Louisiana capitolian., 1879-06-28
CONVENTION NEWS.
EDITORIAL CORRESPONDENCE.
NEW ORLEANS, June "a, 1879.

NEW ORLEANS, June "a, 1879.
Dear Capitolian- The Convention
is dragging it's slow length along, and
the work is now steadily progressing.
1t has been determined that no recess
will be taken and that we are to fight
it out on this line if it takes all sum-
mer to do it. The great question,
that Of the public debt, is hanging
over our heads, but it no longer inter-
feres with the progress Of the labors
over the other features Of the pro-
posed constitution. The Democratic
members have come to the conclusion
that their party will have to bear the
responsibility for everything that is
done; such being the case, it is held
that the matter of the State debt, at
least ought to be settled within the
councils.
In accord with this view, we are in
conference or caucus every night;
but 80 far no solution has been reach
ell. 1t is agreed that the basis Of any
adjustment must he the material re-
lief OF the people from the heavy taxa
tion of the last few years. That be-
ing assured, consideration can be
given to the arguments advanced by
the friends of the bondllolders, who
hold that to scale the debt will be to
ruin the industries and the good name
Of our State, and to disrupt tho DEM
ocratic party, thus creating dissen-
tons that will not be healed for years.
1t is advocated by them that settle
ment be made resting upon the face
of the debt, which will bear u reduc-
ton to three per cent interest for five
years, and thencetorwar1 to four per
cent. They further urge that this
compromise will be adopted by the
bondholders and will prevent any liti-
CATION on this subject. That such an
adjustment will give the people the
needed relief.
In view Of the reasons enumerated
above, and in order to heal all differ
ences, u number Of those members
who are with the "ultra side" as it is
called, are willing to accede to the
following proposition, viz: The pay
ment of the debt ut its face, with an
interest Of two per cent for three
years, and four per cent for the re-
of the time. These members
hold that by this adjustment they will
give their constituents as much pres
ent relief as if the majority report
had been adopted, and though in the
end the State will have to pay a larger
amount Of Indebtedness, the bulk
Of the objections, set forth by the
other side will have been overcome.
Of course the bonds will be worth but
very little in the market for a num-
Der Of years, but to this they answer
that the enormous rate OF seven per
cent interest having been paid the
bondholders during many years, they
,an now afford to come down to the
Of the situation. They
cannot expect to make q good thing
)ut of the State securities any more,
md they must content themselves
With this reasonable settlement. Even
his arrangement meets with very
violent opposition, and unless the
riends Of the first proposition join in
With the "middle men," as they are
'alled, the plan will also fail.
At all events the debt question is
yet apart as an evening recreation,
interfering no longer with the "day's
LONGS"
On Yesterday, Col. Todd, the wor-
hy chairman of the committee on
general provisions, submitted his re-
,ort containing in Article 3, the prop
'sition accepted by the majority, for
he restoration Of the capital to Baton
Rouge. The report of the majority,
IS also that of the minority signed, as
We learn, by Messrs. Chiapclla, Bull
,er and Lanaux, all of Orleans, was