The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-25
THE DEBT ORDINANCE,

creditors and promote the triumph Of The
scalers.
We have frequently had occasion to depre-
cate the employment OF such methods Of In
timidation or coercion
The menace OF Federal and OF foreign inter-
ventfon to compel State or people to pay q
debt which they did not recognize the asser-
tion OF the Jurisdiction of the Federal courts
10 suits against State, supplied the chief
| fuel to the vigorous spirit Of resistance which
arose 80 suddenly after the meeting Of our
State Convention to the recognition u debt
that had been previously recognized by the
Dem ocratlc party Of the State. Adopting this
last declaration OF the party as the authentic
expression OF Its conviction and will, and sup
porting the same with underwriting zeal and
sincerity. we soon discovered that these men
aces were Of the most hurtful effect, and never
failed to denounce them.
Still we did not falter In our opposition to
any and every form OF scaling, or, as 1t is
called, "repudiating," Of any part of the face Of
| the debt
In the pursuit Of this object we did not re-
gard 1t consistent with our knowledge OF the
gentlemen holding opposite opinions to Inn
pugn their integrity or sincerity.
4 The Tiaea, however, In entire ignorance Of
the character OF these gentlemen, and without
considering Or investigating the motives and
reasons for their action, has omitted no op-
portunity OF traducing and calumniatng
them as regulators and dishonest debtors.
Ii persists In this course even now, after the
Convention has adopted an ordinance and
submitted II to the people, providing for the
| recognition Of the face Of the debt and for q
tax to be- dedicated to the payment Of the In
terest OF the whole debt.
1t assails with viruent reproaches even
those gentlemen who have SO galantly and
vigorously fought for the maintenance Of the
debt because OF their acuuieseence In the re-
| Gently declared Judgment Of theGonvention.
| In this course the Times manifests the bit
| terness Of its hostility to the Democracy and
to the people OF the State under the guse Of
an assumed and overpowering zeal In behalf
Of honesty, good faith and fair dealing. When
1T ID remembered that this paper s conducted
! under the auspices OF representatives OF the
party which, by Its frauds, corruptons and
plumber In the administration Of the State
revenues, furnished the principal ground upon
which the debt accumulated by them has
been assalled and Its validity impugned, the
people will understand and appreciate the
sources and causes Of Its venom.
The creditors OF the State have good reason
to deplore and regret such modes Of defense
and advocacy of their claims.
The people Of this State are as honest and
true as those Of any other community In the
Christian world. They will never repudiate
debt which they honestly believe to be @ legal
Just and equitable one. They may differ
among themselves as to the legality and
equity Of demands and claims upon the State.
They claim the right to exercise their free
opinion and Judgment on such questions.
The DEMOCRAT has stood upon the broad
ground that the people OF Louisiana had ac-
quiesced in the debt and are In honor bound
To pay 1t to the extent OF their ability and the
Convention has Endorsed this view OF the
matter by the adoption OF the debt ordinance.
We believed that Limitation of taxation to
six mills, and provision Of three mills for In
terest tax, would enable the State to pay 8
per cent interest for q series Of years and 4
per cent thereafter. and we advocated such
measures because proposition of that nature
would have brought to the support of the
Convention the positive approval and active
support OF every banker and business man In
Louisiana, and would have secured Its imme-
diate acceptance by the bondholders at home
and abroad.
We are yet Of the opinion that the Conven-
ton, after adopting the six mills limitation
and providing for the three mills interest,
would have acted wisely iii Offering three
per cent bond, and that Its action would
have been sustained by the people, but the
Convention has decided otherwise. Tt was
the judge OF the ability Of the people Of
the State. and having recognized
the face Of the debt and
offered such terms as even the delegates
most actively supporting the debt acquiesced
IN, as the very best that could be carried In
the Convention, 1t would be worse than
folly TO oppose the settlement recon-
mended. The people should accept 1t because
It yields relief to the extent of six hundred
thousand dollars per year, Ii the interest Is
paid at the rate Of 2 per cent. and four hun
dred and eighty thousand dollars per year II
the bonds are funded.
The bondholder and business community |
should accept It, because they cannot better
their interests by defeating the ordinance,
but they can, by opposition, arouse spirit
OF resentment which will prolong this Issue
IN the politics Of the State, and 50 timid Is
capital, that the securities Of the State can
not regain value until this question is at
rest.
Neither the opponents Of the debit nor Its
friends, can afford to plunge this State into
strife for years tocome simply because the
action Of the Convention does not fully meet
heir views or interests We trust
chat all talk OF opposition will cease, and that
scalers. press and people will
,ease their chickering's, hold In constant view
hat the adoption OF the constitution and the
'atittcatlon of the debt settlement accords re-
LET to the people Of over nine hundred thou
sand dollars per year. and restores the State
D peace and prosperity.