The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-16
PUBLIC DEBT AND PUBLIC CREDIT.

70 the Editor OF the Democrat:
On the morning OF the thirteenth instant,
at the solicitation Of my fellow-citizens, 1 adj
dressed the three committees Of the Consti-
tutional Convention in opposition to paying
such so-cdlled debt as the State Of Louisiana
does not ore. / assumed these premises:
/. That government proper Is not choice,
but necessity to man In the aggregate-not
u choice, because In submitting to government
he parts with portion Of his liberty-an eces-
sity, because 1t Ia to protect man against man.
q That one Of mans greatest objections to
government is the draught 1t makes in the
way OF expense on the proceeds OF his indus
try. He is reconciled. however. II it be mod
crate and legitimate; he Is unhappy II 1t be
oppressive.
3. That "public credit" Is not q legitimate
attribute OF government proper. because 1t
means .publc debt" which means public
proiiigacy, which means extra taxation, which
means oppressive taxation, nearly always.
I argued that "public credit" ID d curse.
because
Il eurtails food and raiment.
II limits education.
II retards or prevents general accumulation
Of wealth.
1t represses enterprise.
It harnesses men and dulls the edge of patri-
lotism
It artiiicially creates q class, whose busi
ness Of life becomes to see that industry is
taxed beyond the necessity OF economical
government proper
II thus politically divides those who should
beln full mutual sympathy, industry, finding
Itself furnishing the very lever-money-w with
which to keep itself In chains. 1t creates
even foreign cIass-a class whose faces we
never see-whose business 1t is to exert q
money influence In the governmental con
Germs Of the people.
So much for public credit and public
" debt III the abstract.
A. said: However strongly objected to
public credit in thu abstract, i did not ask
we members Of the Convention To yepudsdte one
cellar Of debt absolutely o~edi tv the State;
On the contrary, that States like individual
Msn, should pay their absolute Orbits TO the full
set extent OF Their dbitif4
And now Tor what said Of the debt.
H asked the members of the Convention to
refuse TO pay, epery dollar Of debt inflicted on
We tby Radical rule.
q Whyp Because
1. Radical rule was military despotism.
o IL WIS put On MS In the beginning by ab-
solutely ,dtsfranehtsag the mass Of The irhite
race IN the State.
VI s. 1T was kept over us for eight years hy
Means OF the bayonet alone.
L. Because, during that eight years, the
people increasingly denounced the despotism.
and In pubic aud priv .te, everywhere and
under all circumstan es, proclaimed that thew
newer would hold themselves responsible for
the debts being piled on them.
D. Because the people even took up arms
and yanqushed the despotism, thus demon
strating TO the world the earnestness that inn
PEELED them.
g. Because zoe do not oUe one cent of debt
Aade By the Radicals.
This latter proposition is to be Substantially
meeting the arguments or the bondholders
why the Radical debt shall be paid.
What are they2
! Because 1t Is Unconstitutional contract
I Because Of the resolution OF the Legisla-
/ lure of 1877
; Because Of the honor Of the State. j.
n Z Because Of the ruin OF private credit. Ii
public credit Is impaired.
.. Because of "innecent third parties"
u. ! asserted that the people OF this State
seser did cote that constitutional amendment
" contract. il they did. then the positive act
W. great State must be susceptible OF proof
m moaoltabe. They could produce no docu-
mnentary proof as the archives Of the State
sso ..r none That they had but the die
MN 81 Radical Returning Board-of Mad
n mells-and SO far from this dictum being
pgol affirmative, twas the reverse.
Say now the people. the oppressed people,
sna aus State never voted that amendment,
u NJ DEFY you or any otaer man to prove it,
,s1 ~ 70 the resolution OF the Legislature OF
m MI, i,characterzedlit as mere brutem fa1men.
sAo ~ at Its best, 1t was cor ct pretefed Hijtt;
M ucn matter was utterly foreign to legisla-
M functions. But it was worse, for it was
~ 'oa one whisper from the people to dictate 1t.
n th ~ utter variance with the whole animus
Ism l .s protracted struggle against despot-
dennation. - WI ailuose UNIVERSAL oon-
~ V the honor Of the State being impaired |