The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-27
VIEWS OF A MODEL DELEGATE TO
THE CONVENTION.

with more zeal than discretion or decency
the New York Times and It's correspondents
for months past have devoted their energies
to the Justification Of the facts relative to the
finances of Louisiana and to the abuse oil our
our people, whom they represent to be little
better than common thieves. In It's issue Of
the twentieth we find q characteristic letter
or dispatch from this city which purpofts to
present facts and views on the State debt,
obtained In an interview from Hiram IL
Steele, a Radical delegate to the convention
elected from the parish Of Tensas. II the
interviewer has correctly reported Steele,
Steele has shown an ignorance OF this Inn
portant question SO intense rs TO disaualify
him morally from representing any parish
or district In any body which may find 1t
necessary to act upon 1t. 1t will not require
many words TO expose this tissue OF misstate-
ments presented by the Times.
First, we are told that the Tensas dele
gate informed the correspondent that, "when
the Republicans relinquished the reins OF
government I'm Louisiana State oonsols we're
quoted at par. and not dollar Of accrued in
terest remained unpaid" The simplest and
most conclusive manner In which we can an
swer this brazen statement Ia to print the
following brief extract from Gov. Nichols
last message to the Legislature. In that doc
ument the Governor says:
After the passage OF this law and the adoption
OF the amendments connected with 1t, the rate
of taxation was as follows: Interest and prin-
three mills: general fund. four mills schools,
two mills. The fiscal arrangement had hardly
been effected Uhen IL became Obvious that the pro
rision Of fpe aud half mills mas inadequate
upon The then basis Of assessment and collections
Hereunder, TO propide promptly for the payment
OF the interest Of the consolidated debt Il is a
fact well known that after the General Assembly
Of 1874 had fixed the rate OF interest upon the
bonds and determined upon tho precise m ans
and nstrumentalities by which principal md
ton of the former adminh tration closed lis
doors, and ceased to receive applications for
funding, when II became evident that the
funded debt was becoming inconveniently
large. aud. In consequence OF that fact
the prompt payment of the interest on the
public debt was becoming probematioal. The
former authorities, I'm default OF tho perform
ancs Of the duties imposed by the statute oil
1874 threw upon the present Board Of Lquida-
ton the task Of funding the heavy evidences ri
debt left by them as legacy 70 be disposed oi
by after administrations. Had the funding
process been carried on promptly. and all the
outstanding bonds aud warrants been con.
verted Immediately the State would have found
tho collections from the tax of five and hall
mills inadequate to meet the coupons falling
due on the first Of January, 1876 after the fund
ing plan went into operation. Even with the
advantage Of collections made since the date OF
the various coupons from the taxes of the
years from which they we're payable there Is
not single year since 1874 which has not cou
pOnS OF interest unpaid.
There are Htil outstanding interest coupons