The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-02
HALT

The report Of the majority Of the Committee
Oh the Convention on the State Debt has as
founded this community, and will carry con-
sternation into theeommerciaI centers Of the
whole country. III this extraordinary and
revolutionary report shall find any substan-
tial support iii the Convention, the result will
be disastrous In the extreme.
The members OF the Convention, II they
hope To relieve and benefit the people, must
bear In mind that wisdom and policy may
render 1t necessary for the State to conoede
more, Id the final adjustment OF the public
debt, than could be claimed or exacted In law.
The emancipation OF the State from debt is
much to be desired by all good citizens, but IL
to effect that emancipation the foundations Of
public credit are to be destroyed; the good
name Of the State furnished with the stain Of
Reputation, and far-reaching ruin inflicted
upon persons and corporations who have ven
tured their money on the pledges and prom
ises made by an administration and Legfs-
lature freely elected by our own people, then
will the emancipation be q deeper and
tiercer curse than the debt itself.
Whether the funding act Of 1874 was accepted
by the people or not, or whether the Kellogg
administration was legal government or q
usurpation, are matters now irrelevant to the
issue. The course OF the Nichols govern
ment and OF the recent legislatures chosen
freely by our people certainly Inspired
capitalists with firm belief that the State
would stand rIgidly by the debt as adjusted
under the act and amendments OF 1874 and
prompted them TO honestly invest large
sums Id our consoIs.
If these assurances OF our government
have not validated the whole body Of the
debt, we think no honest and right thinking
man will deny that they gave to the claims
OF those who purchased Louisiana bonds
measure Of equity which will be most cruelty
and shamefully violated IL the report Of the
majority of the committee now before us
shall be- adopted. The assumption OF those
who support this report, that the Legislature
OF 1877 and 1878 did not represent the people,
IL an unworthy subterfuge. That LegIsla-
ture was elected In one Of the fercest CAM
paigns that has ever convulsed this State.
The people from one end Of the State to the
other clamored for It's recognition and su-
premacy; iii Its defense and for its malnte-
civil war, and our citizens stood ready at q
moments notice to fall into line Of battle. II
that Legislature failed In some respects In Its
mission, none the less did the outer world re-
ceive from the circumstances OF the time,
from our press and people every assurance
that 1t was the legally chosen, honored and
recognized ngent Of the people Of Louisiana
the agent which they had not only freely
elected, but for the support OF which they
were ready and willing to shed their best
blood We submit to the Convention that the
capitalists re and Id the North and Ia Eu-
rope who trusted In the pledges OF such
body under such circumstances are not the
enemies Of the State, and that they are not
swindlers and sharpers who aided to plumber
and ruin this commonwealth.
we believe that there are too many wild
and misshapen views prevalent on this ques-
tion OF the public debt to warrant the Con-
vention In acting without further investiga-
ton and elaboration. We believe that before
this reckless, unwise and unjust report is
adopted, the people should be heard from.
Smarting under SO many wrongs, burdens
and expressions, thousands Of the people
voted In the election for delegates with views
and purposes which have since been much
modified.
We doubt not many OF the delegates also
have honestly changed their Views on the
question OF the debt, though they fear to an
tagonize the wishes of their constituents as
expressed at the time Of the election. We
suggest, therefore. for the honor and good OF
the State, in the interest Of the honest public
-, III n xror1fin
and the happy contamination Of Its work,
that halt be called Ia this movement to re-
pudiate the debt. Let no hasty action be
taken; let the sober second thought of the
people assert itself, and the true voice of the
State be heard before the Convention precipi-
tates us into this votex Of ruin and shame
On hasty review Of the report Of the COM
mittee, we see three separate and distinct
calamities its adoption will infiict upon the
State:
/. Fully six millions Of the debt are held by
citizens Of New Orleans-by our own banks.
Insurance companies and merchants. The
adoption OF the report Of the committee will
wipe out this six millions OF wealth, and what
member OF the Convention can tell the bank
ruptcy and ruin which will result2 And the
suffering will not be confined to the unfortu-
nate men who have accepted the pledged faith
oI the State, nor to the business interests OF
tnls CITY. Every planter. farmer and mer-
enant IN the country who has business rela-
.aons Nish New Orleans. and the thousands
80 - sm Nv IN every vocation Of life will
- ne rs enects 81 the mighty crash.
= ne adoption Of the report. II Il does not
excite permanent hostilitv a IL $50 80 -.
an ~ " odious for the time III least W.
an oe denounced In every CITY ID tho Mn,o ~
~ hopes OF appropriations Tor levaaa -. 80
Il,roads and other public works WIN he s. AZ
s1u iof years yet to come and, Ii tue end. We