The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-06
THE STATE DEBT.
VIEWS OF THE COUNTRY PRESS ON
THE STATE DERT, REPUTATION.
READJUsTMENT, ETC.

THE STATE DEBT, REPUTATION.
READJUsTMENr, ETC.
r'H"in Marksvile Bulletin
We have an opportunity In the convention
about to meet to remedy most of the evils
fastened on us by the carpet-bag plunderers.
The dissecting knife must be used deeply and
widely. Inquiry into the origin and validity
OF the fraudulent part OF the debt must be or
ganized. We know that much of it was passed
upon by the iudeling court, but that does not
give much moral strength. Inquiry into all
the schemes by which monopolies have been
granted and public property given away in
the State and In the city must be organized.
An offlce-holding ring must be rendered i'm
possible; a brokers' and bankers ring against
the public interests must be prevented by
simplifying to the last degree the financial
affairs of the State; the debt that is undis
puted should be put on such a basis that in
terest can be reduced as low as that OF other
good public security.
lPointe Coupee Pelican.]
The people Of Avoyelles parish are much
Interested In the coming constitutional con-
vention. They wish to see school fund pro-
vided that will enable the public schools to
become OF substantial benefit to the children.
In addition to the present mill tax, it Is sup
posed that II the poll tax is all collected and
turned over to the several parishes 1t will
prove ample for school purposes. The Avoy-
elles people insist ON low taxes low salaries
and q reduction in the number of officers
But above all else they are deeply concerned
about the public debt. The impression pre-
walls that part of the funded debt origi-
mated In fraud, and cost the parties holding
this fraudulent bond about twenty-five cents
on the dollar.
They insist upon thorough investigation
OF the funded debt and refusal to pay all
dishonest obligations, and as to interest," that
per cent is just as much as we are able to
pay.
There never was q more frugal, honest and
Industrious population than you find In the
parish of Avoyelles. They are more indie
pendent, generally speaking, than those of us
who live in the river parishes; they make
their own corn, most Of their own bacon and
lard; have stocks of cattle and sheep, and a
spirit OF industry prevails in the entire par
ish. 1t Is but natural that such people
should demand plain and simple govern
ment should be opposed to high taxes or to
the payment of fraudulent debts.
IRaton Rouge Capftolianl
We quote the following very pertinent para
graph from the New Orleans Democrat.
The habit many parties Interested in bonds
have OF vileiy abusing every man and every
public official who ventures to differ with them
as TO the sanctity OF the State debt. or the pro-
and Industries Of he State to pay an exorbit-
ant rate OF interest on debt much of IL of
doubtful v lidity. has reached point at which
1t must and will be resented. According to this
privileged class there Is nothing sacred In gov
ernment but the bonded debt; every man who
questions that is a rascal. repudiator and a
public enemy. and ought to be suppressed. No
mans character ia safe against the insinua-
tions and fierce attacks Of men who, gambling
In bonds which represent all the sorrow shame
and poverty Of l. uisiana have "a little care
for the real interests of the State as benegam-
bian.
There is more truth than poetry contained
In the above remarks. Inasmuch as the
whole drift OF the cry for reform Ia based
solely on the reduction OF the salaries of pub
lie officials and the abolishment of useless
offices, we deem 1T proper to add that these
desirable measures, which we endorse, are
not sufficient to relieve the tax paying public
1t ought to be we'll known that 5L mills are
paid to the State yearly for interest on bonds
bearing seUen per cent interest These bonds
can now be bought for about fifty cents on the
dollar. Therefore, we deem it to be pretty
steep" that the people should be made to pay
bondholders and SPECTATORS fourteen per cent,
especially when these bonds are, in large
proportion, the result OF the swindling opera
tions of the Radical regime, aided by some
good men OF our side, who did not hesitate to
enter In these little schemes with the corrupt
legislators.
We say cut down salaries to ante beLl,tns
!; do away with superfluous offices;
throw out the fraudulent bonds; reduce the
interest on the bona tide debt to q nominal
rate, and do away with the 81 mill tax !!
There's Dhere ace are.
Baton Rouge Advocate
Good for the CdpitoiiGn. We rejoice that
our sprightly young contemporary has come
out for the reduction of Salaries to ante bel
tum standard. Also, that it is in favor of
doing away with superfluous offices, and
wants all fraudulent bonds cast out. That's
tin ton RIlt pOntpmnnrarU nDntiDnno
and wants the rate of interest reduced on the
bona fde debt to a nominal rate and the five
and one-half mill tax abolished. That's
good Democratic policy, and the Advocate
strikes hands with you on that.
Judge Duncan Buie In the Franklin SUM-
1 have never been In favor OF the State pay
Ing any fraudulent debt, and believing q large
OF the present State debt to be
am opposed to paying 1t as now
represented. / hold that it will be the duty
of the convention to inquire into and super
wise the State debt, and when there Is the
least trace OF fraud, though the evidence Of
debt may be in bonds, to reject the amount
coming under the bane OF suspicion. The
Funding Board OF Louisiana have from time
to time assumed to fasten upon the people Of
the State an immense bonded debt, and no
doubt the holder OF these bonds will resist
any action on the part of the convention
tending to annul them. This, / confess, would.
under ordinary circumstances, be proper; but
hold that the convention will be warranted
In disregarding the action OF the board and
determine what amount of the debt should
be paid. Tne citizens OF Louisiana have
cause to believe that they have been
robbed by their wOuld-be agents, and cannot
be too particular in requiring of those desir-
ing to represent them IN the convention an
on this as well as on other matters
subject for all organic law.
am not in favor Of wholesale reputation,
as some seem to be- The State evidently has
valid outstanding obligations that should be
paid. On this character of obligations favor
D reduction OF the interest to one-half, or to |
place it within the power Of the State to pay, |
with the current revenues, the interest on her |
government, and create reserve fund to pay |
equitable debts she may owe at
l am in favor of prohibiting the
State from issuing any bonds or evidence OF
debt In the future. Should the revenues