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

then TALL la their Revolutionary scheme to en-
force their claims against the State through
Federal courts they will have been the coad1u-
| tors of the regulators and invoked ruin upon
| their own heads. In short, II the bondholders
reject this settlement, they must accept the
responsibility of civil revolution or the conse-
quences of Reputation.
| Nor will this struggle be confined to the
State Of Louisiana and her creditors. Ii this
State may be dragged before the Federal
courts, so may every other State. Ii this
may be done the eleventh amendment OF the
constitution, adopted at the demand OF tho
States to protect them from such degradation,
Is nullity and the constitution worthless
relic of the past. Does any sane man believe
that this result can be reached without pro-
voking a great civil CONFUSION which will
reach every corner Of the republic? Certainly
IL cannot And yet this ID the issue the dis
satisfied holders OF Louisiana bonds and the
New Orleans Times are uniting with John
Sherman and the Republican party to
make. Senator Hill, In the interview
previously referred to In this article,
affirmed that it was to be the
fight OF 1876 over again; the party
Of Capitalization, of despotism, against
tho party Of freedom, the party Of tho peo-
pie. The fight will be q fierce one, and in the
shock all public credit will likely be dis
turbed and all public securities deprecated.
Indeed, neither the credit of the States nor Of
the National Government can stand the shock
of such CONFUSION as this threatened COM
bination between the bondholding interest and
the Republican eonspirators against the con-
stitution, the States and the people Is likely,
II pursued, to cause.
Lie Ii the interest Of the bondholder5 to ac-
cept the terms rendered them by this State;
it is their interest to deal literally with
other impoverished States, and to ally them
selves with the people who owe them, with
the party Of conservatism, whose object Is to
maintain the institutions OF the country, and
to sustain the constitution, which Is the bull
wark of our liberties In this policy lies the &C.
curity Of their claims. The Republican party is
seeking to revoutio no the government. The
bondholders should oppose their scheme, for
in the shock Of revolution or civil agitation
all public credit will be overbhrown.
The Democrats of Louisiana we advise TO
ratify the debt ordinance. Their own repre-
sentatives recognized tho face Of the debt |
their tellowcitizens invested In it, and the
State is In honor bound to pay 1t as far as it's
means will enable it to pay it. At the same
time the ordinance largely reduces the inter
est and In securing the claims Of the public
creditors it has guarded and protected the In
terest OF the taxpayers and people generally. |
Again we say to the Democrats Of Louisiana, |
vote for this ordinance and sustain the honor |
Df the State. LII the bondholders and Radicals |
desire to defeat it, let them pursue their own
course, and accept with their success the glory
and comfort Of having, against our efforts, ac-
in their greed the reputation Of
their own claims. The bondholders will have
40 better standing against the State II the or
finance is rejected than they will have IL 1t be I
accepted. In neither case can they constitn-
,ionally obtain relief through the courts But |
1 the ordinance be rejected they hope to cover
our people with the odium Of reputation and |
excite a popular indignation which may
urther their schemes against the State.
Again, therefore, we say to the Democrats Of
Louisiana, vote solidly for the debt ordinance
md let the bondholders and Radicals shoulder
The responsibility and consequences OF it's re-
lection.