The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-02

ior which It was given; and, besides, these
oonus nave In most cases, perhaps, been many
umes. transferred. But 1t is an historical
iact, or which the convention will be justified
All that portion of the Indebtedness created
Under the administrations of Warmoth and
Kellogg, was fraudulentand without adequate
consideration to the State; but the State con-
sos represent all this iniquity. How shame
full would 1t be, for instance. to compel the
people of Louisiana to pay that portion of the
state debt which represents what was known
as the "Ludeling bonds" and which, at the
end Oh the forty years which they have tc
run, will amount TO four millions Of dottdrs-a
snug little State debt Of itself.
The convention, finding that 1t will be I'm
practicable to determine what Is good and what
is bad, will have to adopt the rule by which
people act toward each other In doubtful cir
cumstances. The good must suffer the pen
atty Of being found In the company OF. the
bad. Unless all can be paid, all must be
treated alike.
Louisiana Is bankrupt, but she must be an
honest bankrupt. She must meet her credi-
tors face 10 face, In fairness and candor. She
must conceal nothing which her creditors
have q right to know. She must make 9
truthful representation OF her actual t;ondi.
tion. She must get down to hard pan" and
find what she can afford to pay to her bond.
holders, after taking into account the amount
required for educational and charitable pur-
eminent. Any additional sum the people
can bear s1riH be the criterion for scaling
The debt Is now about twelve millions. The
total property valuation of the State Is about
one hundred and forty millions, and 1t is well
known to be at least one-third too high
Four millions would be q big debt for
Louisiana In her present circumstances The
scaling, therefore, should at least be $685. pei
cent, or the present bonds should be refunded
at 331s per cent on the dollar.
al IN nj niota In " nrh
which will permit citizen to so into bank
ruptcy and compound with his creditors, but
will deny the same thing to State which Is
but an aggregate OF indivuals. A bankrupt
law is not convenient device to enable a
man to escape his debts; that would be
wicked and abominable; it is based on the
broad principle of public policy, that, under
falling circumstances, man may have the
incubus OF debt thrown from his shoulders In
order that he may become more useful
member OF society; do better for himself, his
family and his State. SO Louisiana would
come out of her bankruptcy like "a young
giant refreshed with new wine," to enter q
new career Of prosperity without the loss Of
honor or credit.
The people of New Orleans pay most Of
these taxes. They should therefore prepare
to Join shoulder to shoulder with their
brethren In the country parishes In this great
crisis. The poor city OF New Orleans may be
dragged into court by her own bondholders,
II they should decline to accept any PROPOSE.
tions of adjustment, and be compelled tc
pay by the coercion of the law, go far as her
assets can be reached, and her taxable
resources be made available But the State
can compel her creditors to come to terms OF
go without anything. Every reconstructed
State that has been afflicted with the abomi
nation OF carpet-bag and bayonet debts, has
forced her bondholders to accept new terms Of
settlement. Why should Louisiana, the
worst afflicted OF all, hesitate or fear tc
move? EQUITY.