Louisiana capitolian. (Baton Rouge, La.) 1879-1881, 1879-06-07
CONVENTION NEWS.
EDITORIAL CORRESPONDENCE.
New ORLEANS, June 3, 1879.

expressions of Indignation and oppro-
brious epithets hurled against those
who have signed the vigorous" re-
port of the majority. Those interested
in the bonded debt, and their friends
in the Convention, have raised the
cry of "repudiation," and they pre-
dict the most wocful results in the
event of the adoption of the report.
They assert that it is impossible ut
this juncture to: separate the bonds
representing the claims that the COM
mittee recognizes as valid from those
that are considered spurious. The
funding, so they say, has amalgama-
ted all claims, SO that the effect Of
the proposition is entire reputation.
It is evident that perfect deadlock
on this question has now been reach
ed. We find, however, that large
number of the anti-bond men are
ranging themselves in the following
ing line of argument, which they
consider to be an equitable one in
reaching solution of the pending
difficulties.
1t is urged by the latter, in reflta-
ton of the assertion that the solemn
pledges of the State have been given
as a guarantee for the full payment Of
the present debt, thus involving the
public lonor-"that they cannot see
that the same constitution of Louis
lana which guaranteed valid owner
ship Of property in slaves, real estate
and other values, which was power
less to maintain these recognized
rights of ownership, by reason Of the
overthrow of the govenscnt of this
State by the force of the federal bay
oncts, carrying in their march the
utter destruction of such species of
prosperity; a c2nsummaton that every
one considers for the causes men
toned above as absolving the State
from the guar ntees that the consti-
tuition gave thf people, should apply
also to other pledges given in the
shape of railroad bonds and other en-
dorsements. They go Oh to say that
the destruction of the wealth of the
people has aeorrespondingly dimin-
ished their canacity to pay. Conse-
quently, wheni it is further considered
that the great'f portion of the debt
was created il| the face of the pro-
tests of the helpless people of Louis
lana, they thelf detatch the debt from
any connection with the public honor
of the State. j
1t is urged, y Pwever, that the bonds
have been disseminated, and are held
by many persons who have purchased
them in good fifth, and that it would
he justice both 10 the innocent tax
payer and to thy innocent bondholden
to divide the loss, and while avoiding
ruin to the latter, render it possibl,
to relieve our Id 's suffering people.
With this view it is held that q set.
Element by scaling the bonds to fifty
cents on the do Jar, into a new bono
bearing four per cent interest, viii
give the State the same advantag,
that an ordnl Try purchaser of thu
present bonds would have at this
time, whes they can be purchased as
low as forty celt is on their face value
BY this solution of the difficulty the
State would notl have to pay one dol
lar for security that private midi
viduals can obtain for forty cents
and just comp omise would thus be
effected. We Would not be astonish
ed to see this viGv assume positive
shape as an ultimatum to the bond
holders; and that a majority Of TIT
convention would align itself in it
support.
Aside from this important question
the convention is progressing witt
other matters in q more expedition
manner, and the hope is now being
entertained that termination of it,
labors may be reached by the first o
July.
The committee on general provi
sions has not yet submitted its report
III consequence of which the capita
question is yet in staM quo, with ev
cry prospect Of success for Bato
Rouge. We arc led to believe by tn
expressions coming from the member
that it can scarcely be doubted tina
the will Of the people will be entirel,
carried out in this respect.
The bad weather of the past fe,
days came to an abrupt Termination
last night, and to-day q bright SIX
and cool atmosphere inspires Il
with the brightest anticipations.
The grumblipg that could be hear'
on all sides in connection with th
ordinances lately enforced by til
city authorities with regard to tn
| oorrx-ip1 IF onn.o,1oJ ,u.ionnno an