Mt their
peril, and the argument of Innocent hoidefs
does not apply. But, II this notice had not
been given, were not the acts OF Wafmoth
and his rrpebooters sufficiently notorious 70
put the most innocent man on his guarnf
The history Of Iousianas recent past, writ
ten as IL Is with the blood OF her Sons anu inc
| tears of her daughters" Is known In every
section of this country; there Is not man III
America SO isolated rs not 10 have heard OF
the spoliation Of this Stnte Whcre tneh
| il the innocent holder to come from' WIN u.
| g. l.. enlighten me2
Tho next quotation made by ID. u, IL. Is
from an act passed by kologg's Legts-
lature. which says: "rhat no court. or
| Judge thereof, shall have power to enJoln
| tho payment Of principal or Interest
| or any bond issued under this act or tho col
lection Of the special tax therefor, etc :. Ana
we are told by D. q. l.. that this must bea law
| unto u.s." Why? Because 1t was passed by
| The Legislature? Is not the clause which pro-
hifits the courts from interfering with tho
| operation Of tho act dead letter. IL IS q
| direct interference on the part ~ the legs-
ative with the judicial branch 81 the govern
ment. It Is an attempt to deprive the courts
of their constitutional right to pass on the
validity of n Legislative aet-an exercise Oh
| power beyond the scope OF the Legislature.
| NV attention Ia next called 70 an act TO
amend the one just quoted. which II signed by
| Nichols Witt and Bush, and for that reason
| Is supposed to be of binding force. But sup
| pose il could be shown that the amendment
| on which this act is based was never ratified
hv the people. but frtuduIently counted in by
| Wells: that IL was never promulgated IN the
manner prescribed by law Would this not
nvalidate all subsequent legislation based on
! it2
/ ~, bo
Of abusing every man who dares to raise his
voice against the recognition OF fraudulent
claims. This trick Of confusing two distinct
ideas il rs old rs tho hills and comes down to
times" says Bastian, "expand and extend it
self through the whole tissue OF long the
ory" More frequently it contracts into a
principle aud hides itself In one word;
Heaven preserve US, SAID Paui Louis.
"from tho devil and the spirit Of metaphor
don't know which causes the most evil in
this world Of ours Let IL ) SEQ what Is going
on around us great debt was fraudulently
created and n ruinous tax created 10 main
tain It, The people are Impoverished, thelr
energy is destroyed, their very morals I'M
dermincd. These are great evils, ana II
would seem that the people need only nave
clear view Of them to adopt remedies: How
then, are they kept from doing thist BY
metaphors the perversion OF words. The
meaning of some word Is forced, changed
Such is the use made, for instance. of the
word ''repudiaton." A holder OF fraudulent
bonds exclaims, "Save us from repudiationr
endeavoring to confuse refusal TO pay fraud.
ulent claims with the reputation OF honest
ones. And yet what analogy exists between
the two? But is it not better to apply hard
names to honest people than relinquish oul
share of the spoils? This, as | said before, Is
an old trick SO old that it should be turned
out to grass.
AS | shall probably not trespass on YOU
kindness again. let me reiterate my position
| am not a repudiator. | scorn the term
But ] am opposed to the payment OF fraudu
lent bonds bonds issued Illegally, for pur
poses Of rascality. SPES,