St. Landry democrat., 1879-03-15
Five and n Half Mills.
IN. N. Democrat.

Can the people of Louisiana, with
their real and personal property reduced
from six hundred millions to one nun
dred and twenty millions, pay q DEBT,
largely fraudulent, of over twelve NIL
lions and interest on the same at the
rates of seven per cent? We believe
that there is not a man, excluding the
bondholders, who will answer in the
affirmative. Even the bondholders, as
a general thing, express a willingness to
have the rate of taxation reduced. The
enOrmity of seven per cent interest on a
debt Of over twelve millions is so flag
rant that even the holders OF the debt
understand that it issan outrage.
But what is the relief proposed for
the tax payers? The more reasonable
of the bondholders express a willing
ness to have the rate OF interest reduced.
But they denounce any proposition to
reduce the volume of the debt, either
bv eliminating the fraudulent portion
or by scaling the consols as reputation,
and they aggressively declare that the
five and a half mills interest tax shall
NOS be impaired or touched. Reduce
The interest on this mass of fraud from
7 to 5 per cent" say our autOcratlc credl-
tors, "but touch not that sacred five
and IL half mills tax which Wells and
Federal bayOnets have decreed shall he
wrung, year after year, for nearly halt
century to come, from the people to
pay the sacred bonds created by War
moth and Kellogg" -.
And what relief does this proposition
offer the taxpayers of Louisiana Not
one particle. The propositions is all III
the interest of theibondholder. Reduce
the interest from seven per cent, and
still extort from the taxpayers the tlve
and a half mills interest tax and the
result amounts simply to this, The
same amount of nancy will be
wrung from the people the same sys-
tenn Of governmental robbery will go
on the same proportion Of the farmers
products, and Of the property holders
rents, and of the labOrers' wages will be
extorted for the benefit of the bond
holders, and the two per cent stricken
from the rate Of interest will go into
the sinking fund to pay the mass OF the
debt, honest and fraudulent. Will any
OF our contemporaries will any OF the
bondholders will any of our noble
patriots of the bar who are running foI
the convention in the interest OF the
bondholders, tell us where the relief
under this proposition comes in for the
taxpayers /? The proposition is an in
suit to the people; it is simply contemp-
tible. We are ready to concede that a
man may honestly hold that the debt
should be paid dollar for dollar, prin-
cipal and intetest. Such q man may be
an interested party, or he may be half,
witted still he may be honest and
patriotic. But it is simply absurd to
talk of atfording the people relief from
the debt by proposing to reduce the in
terest from seven to five per cent while
holding at the same time that the five
and a half mills tax is an inviolable con-
tract which cannot be impaired.
What the people OF Louisiana want
| is relief from the burthen of debt and
taxation. This is the issue the consti-
tutional convention must meet and
settle. When the convention adjourns
they must leave us State rate Of taxa
ton, for all pnrposes, of not more than
five mills. IT it be held that the special
| interest tax cannot be touched, there is
no relief for the taxpayer, nor future
for Louisiana, and it will be as we'll to
deed at once the revenues of the State
to the bondholders. What we require
is low taxationi protection for property
and industry. IF the convention has
not the courage to oppose the money
poReF and carry out programme that
will reduce the State rate of taxation
to five mills at the highest, the c0nven-
ton will be fraud and disgrace to
the State.