The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-03-07
FIVE AND A HALF MILLS.

Gan the people of Louisiana, with their real
and personal property reduced FROM six hun
dred millions to one hundred and twenty mil
lions, pay debt, largely fraudulent, Of over
| twelve millions and interest on Che same at
the rate Of seven per cent? We believe that
there is not man. excluding the hondholdcre.
who will answer In the Affirmative. Even the
bondhoders, "a u general thing, express
Willingness % have the rate Of taxation re-
duced. The cnormity Of seven per cent In
terest on debit of over twelve millions Is SO
fragrant that even the holders Of the debt un-
derstand that IL is an outrage.
But what is the relief proposed for the tax
payers2 The more reasonable Of the bond
holders express willingness to have the rate
Of interest reduced. But they denounce any
proposition I'd reduce The volume Or the debt.
either by eliminating the fraudulent portion
OF by scaling the consols IA reputation. and
they aRgressvely declare that the Eve and d
half mills interest tax shall not be impaired
or touched, Reduce the interest on tn s mass
OF fraud from to per cent" say our auto
cratic creditors. "but touch not that sacred
five and half mills tax which Wells and Fed
eral hayonets have decrecd shall lie wrlng.
year after year. for nearly half century to
come, from the people to pay the sacred bonds
created by Warmoth and Kellogg"
And what relief does this proposition offer
the taxpayers of Louisiana Not one partl-
Gle. The proposition is all IN tho interest Of
the bondhoders. Reduce the interest from
seven per cont to five per cent. and still extort
from the taxpayers the five and half mills
interest tax and tho result amounts simply TO
this: The same amount Of money will be-
wrung from the people; the same system Of
governmental robbery will go on: the same
proportion Of the farmers products, ana Of the
property holders rents, and of tho aborcrs
wages will be pxtorted for the benefit of the
bondholdera. and the two per cent stricken
from tho rate of interest will go into the
sinking fund 10 pay the mass Of the
debt, honest and fraudulent viii any
OF our contemporaries: will any of tho
bondhoders: will any Of our noble patr-
OTIS Of the bar who arc running for the
convention in the interest Of the bondhoders, |
tell us where the relief under this proposition |
comes In for the taxpayersP The proposition
Is an insult to tho people; It is simply CON
temptlhe. We are ready to concede that n
man may honestly hold that the debt should
be paid dollar for dollar, principal and in
tcrnst. Such man may he al interested
party, or he may be half-witted: still he may
be honest and patriotic. But 1t is simply
absurd to talk Of affordng the people relief
from the debt by proposing to reduce the in
terest from seven to five per cent, while hold
ing at the same time that the five and half
mills tax IL an iuyiolable contract which can
not be impaired.
What the people Of Louisiana want "a re-
lief from the bufthen Of debt and taxation.
This IL tho issue the constitutional conven-
lion must meet and settle. When tho convcn-
lion adjourns they must leave us State rate
of taxation for all purposes, of not more than
i've mills. fit he held that the special inter
'st tax cannot be touched, there Ia no relief
or the taxpayer nor future for louisiana
md II will be as well to decd at once the rev
'nues of the State to the bondholders. What ,
We require is low taxation; protection for
property and industry. LIZ the convention
las not the courage To oppose the money
lower and carry out a programme that will
educe the State rate Of taxation 70 five mills
1 the highest, the convention will be n fraud
nd n IiqyFnp, tn thp Sfota