The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-08

ignored. all that the convention mas 70 90 ~
to pass an ordinance repudiating the
debt and then the commonwealth will not
owe d dollar that can be collected from
her. But II this debt Ii to be adjusted
In accordance with those great princi-
pies of justice which q State is bound In
honor to observe, end which constitutes the
glory and, In o great measure, the substance
Of sovereignty, all the thought, patriotism
and sagacity OF the Convention must be
brought To bear, and we trust that there Is not
such poverty Of wisdom among our dele
gates that they will find no practicable set
Element except In Reputation on the one hand
or the recognition Of the burdensome debt as
IL now stands, with Its outrageous rate OF In
terest, on the other. s#
We believe there may be found mere than
one method Of settlement which will relieve
the taxpayers and meet with their approba-
ton, and In which q large majority Of the
bondholders will aoauiesce.
The DEMOCRAT has proposed 9 settlement
which We believe would prove OF great benefit
TO the State, while It would secure 70 the hold-
ers Of our securities the face value OF their
bonds and q fair rate OF Interest. Ourproposi-
ton, already frequently discussed In these
columns, liz to fund that portion Of the bonded
debt held here, with as much more as may be
sent here for that purpose, Into currency
bonds, now 30 well known In Georgia, where
they have proved q great success, az baby
bonds"
In perusing the statements OF delegates as
to the condition OF the parishes OF the State,
printed with the report Of the Committee on
the Public Debt, we find, as stated at the out
set Of this article, the most unprecedented
and distressing condition Of affairs. There
has been a steady decadence Of oil industries,
enterprise and values; real estate nearly
everywhere has deprecated fifty per cent,
and Iii many parishes 1t has no salable
value; capital has been steadily with
drawn and property-holders are helpless
and discouraged. And yet our climate is
as ~salubrious and genial and Jul lands as
wonderfully fertile els they were when
Louisiana was rich and prosperous and
bloomed like d garden, and our population
is still composed Of an enlightened, enter
prising and ambitious people. What then is
the cause of this universal depression and
decay
IL would require too much space to attempt
to answer this question atlength. But 1t can
not be successfully disputed that high taxa
ton has drained the resources OF the people,
while the resumption policy Of the govern
ment and the destruction Of our free bank
circulation have brought about q distressing
scarcity Of money and reduced all values
here, as q similar policy did In England. fully
So per cent. Neither rich lands, nor human
enterprise, nor prolific crops, can long stand
the weight Of q governmental policy which
wrings exorbltant taxes from the people. and
by another process withdraws from their reach
the money facilities for working their fields
and exerting their industry and energy.
These are the evils that the Convention must
correct, IL 1t hopes to relieve the State and i'm
part new vigor to It's trade and agriculture,
and q greater value to its property.
But will the Reputation OF the debt effect
this2 BY no means. That extraordinary
step may reduce the tax rate one or perhaps
two mills, but it will add nothing to the
volume OF the capital which the planters
farmers and merchants OF the State re-
quire to enable them to carry on their occu
pations and rehabtitate their individual
I fortunes and the general prosperity OF tn,
: Safe. Reputation will not only not add tt
, our capital, but it will, for several years a
least, provoke such distrust Of our people an
t such hostility to the State that the none,
|. facilities the planting and commercial inter
ests demand will In a great measure be with
drawn from them.
The debate on the majority report OF TIL
Public Debt Committee will probably begi
on Tuesday. In the meantime let the sur
porters Of that report think we'll over thes
g points. Let them, II they possibly can, b
prepared when the report comes up to sho,
how the reputation Of the debt will or ca
add q dollar to the available capital of th
State; how the planter Of the Teche, or tn
Red river, or the Ouachita. or the Florid
parishes will be able to obtain a single add
tional dollar advance to make his crop G
improve his place. His tax may be som,
what reduced, but that can be more wtsel
effected, by the reduction OF government,
expenses and Of the interest on the debt, |
which the bondholders will promptly col
x sent. But il no more money Is put in Giro,
2 lation; Il New York continues to hold tt
= financial supremacy Of the country; II Il
y gold rings and the national banks still thro
~ the planter and the merchant, where WI
= theSmen ok Jacleon, 81 ot ST. Landry, or
4 y6t.s6e1enas.oEao1 IN.