The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-08-05
THE DEBT ORDINANCE,

THE DEBT ORDINANCE.
The plans Of dissatisfied bondholders and
scheming Republicans are being slowly IN
folded, and gradually the people Of Louisiana
will be brought face to face with the test
issues that threaten the tranquility Of the
State. 1t will then be determined whether OF
not the course advocated by the DEMOCRAT
In the settlement Of the debt question recently
before the Convention, and now before the
people, has been based upon sound policy.
Until these developments, we are content to
pursue the course marked out in all OF the
articles on this subject, published In our col
umns since the question came before the Con-
vention, regardless of the criticisms Of Ill
natured cenfreres In the country, or the COM
ments Of bondholders' organs.
The DEMOCRAT has, in all of the articles re-
ferred to, maintained that the people Of Lou
isiana, having acquiesced In the debt, were
bound to pay to the extent OF their ability.
The Convention has adopted this view Of the
matter, and has decided upon the measure OF
the ability Of the people to provide for the
debt 1t is worse than folly to say that the
DEMOCRAT has changed Its course upon this
subject because we do not join In the denun-
citation OF the Convention, or admit that the
debt ordinance is Reputation.
1t Is well known that we advocated settle
ment upon the basis OF the payment Oh per
cent interest for series OF years and per
cent thereafter, but the Convention, after
recognizing the face OF the debt, made the best
provision for interest that could be agreed
upon, which was approved by the advocates
of the debt In the Convention, and 1t now sim
ply remains for all good citizens to decide
whether they will accept this measure as the
best attainable, and present It, supported by
all classes OF our citizens, or contribute to the
plans Of Republican enemies and bondholding
cliaues by encouraging opposition.
We are in receipt Of Information confirming
the statements heretofore made that leading
Republicans would combine with the dissat-
isfied bondholders to inangurate an opposi-
tion, and Ii possible secure defeat of the
debt ordinance. and thereby endeavor to fix
upon the Democracy Of Louisiana the stigma
OF Reputation.
The money power OF New York city has
been captured. body and breeches, by John
Sherman, long since, and we are not at all
surprised that this movement should emanate
from that city.
The programme, as outlined by letters to
bankers Of this city, eontemplates an organ
ization for the defeat OF the debt ordinance.
and then an aggressive onslaught upon our
people and State, through the Federal courts,
for the enforcement OF the five and half
mill tax and seven per cent interest.
These schemers have been quick to see that
II
constitutional bulwark between the people Of
the State and rapacious creditors or schem
Ing Republicans, and forestalls the eoercive
action proposed by the bondholders; hence
their anxiety to prevent the erection of this
barrier between them and the accomplish
ment Of their designs.
IL remains to be seen II our citizens who
favored a scaling OF the debt and those who
favored the payment Of a higher rate Of
interest will play into the hands Of the
schemers by maintaining factious opposition
to this measure (which will prove to be the
safeguard of our people II adopted, or, each
yielding a little Of prejudice or conviction,
accept the action of the Convention and put
this disturbing question out of the politics Of
our State.
On the other hand, we warh the bondholders
who are organizing for the defeat OF this ordi-
nance and are preparing TO follow thetdefeat
by aggressive action iii the Federal courts,
that they assume grave responsibility. If
the ordinance Is defeated by their action and
they succeed in bringing the State back to
turmoil and strife, by an assault upon Louis
lana through the coercive powers Of the Fed
eral courts to compel an enforcement of the
amendments Of 1874, they will find united
people and united press with the exception
Of such venal sheets as they may buy oppo-
sing and resisting their demands Far better
Is 1T for their interests to accept this measure,
which enables the people to realize the imper-
alive necessity for reduced taxation, and
opens prospect Of regeneration, than to in
augurate warfare that will invoke the bitter
hostility Of every taxpayer and citizen Of the
State, and result In the postponement of any
payment upon the public debt during the
years of strife 50 unwisely begun.