The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-11-06

THE DEBT ORDINANCE.


mont, ralltrrd IL TINT purpose. Tho first owl
drnce of their design was manifested during
tile last days of the constitutional convention,
when the Republicans IN thn' body W"ra IL
Atruct"d Ivy John Shermnn to prevent. # pos
possible, any settlement Of the State debt, On
tho ground illnt IL would be greatly 10 this
interest OF their pnrty To have thH question
enter into the campaign MS u disturbing as-
ment- Shrewd, cold-hoodcd anl utterly a.l4
llsh, he believed he saw an Opportu-
nifty ~ create u diversion nmonR
the white people of tin State.
which. under proper manipulation md ny tho
use ul II sufficient amount Or money which
10 doubtless proposed 70 raise from his bond
holding friends md brnclininrics Of Will
street, might render II combination between
the Radicals and boiling Democrats feasible
nnd successful The DEMOCRAT WAS quick to
Icnrn aud expose tile scheme Of the Souths
nrch enemy and the result was to prccipItnte
III agreement between TIN" Democrats who
hnd honestly differed M to tho best method of
settIlng tho bond question That agreement,
while not Ill that tho bondholdera on the ono
ar or The people on the Other demanded. yet
offered the best terms possible undor thu cir
eumstnnCcs. md after mature dcliberntion
IL now accepted by q vast majority or orr PEG
pln as reasonable ana just. It wila manifest
~ impossible fer I,ouiRiannto continue longer
to boar tho burden which had boon placed
upon her. and the time hhd arrived whom she
was compelled to say to hnr creditors, "Givn
us n respite, grant III Al opportunity To
recover from tho awful caInmitios of pro-
t,Iu Gt ri MI nj
and we will meet your clnims. but W. cnnnot
pay N per cent interest nny longer
Tho offer to recognizes tho face Of tho
debit and pay 2 , and 1 per cont interest.
leaving it optional with the bondhodcrs to
reduce their claims 25 per cent and receive III
once per cent. ii now generally conceded u
bo liberal and just and tho bondholderY viii
ovlnco sound Judgment by accepting It ~ the
best possible settlement that could have beer
secured from tho representatives OF nn Inn
povcrshcd people, who with every desire to
| meet all legal liabilities, found themselves,
from II combination Of cnlnmtous circum-
stances unable To boar the load hcnpcd upon
| them Ivy years of mismnnagcmont. In their
efforts TO meet tho obligations of tho State,
and to pay mn exorbithnt rate or Interest,
4
| verge Of ruin and bankruptcy, and only do
] INJURED when the Issue was narrowed down
| 10 utter humiliation or n new arrangement
| whereby thoy might DO cnabled to live and
mako provision for the future.
| Fooled In the attempt 70 create u division In
| the convention, John Shcrman's bondholdIn9
supporters determined to organize u move
mcnt backed by th" money power of New
York to defeat the debt ordinance IN the com
Ing election, md then 70 move against the
State i'll the Federal courts 70 enforce through
their machinery the letter of the bond.
| This purpose has been faithfully adhered TO-
and both In tho resolutions adopted by the
Sherman convention mn. II tho 4preches OF
Mr. Taylor Bnattie. Mr. Shcrman's candidate
for Governor Of this stats" we find 1t the
dominant Idea. 'Thn people nre falsely told
that the settlement Of the debt II reputation.
| and that tho most dire results Will follow
should The ordinance be adopted; they af~
asked To vote against "a arrangement TINT
| will enable them to- lift themselves from Dow
erty and want, In order TINT the Radical party
may triumph and the bondholdcr receive tie
lcttcr III his bond, his iuII pound Of flash
W. warn the p"ople Of Louisiana that lf
the debt ordinance Is defeated it Is the
| relentless purpose Of John Sherman and
| the Radical bondholdcrs ut Ills hack to try To
| make them pay tho five and q half mills for
| these bonds, even If Tn" troops Of the United
States have to be employed to collect the tax
| This Is not mere assertion, but Is warranted
i by tho speeches recently made by Blaine
| E,yarts ana Sherman, and Nv MI the nets and
| 1,t,ranrr, Of HAYES and his administration
| III reward rs the use of the military we ina
the following suppestiva paragraphs III h Ne
can, article Of the Nav York ,ua which
hr,. IN, "a 40 fla situation.
INSTRUMENTATION Nv Mr. Iayos In his vatooe
aud 10y tho Republicans III Congress with ~
spe1 20 ,he hii'iry po""i '''iS ~ SUMMATION
Tho ,resLaenf may send tho army into any
S,'en 10 "nI".n nkmths, Hny palnI'n q hno pao
s.itber Staln or national. Fla may do th. nj HI
| own pleasure: ~ Is net rtI iirrd 81 Wait for the
down opuosi' ION 70 the s'n.e laws, or for the